Regional Analysis

Dry Ice Market Regional Insights

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Asia Pacific Dry Ice Market Trends

The Asia Pacific region is expected to lead the market in 2024, capturing 33.3% of the total market share. This dominance is driven by the strong presence of key industries such as food and beverages, healthcare, and electronics. Known for its early adoption of advanced technologies, the region has experienced a rising demand for dry ice in applications like packaging and shipping. Additionally, stringent regulations regarding safety and product quality have boosted the use of dry ice as a reliable cooling medium. Prominent companies, including Dry Ice International and Continental Carbonic, have reinforced their presence with extensive distribution networks across the region.

North America Dry Ice Market Trends

North America is projected to secure 29.7% of the dry ice market share in 2024, demonstrating the fastest growth among regions. This growth is fueled by an expanding middle-class population, a thriving manufacturing sector, and advancements in cold chain logistics. The U.S. and Canada are making significant investments in infrastructure and cold storage facilities, which are key drivers of dry ice consumption. Additionally, local companies such as Airgas Dry Ice have stepped up to meet the increasing demand across various industries.

Dry Ice Market Outlook for Key Countries

U.S. Dry Ice Market Trends

The U.S. is the largest market for dry ice, driven by its extensive use in the healthcare and food sectors. The demand for dry ice for vaccine transportation surged during the COVID-19 pandemic, with companies like Holston Gases acquiring Superior Dry Ice to enhance their production capabilities in May 2023. This trend is expected to continue as the need for temperature-sensitive logistics grows.

Germany Dry Ice Market Trends

Germany dry ice market is expanding due to increasing demand in the pharmaceutical and food industries. The country is focusing on sustainable practices, with many companies opting for dry ice produced from recycled CO2. This aligns with the European Union's environmental regulations aimed at reducing carbon footprints, such as the EU Emissions Trading System (EU ETS).

China Dry Ice Market Trends

China dry ice market is rapidly growing, fueled by the booming e-commerce sector and the need for efficient cold chain logistics. The country is investing heavily in its cold chain infrastructure, with a report of the IIR published in 2022, indicating that the cold chain logistics market is expected to reach USD 100 billion by 2025, enhancing the demand for dry ice.

India Dry Ice Market Trends

The Indian dry ice market is experiencing significant growth, driven by increasing demand from the healthcare sector, particularly for vaccine storage and transportation. Government initiatives to enhance healthcare logistics, including improvements in cold chain facilities, are further propelling this demand. In 2023, the Indian government announced investments to bolster the pharmaceutical supply chain, aiming to reduce import dependence and enhance supply chain resilience. As of December 2023, investments worth ₹3,651 crore have been grounded by scheme participants, leading to local capacity creation for critical bulk drugs.

U.K. Dry Ice Market Trends

The U.K. market for dry ice is expanding, particularly within the food and beverage sector, where it plays a crucial role in preserving perishable goods during transportation. The increasing trend towards online grocery shopping has further amplified the demand for effective cooling solutions. According to Lumina Intelligence's Foodservice Delivery Report 2023, the U.K. foodservice delivery market is projected to grow by approximately 7.8% in 2023, reaching a total value of US$18.0 Bn.