(MENAFN- GlobeNewsWire - Nasdaq) The Global Dry Ice market Size was Valued at USD 363.3 Million in 2023 and the Worldwide Dry Ice Market Size is Expected to Reach USD 703.20 Million by 2033, according to a research report published by Spherical Insights & Consulting. Companies covered:Pacific/Reliant Dry Ice, Continental Carbonic Products, Inc., Linde plc, Chuan Chon Enterprise, CryoCarb, Polar Ice Ltd., Messer Group, Yara International ASA, Continental Carbonic Products Inc., Sicgil India, Praxair technology Inc., Chuan Chon Dryice, Gulf Cryo, Air Liquide, Dry Ice UK Ltd, Dry Ice Corp., Tripti Dry Ice Co, and Others Key Vendors.
New York, United States , Aug. 27, 2024 (GLOBE NEWSWIRE) -- The Global Dry Ice Market is to Grow from USD 363.3 Million in 2023 to USD 703.20 Million by 2033, at a Compound Annual Growth Rate (CAGR) of 6.83% during the projected period.
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Dry ice is defined as solid carbon dioxide that is approximately -78.5°C in temperature. It is produced by compressing and cooling gaseous carbon dioxide by a process called sublimation, which prevents the gas from entering the liquid phase. Its exceptionally low temperature makes it a popular choice for use as a chilling agent in a range of applications, such as laboratory research, the production of special effects for the entertainment industry, and the preservation of perishable items during shipping. Food can be kept fresher for longer by freeze-drying it without adding water or by using dry ice to freeze food at very low temperatures. Dry ice can also be used to keep food cold, such as in airplanes without refrigeration. Dry ice is much colder than ice, remains colder for a longer period of time, and doesn't melt. These qualities make them ideal for the transportation of pharmaceuticals, such as vaccines, which need to be kept at very low temperatures to maintain their efficacy. However, the supply of CO2 and its price fluctuation could restrict market expansion.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the " Global Dry Ice Market Size, Share, and COVID-19 Impact Analysis, By Type (Pellets, Blocks, and Others), By Application (Food and Beverages, Storage and Transportation, Healthcare, Industrial Cleaning, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033"
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The pellets sector held the greatest share of the market during the forecast period.
Based on type, the dry ice market is divided into pellets, blocks, and others. Among these, the pellets sector held the greatest share of the market during the forecast period. The method for making dry ice pellets for food chilling and other uses is simple to understand. Dry ice pellets are created with a pelletizer. This machine creates snowy dry ice, compresses it, and packages it for transportation to companies that need dry ice (such as those that need to refrigerate food). Depending on the size required for the intended usage, a range of diameters for the pellets can be produced. Extruder plates are equipped with dies of various diameters in order to accomplish this. A wide range of items can also be utilized with dry ice pellets. Pellet storage systems, for example, are necessary for anyone using dry ice pellets, including those who must use it to cool food. Furthermore, because of growing environmental concerns, many firms are opting to use dry ice pellets instead of conventional cooling methods, even though they can be created from recycled carbon dioxide and do not produce harmful greenhouse emissions.
The food and beverage segment is expected to hold the largest market share throughout the forecast period.
Based on application, the dry ice market is divided into food and beverages, storage and transportation, healthcare, industrial cleaning, and others. Among these, the food and beverage segment is expected to hold the largest market share throughout the forecast period. Dry ice is the best option for cold product delivery in the food and beverage industry. With freezing temperatures as low as -109° F, dry ice is far colder than traditional freezer ice, preserving the highest quality of frozen goods. Moreover, dry ice doesn't melt. Instead, it progressively transforms into gas, which makes it the ideal choice for shipping items that must be kept cold for extended periods of time and are temperature-sensitive. When dry ice is present, food that has been chilled or frozen can be safely transported over long distances without losing its nutritional value.
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North America is having the highest share of the global dry ice market over the forecast period.
The expanding demand originates from the pharmaceutical and healthcare sectors, especially in light of the present global health emergencies. The growing need for dry ice, which is required for the storage and delivery of vaccines and other medical supplies that are temperature-sensitive, is driving the market's expansion. Dry ice production is becoming more and more popular across a variety of industries because of its environmentally friendly nature. It is often created from recycled carbon dioxide. This is in line with businesses' increasing focus on sustainability. Technological advancements and innovative manufacturing techniques have increased dry ice production capacities, ensuring a consistent supply to meet the growing demand. The aforementioned variables, together with the fact that many different industries are beginning to recognize the advantages of dry ice, are expected to cause the North American dry ice market to expand considerably in the near future.
Europe is predicted to grow fastest pace throughout the forecast period. The need for dry ice in the food and beverage industry in Europe is growing. Dry ice is used by the business to effectively transport and preserve perishable products since modern consumers want a wider variety of fresher products. In this approach, they will be able to meet the ever-changing preferences of their clients. Furthermore, environmentally friendly methods are gaining importance throughout Europe.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global dry ice market include Pacific/Reliant Dry Ice, Continental Carbonic Products, Inc., Linde plc, Chuan Chon Enterprise, CryoCarb Polar Ice Ltd, Messer Group, Yara International ASA, Continental Carbonic Products Inc, Sicgil India, Praxair Technology Inc, Chuan Chon Dryice, Gulf Cryo, Air Liquide, Dry Ice UK Ltd, Dry Ice Corp, Tripti Dry Ice Co and Other key vendors.
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Recent Developments
In May 2023, Holston Gases acquired Superior Dry Ice, a company located in Cartersville, Georgia. Holston Gases will continue to operate out of Superior Dry Ice's address, 3439 Highway 411.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global dry ice market based on the below-mentioned segments:
Global Dry Ice Market, By Type
Global Dry Ice Market, By Application
Food and Beverages Storage and Transportation Healthcare Industrial Cleaning Others
Global Dry Ice Market, By Regional
North America Europe Germany Uk France Italy Spain Russia Rest of Europe
Asia Pacific China Japan India South Korea Australia Rest of Asia Pacific
South America Brazil Argentina Rest of South America
Middle East & Africa UAE Saudi Arabia Qatar South Africa Rest of the Middle East & Africa
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