Global Dry Ice Market 2020 is poised to cross USD 270 Million by 2025 at a CAGR of 7% over the forecast period of 2019 to 2025.
The market is projected to expand steadily during the forecast period due to the growing demand for dry ice in the numerous application industries. The key use of dry ice in industrial cleaning is a cost-effective approach. The use of dry ice to rebuild old industrial and residential structures, along with its non-combustible and non-toxic properties, is also driving market development. The high demand for dry ice in the logistics industry, for the transport of perishable food products, is yet another determinant of market growth worldwide. In addition, the growing demand for frozen food, the the need for storage of perishable food goods and the development of cold storage logistics are fueling the growth of the global industry.
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The high sublimation rate is the main factor hindering the sale of dry ice. Dry ice typically sublimates at a rate of five to ten pounds per 24 hours when stored in a standard ice chest, requiring the acquisition of dry ice prior to its ingestion period.
Global Dry Ice Market players are S. Ice (US), Polar Ice Ltd. (Ireland), Continental Carbonic Products, Inc. (US), SICGIL India Limited (India), Linde plc (US), CHUAN Chon Enterprise (Taiwan), Air Liquide (France), Dry Ice UK Ltd (UK), Dry Ice Corp. (US), TRIPTI Dry Ice Co (India), Pacific/Reliant Dry Ice (US), and CRYOCARB (US).
The market is segmented into pellets, blocks and others by type. Due to the high demand for pellet dry ice in different application industries, the segment dominated the global dry ice market in 2020. In the restoration of old buildings, freezing, blast cleaning, and chilling and transportation of food and biological specimens such as vaccines and blood, dry ice in the form of pellets is commonly used.
The market is segmented into food & beverages, storage & transport, healthcare, industrial cleaning and others by application. A major factor accountable for the development of the industrial cleaning segment of the Global Dry Ice Market is the increasing implementation of blast cleaning in various industries. The segment accounted for the largest market share in 2020 and during the forecast period it is expected to continue to dominate. In industrial cleaning, dry ice is used to remove pathogenic microbes because it is a cost-effective, non-corrosive and non-hazardous, solution that can clean unreachable places.
Due to the involvement of leading industry players and strong demand for frozen food products, Europe garnered the largest market share of nearly 45 percent in 2020. In the region, the trade in high-quality perishable food items requiring cold storage during transport is also high.
During the forecast period, the dry ice market is expected to see steady growth across the APAC region. The growth of the global dry ice market can be due to the increasing demand in the food and transport industries for dry ice as a refrigerant. The use of dry ice for industrial cleaning through dry ice blast cleaning is another factor that is expected to drive the growth of the APAC dry ice industry. Compared with the use of washing solvents and other additives, this is a cleaner alternative. In addition, the growth of the APAC dry ice market is projected to be driven by a rising appetite for frozen food. The flexibility of dry ice and its use as an economical alternative to a traditional cooling system based on electric power is expected to translate into a steady rise in dry ice production, thus fueling the development of the APAC dry ice market over the forecast period.
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