Dry Ice Market Outlook from 2024 to 2034.
The estimated dry ice market growth rate will occur at an impressive CAGR of 7.8% through 2034 due to the rising demand for dry ice pellets, dry ice blocks, and other dry ice types. Moreover, the dry ice market size will increase from USD 2.09 billion to USD 4.46 billion during the forecasted period.
| Attributes |
Key Insights |
| Estimated Market Size in 2024 |
USD 2.09 billion |
| Projected Market Value in 2034 |
USD 4.46 billion |
| Value-based CAGR from 2024 to 2034 |
7.8% |
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Emerging Trends in the Dry Ice Usage
- The growing demand-side trends in the aviation and airline industry drive the growth of the dry ice market. Airlines are surging demand for dry ice to preserve and store food and beverages longer. Hence, they largely govern the dry ice market size growth.
- The food and beverage industry's growth demands dry ice for an extended shelf life of food items. This generates a supply-side trend for the market, creating opportunities for leading dry ice manufacturers.
- The entertainment industry is growing and incorporating various special effects to engage audiences. This surges the demand-side trends for dry ice products. Dry ice is increasingly used in the industry for Fog creation, mist generation, etc.
Demand Analysis of Dry Ice Market from 2019 to 2023 vs. Outlook from 2024 to 2034
The dry ice market size increased from USD 1.41 billion to USD 1.96 billion during the historical period at a moderate CAGR of 6.8%. The pandemic period surged the supply-side trends for dry ice products. The transportation and storage of vaccines and antidotes required dry ice on a large scale, driving the dry ice market growth rate.
The noteworthy growth in the e-commerce network during the pandemic helped the dry ice market grow. The number of avenues for dry ice increased, driving the dry ice market size.
| Historical CAGR from 2019 to 2023 |
6.8% |
| Forecast CAGR from 2024 to 2034 |
7.8% |
Technological evolutions vastly govern the forecasted period. The growing technological framework will likely make procurement and storage easier and more convenient, supporting the dry ice market growth rate.
The excessive demand for dry ice in the pharmaceutical industry will likely create demand-side trends. The effective storage of medical equipment and medicine will be surged, inflating the dry ice market size.
Factors Driving Growth in the Dry Ice Market
- The growing awareness about storing and transporting highly perishable items, including medicines, food items, and beverages, surge the demand-side trends. This encourages leading dry ice manufacturers to produce dry ice to meet these trends. The method is called a cold logistics network, supporting the dry ice market growth rate.
- Industries use dry-ice blasting for cleaning machinery and equipment. This helps them prevent excessive water and chemicals, enhancing sustainable processing. Hence, these surges in supply-side trends for the market are attributed to the dry ice market size growth rate.
- Technological advancements aid better CO2 recovery and energy-efficient solutions, enabling leading dry ice manufacturers to meet supply-side trends efficiently. Hence, this is another dry ice market growth rate driver.
- The growing healthcare and biomedical industry generates demand-side trends for the dry ice market. The storage and transport of medicines, surgical instruments, and other biomedical equipment have surged. This drives the dry ice market growth rate.
Market Challenges
- Dry ice is highly explosive and needs to be handled with extreme care. The foremost challenge might affect the dry ice market growth rate.
- Dry ice handling can lead to longer health challenges for operators, which is another key market challenge. It might affect the propulsion of the dry ice market growth rate.
Country-wise Analysis
Due to the growing urbanization and industrialization in the Asia-Pacific region, the leading dry ice manufacturers find lucrative opportunities to expand in these countries. Also, demand-side trends suggest that food preservation, medical instrument storage, medicine transport, and an increase in shelf life are major factors causing the dry ice market growth rate.
The dry ice market size will likely increase drastically in North America, wherein the entertainment industry will be a major contributor. Supply-side trends form a strong requirement for dry ice to create special effects in the entertainment market.
Europe is another key contributor, focusing on the demand-side trends of SMEs for bolstering logistic networks. Leading dry ice manufacturers produce dry ice to assist these SMEs in enhancing their distribution channels.
Forecast CAGRs from 2024 to 2034
| Countries |
Forecasted CAGR |
| The United Kingdom |
3.36% |
| Japan |
3.6% |
| The United States of America |
4.8% |
| China |
9.6% |
| India |
12.8% |
The Growing Cold Chain Logistics in the United Kingdom Accelerates the Dry Ice Market Growth Rate
- The United Kingdom forecasts a CAGR of 3.36% causing the dry ice market growth rate.
- The cold chain logistics is highly valued in the United Kingdom. It mainly stores and transports highly volatile chemicals, medicines, and food items.
- Supply-side trends suggest that leading dry ice manufacturers use this key opportunity to supply dry ice to enhance the shelf life of these products.
- Hence, this is the main market driver.
R&D Activities Fuel the Supply-side Trends in Japan, Boosting the Dry Ice Market Size
- The Japanese dry ice market size will likely increase at a CAGR of 3.6% through 2034.
- The biomedical industry in the country is surging the demand for better storage and transport of medical equipment and instruments.
- Leading dry ice manufacturers identify this demand-side trend as a great opportunity to expand in the Japanese market.
- R&D activities in the respective field demand dry ice pallets to store medical devices, medicines, and other biomedical equipment.
- Hence, these factors are responsible for the dry ice market growth rate.
The Growing Demand-side Trends for Special Effects in the United States of America Upsurge the Dry Ice Market Trends
- The United States of America is a growing market, forecasting its progress at a CAGR of 4.8%.
