DRY ICE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Market Concentration and Competitive Landscape

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Key Developments:

• In July 2023, Cold Jet, a global leader in dry ice production and cleaning solutions, launched IceRocket dry ice blasting machine. Designed as an entry-level solution, this innovative equipment enhances cleaning and maintenance operations by minimizing downtime while maximizing performance. Cold Jet's extensive portfolio of dry ice solutions positions it as a pioneer in industrial cleaning technologies.
• In May 2023, Holston Gases, a leading supplier of industrial, medical, and specialty gases in the southeastern U.S., announced the acquisition of Superior Dry Ice, a company based in Cartersville, Georgia. Operations will continue at Superior Dry Ice’s facility at 3439 Hwy 411, ensuring uninterrupted service in the region and expanding Holston Gases' footprint in the dry ice market.
• In February 2023, POET, the world's largest producer of biofuels and a significant player in carbon capture and utilization technologies, expanded its CO₂ and dry ice production capabilities by establishing a new facility in Laddonia, near the company's administrative hub. The plant is equipped to capture over 200 tons of CO₂ daily, efficiently producing dry ice to support industrial and agricultural applications.
• In October 2021, Central McGowan, a prominent U.S. provider of automation and welding technologies, unveiled CRX Fab-Pak Cobot Welding Package at the 2021 ATX/Automation Technology Show in Minneapolis. This state-of-the-art system integrates advanced technologies from Lincoln Electric Automation and FANUC, offering a portable, reliable, and user-friendly robotic welding solution. The product significantly bolstered Central McGowan’s position in the U.S. automation market.
• In September 2021, Cold Jet acquired the dry ice division of Aquila Triventek, a Denmark-based company renowned for its innovative dry ice cleaning, production, and CO₂ recovery systems. With over 40 years of industry expertise, Triventek brought advanced technologies, sustainability-focused initiatives, and a robust customer base to Cold Jet’s operations. This acquisition expanded Cold Jet’s product offerings and strengthened its leadership in sustainable dry ice solutions.

Top Strategies Followed by Global Dry Ice Market Players

• Established players highly focus on research and development to come up with innovative products.
  • For instance, Linde, one of the market leaders, invested US$ 1.2 billion in 2020 on R&D to develop technologies like dry ice blasting. Such extensive R&D helps companies maintain leadership in high performance solutions. For example, partnership between Continental Dry Ice and Walmart provides dry ice supply across Walmart stores in the U.S.
• Mid-level players aim for cost leadership through efficient operations. They provide quality dry ice solutions at competitive prices to attract price-sensitive customers. For example, Solid Carbonic produces dry ice pellets at an affordable rate targeting local businesses.
• Small Scale Players - Some firms produce micronized or pelletized dry ice catering to specific applications in electronics or pharmaceuticals. Others utilize advanced equipment from startups to enhance production efficiency. These small players also collaborate with local institutions and businesses to gain local credibility.

Emerging Startups - Global Dry Ice Industry Ecosystem

• Several startups are bringing innovative technologies to the industry. For instance, Subco uses AI and IoT in smart dry ice machines to analyze production and automate replenishment. This allows on-demand dry ice generation minimizing waste.
• Startups like IceOnline focus on sustainability with eco-friendly solutions. They produce dry ice from recycled carbon dioxide helping reduce the industry's carbon footprint. Such startups will influence buyers to opt for greener alternatives.
• Some startups address niche applications. Dry ice blasting equipment provider, develops machines specific for industrial cleaning and surface preparation tasks. This allows them to capture untapped segments.
• New ventures also partner with other organizations. IceCold uses collaborations to commercialize its dry phase technology that densifies CO2 gas into solid form without liquid transformation.