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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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.
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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% |
Category | Type - Dry Ice Pellets |
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Market Share in 2024 | 54.5% |
Market Segment Drivers |
|
Category | Application - Dry Ice for Food & Beverages |
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Market Share in 2024 | 38.4% |
Market Segment Drivers |
|
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
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 |
The dry ice market is estimated to progress at a CAGR of 7.8% through 2034.
The dry ice market will likely reach USD 4.46 billion by 2034.
The dry ice market will attain a market size of USD 2.09 billion in 2024.
The dry ice market's dry ice pellets segment will hold 54.5% of the 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.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Type 5.1. Pellets 5.2. Blocks 5.3. Other Types 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application 6.1. Food & Beverages 6.2. Storage & Transportation 6.3. Healthcare 6.4. Industrial Cleaning 6.5. Others 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 9. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 10. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 11. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 12. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 13. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 14. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Polar Ice Ltd 17.2. Continental Carbonic Products, Inc. 17.3. SICGIL India Limited 17.4. Linde plc 17.5. Air Liquide 17.6. Tripti Co. 17.7. UK Limited 17.8. Central McGowan 17.9. Thomas Scientific 17.10. Merck KGaA 18. Assumptions & Acronyms Used 19. Research Methodology
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