- The entertainment industry in the country is growing, propelling supply-side trends for leading dry ice manufacturers.
- As dry ice is vital in creating special effects, the country's demand-side trends are growing.
- Thus, the country's dry ice market is growing, creating many investment opportunities in leading dry ice brands.
The Growing Manufacturing Sector in China Surge Machine Cleaning Demand-side Trends, Fueling the Dry Ice Market Growth Rate
- Due to the rising urbanization rate, China's manufacturing sector is flourishing.
- Dry ice is vital in cleaning and maintaining different machinery, which is the dry ice blasting process.
- Expanding the manufacturing sector generates opportunities for the leading dry ice manufacturers to meet growing supply-side trends, increasing investment opportunities in dry ice brands.
- Hence, this propels the Chinese dry ice market growth rate at 9.6%.
The Rising E-commerce Distribution Network Propels the Indian Dry Ice Market Size
- The e-commerce network in India is growing tremendously, creating opportunities for leading dry ice manufacturers to develop their presence on digital distribution platforms.
- Also, the demand-side trends for perishable goods storage are rising, driving the dry ice market growth.
- Food preservation, medical instrument storage and transport, and other key applications surge the demand for dry ice.
- Hence, the Indian dry ice market growth rate will likely be boosted at a CAGR of 12.8%.
Category-wise Insights
| Category |
Type - Dry Ice Pellets |
| Market Share in 2024 |
54.5% |
| Market Segment Drivers |
- Wider application of dry ice pallets fulfills the demand-side trends in various markets, including the medical and entertainment industries.
- Increased storage capacity enhances product shelf-life, which surges supply-side trends of dry ice.
- Due to these factors, the segment is in demand, fueling the dry ice market size and growth rate.
|
| Category |
Application - Dry Ice for Food & Beverages |
| Market Share in 2024 |
38.4% |
| Market Segment Drivers |
- The rising demand-side trends for better storage facilities for food items drive the market segment.
- Unavailability of refrigeration systems surges the demand for dry ice. Hence, this increases the dry ice market size.
- The beverage industry is fueled with supply-side trends to meet the cooling drink requirement without diluting them.
- Hence, these factors cause the dry ice market growth.
|
The Competitive Landscape of the Dry Ice Market
Leading manufacturers vastly govern the dry ice market growth rate in the market. This is because dry ice production serves the growing supply-side trends, creating expansion opportunities for the market. Moreover, key competitors drive the competitive landscape by expanding their market scope and growth. They implement key market growth strategies, including partnerships, product innovation, collaborations, acquisitions, and mergers.
The new entrants must innovate in terms of their products, services, and marketing strategies to gain a competitive niche in the market. Moreover, they have decent negotiating power as far as capturing a substantial market space is concerned.
Key Market Developments
- In October 2021, Central McGowan launched a CRX Fab-Pak Cobot Welding Package. It was introduced at the ATX/Automation Technology Show in Minneapolis in 2021. The robotic welding machinery helped the business create an uplifted market position in the American market.
- In April 2024, ASCO CARBON DIOXIDE LTD. collaborated with Rolls Royce and Landmark Power Holdings Limited (LMPH) to produce modular clean energy solutions. It will not only prevail innovation in the industry but also enable organizations to move an inch closer to address climate change successfully.
Key Coverage of Dry Ice Market Report
- Challenges and Opportunities in the Dry ice supply chain and Risks and Challenges in the Dry Ice Market.
- End-Use Industries Contributing to Dry Ice Market Growth and Dry Ice Applications by Industry.
- High-Growth Regions for Dry Ice Consumption.
- Leading Dry Ice Manufacturers and Suppliers.
- Global vs. Regional Dry Ice Market Analysis and Dry Ice Market Segmentation.
- Impact of Technological Advancements on Dry Ice Production.
- Dry Ice as a Cold Chain Investment Opportunity.
Report Scope
| Attributes |
Details |
| Estimated Market Size in 2024 |
USD 2.09 billion |
| Projected Market Valuation in 2034 |
USD 4.46 billion |
| Value-based CAGR 2024 to 2034 |
7.8% |
| Forecast Period |
2024 to 2034 |
| Historical Data Available for |
2019 to 2023 |
| Market Analysis |
Value in USD billion |
| Key Regions Covered |
North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East and Africa
|
| Key Market Segments Covered |
Type, Application, Region
|
| Key Countries Profiled |
The United States of America, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel
|
| Key Companies Profiled |
Polar Ice Ltd; Continental Carbonic Products, Inc.; SICGIL India Limited; Linde plc; Air Liquide; Tripti Dry Ice Co.; Dry Ice UK Limited; Central McGowan; Thomas Scientific; Merck KGaA
|
Frequently Asked Questions
At what CAGR the dry ice market will likely progress through 2034?
The dry ice market is estimated to progress at a CAGR of 7.8% through 2034.
What will the market size of the dry ice market be by 2034?
The dry ice market will likely reach USD 4.46 billion by 2034.
What will the market size of the dry ice market be by 2024?
The dry ice market will attain a market size of USD 2.09 billion in 2024.
Based on the type, which segment will likely hold the largest dry ice market share in 2024?
The dry ice market's dry ice pellets segment will hold 54.5% of the market share in 2024.
Based on the application, which segment will hold the largest dry ice market share in 2024?
The dry ice market's dry ice for food and beverages segment will likely secure 38.4% of the market space in 2024.
