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

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. Dry ice is formed when carbon dioxide gas transitioned into solid phase under compressed and refrigerated conditions. At normal atmospheric pressure, dry ice sublimates at a temperature of -78.5 degree Celsius. Due to its ability to change directly from solid to gaseous phase without transitioning through liquid phase, dry ice plays a crucial part across industries like food & beverage, medical, and industrial application. The global dry ice market has witnessed significant growth in the past few years owing to increasing demand from transportation & logistics, food & beverage, and other industrial sectors. Its non-sticky nature and low temperature properties make it suitable for applications requiring freezing or cooling with no residue.

Market Dynamics:

The global dry ice market is driven by factors such as growing demand from food & beverage industry for freezing, cooling, and preservation of perishable products during transportation. Dry ice helps maintain freshness and hygiene of food items and does not leave any liquid residue. It extends the product’s shelf life significantly. Moreover, increasing adoption of dry ice in healthcare & biomedical industries for temperature-sensitive package such as medicines, organs, and vaccines during shipping is bolstering market growth. However, stringent safety norms pertaining to dry ice handling due to risk of frostbite and asphyxiation may hinder the market expansion. On the positive side, growing applications of dry ice in entertainment industry for special effects and fog machines presents new opportunities.

Key Features of the Study:

- This report provides in-depth analysis of the global dry ice market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year

- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market

- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players

- It profiles key players in the global dry ice market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies

- Key companies covered as a part of this study include Linde plc, Air Products and Chemicals, Inc., Continental Carbonic Products, Inc., Messer Group GmbH, Praxair Technology, Inc., The Ice Company, Ice-Box, American Dry Ice, Dry Ice Corp., Polar Ice, Cryo-Cell International, Inc., A.G. Halls, Kauffman’s, Yara International ASA, and INEOS Group Holdings S.A.

- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics

- The global dry ice market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts

- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global dry ice market

Market Segmentation

• By Type Insights (Revenue, USD Bn, 2019 - 2031)
• • Sliced
  • Pellets
  • Blocks
  • Others
• By Production Method Insights (Revenue, USD Bn, 2019 - 2031)
• • Liquid CO2 Method
  • Dry Ice Pellets from CO2 Gas
  • Others
• By Application Insights (Revenue, USD Bn, 2019 - 2031)
• • Food & Beverage
  • Healthcare
  • Manufacturing
  • Others
• Regional Insights (Revenue, USD Bn, 2019 - 2031)
• • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
• • Linde plc
  • Air Products and Chemicals, Inc.
  • Continental Carbonic Products, Inc.
  • Messer Group GmbH
  • Praxair Technology, Inc.
  • The Ice Company
  • Ice-Box
  • American Dry Ice
  • Dry Ice Corp.
  • Polar Ice
  • Cryo-Cell International, Inc.
  • A.G. Halls
  • Kauffman’s
  • Yara International ASA
  • INEOS Group Holdings S.A.