Dry ice” refers to solid carbon dioxide (CO2) that leaves no residue and possesses characteristics such as being non-flammable, colorless, mildly acidic, and odorless. It is produced by compressing and cooling CO2, then subjecting the liquid form to pressurized expansion and hydraulic pressing, resulting in practical dry ice forms. Dry ice sublimates, transitioning directly from solid to gas when heated, making it valuable for refrigeration, particularly in preserving frozen and medical items.
According to SPER market research, ‘Dry Ice Market Size– By Type, By Application, By Machine Type, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ state that the Global Dry Ice Market is predicted to reach USD 0.31 billion by 2032 with a CAGR of 8.27%.
There are several factors that contribute to the growth of dry ice market globally. Due to consumers’ increasing preference for dry ice versus water-based ice, the market for it is developing. Dry ice is a vastly superior substitute for water-based ice. After being cooked, the dry ice leaves no trace. Additionally, the brewing of soda and other drinks involves the usage of dry ice. A need for dry ice can be seen in the pharmaceutical, entertainment, culinary, and machine blast cleaning industries. Dry ice is also used in the transfer of organs, blood, and body parts. Due to the wide variety of uses, it is projected that dry ice industry trends would rise over the projection period.
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However, the key challenge is that because dry ice sublimates in 18 to 24 hours, it cannot be preserved for an extended period of time. This is one of the primary obstacles to the global market. The growth of the dry ice sector may also be constrained by the availability of less expensive alternatives. The dearth of skilled labour and a lack of expertise in less developed areas are major problems for the dry ice industry. In low-income areas, people currently employ conventional cooling methods like water-based ice, which is problematic for the global market.
COVID-19 Impact on Global Dry Ice Market
Additionally, the COVID-19 pandemic, has left a profound mark on various industries worldwide. Its detrimental effects have reverberated through sectors like food and beverage, pharmaceuticals, transportation, and more. The pandemic-induced lockdowns brought production to a standstill, disrupting supply chains and causing an imbalance between supply and demand. Dry ice, widely used in the food and beverage industry, witnessed a decline in demand due to reduced food production. Additionally, the pharmaceutical sector, relying on dry ice as a refrigerant, also saw a decrease in demand. Travel and transportation restrictions further compounded these challenges. Although the pandemic adversely affected the dry ice market, major companies are working towards revitalizing demand as normalcy returns.
Geographically, the Asia-Pacific region is predicted to experience the highest market growth among these due to the rising demand for dry ice in food preservation. North America is experiencing a market expansion in the health industry as a result of the escalating demand in the entertainment industry. Europe is positioned to experience steady market expansion as a result of the expanding demand for dry ice in the medical sector. Additionally, some of the market key players are ASCO CARBONDIOXIDE LTD, Central McGowan, Chillistick Ltd, Linde, Polar Ice Ltd, Praxiar Technology, The Iceman, Thomas Scientific, VICTEX, Others.
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