In 2022, the dry ice market was valued at approximately US$ 587.68 million and is projected to grow to US$ 936.90 million by 2030, reflecting a compound annual growth rate (CAGR) of 6.0% from 2022 to 2030.
Dry ice, which is the solid state of carbon dioxide, is widely utilized for temporary refrigeration purposes. This is due to the fact that carbon dioxide does not transition into a liquid form under normal atmospheric pressure; instead, it sublimates directly from solid to gas. The production of dry ice involves the liquefaction of carbon dioxide, which is then injected into a holding tank where it is frozen at a temperature of -109?F and compressed into solid form. Recently, there has been a noticeable shift in consumer preference towards dry ice over traditional water-based ice. The advantages of dry ice in various sectors such as pharmaceuticals, industrial cleaning, food preservation, and entertainment have significantly boosted its demand, thereby propelling the growth of the dry ice market. The lower temperatures of dry ice compared to water-based ice have made it particularly desirable for storage and transportation applications.
A key driver of the expanding dry ice market is the rising need for effective storage and transportation solutions. The Food and Agriculture Organization (FAO) reports that food loss and waste result in economic losses of approximately US$ 940 billion annually. Of this, 17% of food is wasted at the consumption level, while 14% is lost during distribution, handling, and storage. The FAO estimates that around US$ 400 billion worth of perishable food is wasted each year, with half of this loss attributed to temperature fluctuations. Dry ice, as solid carbon dioxide at extremely low temperatures, is extensively utilized as a refrigerant and cooling agent in the storage and transportation sectors.
The dry ice market is categorized by type into pellets, blocks, and other forms. In 2022, the blocks segment accounted for the largest share of the dry ice market. Solid blocks of dry ice are frequently employed for temporary refrigeration, as carbon dioxide sublimates directly from solid to gas without becoming liquid under normal atmospheric conditions. These blocks are produced using a block press and are also utilized for cleaning industrial equipment.
In 2022, the Asia Pacific region emerged as the leader in the dry ice market, a trend expected to persist throughout the forecast period. The demand for temperature-controlled logistics and distribution services for life science products and pharmaceuticals in this region has surged. This demand is driven by factors such as population growth, increased healthcare expenditure, and the expansion of the pharmaceutical sector. The growth of the pharmaceutical industry in Asia Pacific is directly impacting the dry ice market's expansion. Initiatives like Healthy China 2030 and similar programs in other Asian nations have led to significant investments in healthcare infrastructure, including clinics, hospitals, and research facilities.
Key players in the dry ice market include Polar Ice, Continental Carbonic Products Inc., Sicgil India Limited, Linde PLC, Dry Ice UK Ltd., Dry Ice Corp, Reliant Dry Ice, CryoCab, Praxair Technology, Inc., and ACP. Additionally, various other companies have been analyzed to provide a comprehensive overview of the market and its ecosystem. The dry ice market report also includes an assessment of company positioning and market concentration to evaluate the competitive landscape.
The overall size of the global dry ice market has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Furthermore, numerous primary interviews were conducted with industry participants to validate the findings and gain deeper analytical insights. Participants included industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the dry ice market.