Dry Ice Market Size and Trends

The global dry ice market is estimated to be valued at USD 1.55 Bn in 2024 and is expected to reach USD 2.55 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.4% from 2024 to 2031.

Key Takeaways of the Dry Ice Market:

The sliced segment is expected to account for 40.1% of the market share in 2024.
The liquid CO2 method segment is expected to hold 49.8% share of the market in 2024.
The food & beverage segment is expected to account for 38.7% of the market share in 2024.
Asia Pacific is projected to lead the global market with a 33.3% share in 2024, followed by the North America region, which is expected to hold a 29.7% share

Market Overview:

Dry ice is increasingly being used for various applications such as food freezing, medial purposes, entertainment industry, etc. Rapid growth in the pharmaceutical industry and increasing demand for frozen foods are some key factors augmenting the demand for dry ice. Moreover, growing exports of seafood, meat, and other perishable products are also propelling the consumption of dry ice for transportation and storage purposes. Various properties of dry ice such as non-reactive nature and ability to induce cooling without leaving any residue behind makes it a preferred cooling medium across industries. Development of reliable distribution channels by manufacturers and growing awareness regarding benefits of dry ice over liquid nitrogen are further anticipated to drive the market growth during the next few years.

Dry Ice Market Concentration By Players

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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.