Global Dry Ice Market, By Type (Pellets, Blocks, Slice, Others (Slab, Column, Powder etc.)), By Application (Storage & Transportation, Food & Beverages, Healthcare, Industrial Cleaning, Others (Entertainment Industry, Research industry Etc.), By Region (North America, Europe, Asia Pacific, Rest of the World); Trend Analysis, Market Competition Scenario & Outlook, 2016-2026
- Published Date: July 2020
- Report ID: BWC20107
- Available Format: PDF
- Page: 163
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 – Overview
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 Dry Ice
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 Industry
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 Type
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 and blood.
Global Dry Ice Market: By Application
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: Regional insights
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 Agreement.
Scope of the Report
Historical data – 2016-2018
Base Year – 2019
Forecast – 2020 – 2026
Revenue in USD Million
U.S, Canada, Germany, UK, France, Italy, Spain, Japan, China, India and others (RoW).
By Type, By Application, By Region
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 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 of value.
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
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