Global Dry Ice Market
size- Industry Trends & Outlook Report 2026
Global Dry Ice Market has
continued to grow steadily over the years. It is estimated to advance at CAGR
of 3.81% during the forthcoming period 2020-2026 and touch the turnover of USD
289.65 million by 2026. The rising number and risk of fire accidents trigger
demand for Dry Ice. Besides, the number of projects in construction,
restoration and renovation of industrial and residential buildings also
determines the growth in the market.
These factors, coupled
with non-combustible and non-toxic properties of Dry Ice, are expected to drive
the global market growth further. Rapidly increasing demand for frozen foods
and growing use of Dry Ice for refrigeration across the food and shipping
industries is anticipated to drive the growth of dry ice market significantly.
Distinguished growth in the transportation industry is expected to support the
shipping of products opening up substantial growth opportunities for Dry Ice
market. The growing grocery stores and healthcare industry are anticipated to
create lucrative growth opportunities with rising long-distance transportations
in the forthcoming years. However, the incompetence of Dry Ice in long-term
storage might restrain the growth of dry ice market.
Global Dry Ice Market –
Dry Ice is the frozen
form of carbon dioxide (CO2) usually captured during industrial processes. It
is particularly useful for refrigeration because of its freezing temperature of
-79°C. Thus, it helps to preserve many food items. It is widely deployed as it
quickly freezes the items, and is easily handled with insulated gloves. Dry Ice
changes its form directly from solid to a gas -sublimation- in normal
atmospheric conditions without going through a wet and liquid stage. Therefore,
it is known as “Dry Ice.” Dry Ice is much colder than regular ice. Dry Ice
helps increase the shelf life of perishable and pharmaceuticals products by
fulfilling specific temperature requirements for their preservation during
storage or transport.
Global Dry Ice Market
Outlook and Trends
Rising Demand for Dry Ice
in New and Diverse Application Industries
The rising acceptance of
blast cleaning in several industrial applications is a significant determinant
contributing to the growth of the global Dry Ice market. Dry Ice has an
increasing number of applications, particularly, in the fields of Medical and
Biotechnology, Automotive Industry, Industrial Manufacturing and Food and
Beverage sector. It is widely used in food shipping as well as for shipping
specimens, organs, and blood or pharmacy items in the medical field. It can
even be deployed in food production. Dry Ice Rice is the most recent and
unarguably an essential innovation in the product. The increasing number of
applications of Dry Ice organically enhances the global dry ice market.
The Increasing Trend of
Dry Ice Blasting and Rising Demand for Dry Ice Globally as a Refrigerant in
Food and Transport Industry
Increasing global demand
for Dry Ice as a refrigerant element in the food and transportation industry
drives market growth, as Dry Ice is commonly used as a cooling substance for
the shipment of frozen food products. The non-toxic and non-combustible
properties of Dry Ice make it suitable for multiple applications in different
industry verticals. Dry Ice is a non-combustible, odorless, tasteless,
non-toxic and authorized food contact material. Increasing demand for frozen
food, intensifying need for storage of perishable food products and expanding
cold storage logistics influence global Dry Ice market growth favorably.
High Sublimation Rate of
The primary factor hampering
the sale of Dry Ice is the high sublimation rate. Dry Ice generally sublimates
(i.e.the transition from the solid to the gas form at surface atmospheric
pressure omitting the liquid state) at a rate of five to ten pounds every 24
hours when kept in a typical ice chest. So, the sublimation necessitates the
regular procurement and restoring of Dry Ice close to its sublimation.
Impact of COVID-19 in
Due to global pandemic,
the market players have implemented extensive measures to safeguard the health
of employees and associates. Employees have opted for working from home or
physically separated place, and in those areas where social distancing is not
feasible, employers have switched to multi-shift operations. Pandemic
Prevention teams ensure that the employers support health authorities in
preventing the spread of the coronavirus and secure supply of sufficient
quantities of oxygen.
The substantial decline
and volatility in demand of products by consumers have resulted in reduced
orders, order cancellations, lower revenues, increased inventories, the lowered
value of inventories and slim gross margins.
The slowdown in economic
activity and transportation restrictions in affected countries will likely have
an impact on the operations and profitability of specific global companies,
mainly engaged in manufacturing and raw materials supply. Small and
medium-sized firms may face greater difficulty surviving the disruption.
Traders in financial
markets may or may not correctly identify vulnerable firms and result in
unprofitable investment positions by one or more key financial market players
under current conditions, further weakening trust in financial instruments and
markets. Also, there is a high probability of a significant decline in equity
markets and corporate bond markets, as investors would prefer to hold
government securities (particularly Treasury bills) because of the uncertainty
created by the pandemic.
In response to
significant supply chain disruptions, Dry Ice manufacturers have started to
(partly) relocate or restrict the production of critical chemicals supplies and
medical goods closer to end-customers. Trade conflicts and structural sector
trends have already impacted supply chains and will continue to do so.
E-commerce grocery will
be widely adopted globally. Given the increase in online grocery shopping,
there will be heightened demand for cold storage capacity; however, the volume
of perishable orders will need to grow to significantly influence cold storage
real estate decisions and Dry Ice market.
Restaurants may see a
significant fall in dining formats with less dine-in options and more delivery
or take-away that would require cold storage capacity. Foodservice companies
that supply restaurants may look to second-generation cold storage space due to
its cost-effectiveness given the limited dining environment and contributing to
the growth of Dry Ice market.
Global Dry Ice Market: By
Based on Type the global
dry ice market segmented into, Pellets, Blocks, Slice and others (Slab, Column,
Powder, etc.). In this segmentation, pellets segment is projected to dominate
the global Dry Ice market with lucrative market share during the forecast
period of 2019-2026. The pellet form of Dry Ice is high in density. Cylindrical
Dry Ice pellets designed for the application in the food and beverage industry
are useful in the processing of foodstuff due to its food-grade quality and
safety. These small pellets are only the size of grains of rice. This form of
Dry Ice is also perfect for smaller-scale needs or one-off storage or delivery
purposes. For example, universities often use Dry Ice pellets in experiments or
for small-scale storage requirements. Dry ice pellets are also used to create
mist effects for entertainment purposes. Dry Ice in the form of pellets is
widely used in the restoration of old buildings, blast cleaning, freezing, and
chilling and transportation of food and biological specimens such as vaccines
Global Dry Ice Market: By
Based on application, the
global Dry Ice market has been segmented into different sectors like Storage
& Transportation, Food & Beverages, Healthcare, Industrial Cleaning,
Others (Entertainment Industry, Research industry, Etc.). Under this
segmentation, storage and transportation sector is projected to dominate the
global Dry Ice market with major share during the forecast period of 2019-2026.
Time & temperature sensitive shipments require special attention and
knowledge to ensure the controlled and uncompromised transfer of such items
with dry ice logistics services. Dry Ice is used predominantly for food storage
& transport logistics, perishable goods, medical supplies etc. Storage
& supply logistics entities participate in clinical trials for
pharmaceutical firms, hospitals, and research institutes. They provide frozen
and chilled parcel services for the food, pharmaceutical, medical device and
carbon fibre items. Frozen Dry Ice is used for extended periods, and also for
critical goods, pharmaceuticals and food.
Global Dry Ice Market:
Based on regional
segmentation, global Dry Ice market segmented into North America, Europe,
Asia-Pacific and Rest of the World. Under this classification, the North
America region is anticipated to observe the highest growth in the Dry Ice
market during the projection period. The growth is driven by the rising demand
for Dry Ice in food preservation application. Besides, the growing
entertainment industry of the US and Canada has induced demand for Dry Ice. Europe
witnessed sustainable growth in the market, owing to the rising demand for Dry
Ice in the medical sector. In the ROW segment, the Middle East & Africa is
likely to register significant growth, owing to the rising demand for Dry Ice
in industrial cleaning.
The global Dry Ice market
is moderately concentrated with a few industry giants controlling the large
part of the market share. Linde Plc and Messer Group GmbH are the two major
players in the global Dry Ice market accounting for significant market share
across the globe. In 2018, Linde Plc. declared a business alliance between
Praxair and Linde AG. Companies such as Gulf Cryo, Polar Ice Ltd., Continental
Carbonic Products Inc., Sicgil India Limited, Linde Plc., Air Liquide, Tripti
Dry Ice Co., Messer Group GmbH, Air Water Inc., and Punjab Carbonic Private
Limited are the key players in the global fry ice market.
2019: Airgas, Air Liquide’s US-based subsidiary, acquired Tech Air-a
distributor of industrial, medical and specialty gases and welding supplies.
Tech Air serves more than 45,000 customers across the United States. The
acquisition enables Airgas to expand its distribution network and bolster its
proximity to customers resulting in significant efficiency gains.
2019: Japan’s Air Water took over Linde’s South India
business-Air Water Inc., comprising manufacture, sale and distribution of
oxygen, nitrogen and argon operated in South India based on a Business Transfer
Scope of the Report
Historical data – 2016-2018
Base Year – 2019
2020 – 2026
Revenue in USD Million
Canada, Germany, UK, France, Italy, Spain, Japan, China, India and others
By Type, By Application, By Region
Cryo, Polar Ice Ltd., Continental Carbonic Products Inc., Sicgil India
Limited, Linde Plc., Air Liquide, Tripti Dry Ice Co., Messer Group GmbH, Air
Water Inc., and Punjab Carbonic Private and others.
Ø Other (Slab, Column, Powder Etc.)
Ø Storage & Transportation
Ø Food & Beverages
Ø Industrial Cleaning
Ø Others (Entertainment Industry, Research industry Etc.)
Ø North America
Ø Asia Pacific
Ø Rest of the World
The objective of the Study:
Ø To analyze and estimate the Global Dry Ice market size, in terms
Ø To examine the market segmentation carefully and estimate the
market size, in terms of value, based on the region by segmenting the Global
Dry Ice market into four regions, namely, North America, Europe, Asia Pacific,
Rest of the World and their leading countries.
Ø To outline, categorize and project the Global Dry Ice market based
on the Type and Application.
Ø To study competitive developments like technological advancement,
services, and regulatory framework within the Global Dry Ice Market.
Ø To highlight market dynamics such as drivers, restraints,
opportunities, and challenges and their impact.
Ø To provide a detailed competitive landscape, including major
players, strategic profiles, and market shares.
Business Questions Answered by the Report
Ø How will the market drivers, restraints, and opportunities
affect the market dynamics?
Ø What will be the market size in terms of value and volume and
market statistics with a detailed classification?
Ø Which segment dominates the market or region, and which one will
be the fastest-growing, and why?
Ø Who are the key players in the market, and what is their share?
Ø What is the strategy adopted by key players, and how does it
affect the existing and new players?
Customization Scope for the Client
Client satisfaction is our first and last priority, and that is
why BlueWeave Consulting offers customization as per client’s specific needs.
The following customization options are available for the report:
Ø Additional Company Information
Ø Detail Analysis of five additional companies
Ø Additional country analysis
Ø Detailed segment analysis