At 7.2% CAGR, Asia Pacific Dry Ice Market is Projected to be Worth US$ 221.01 Million by 2030, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific dry ice market was valued at US$ 126.51 million in 2022 and is projected to reach US$ 221.01 million by 2030, registering a CAGR of 7.2% from 2022 to 2030. Increasing preference for dry ice over water-based ice and rapidly increasing demand for frozen foods are among the critical factors attributed to drive the Asia Pacific dry ice market growth.

Dry ice has a lower temperature than water-based ice. Unlike traditional water-based ice, which melts and creates a mess as it transitions to liquid form, dry ice undergoes sublimation—transforming directly from a solid to a gas. This property eliminates the need for drainage and significantly reduces the risk of product damage or contamination during transportation and storage, making dry ice a preferred choice for various industries. In industries such as healthcare and pharmaceuticals, where precise temperature control is crucial, dry ice's ability to maintain ultra-cold temperatures is a key factor driving demand. The global distribution of vaccines, medicines, and biological samples heavily relies on dry ice for its capability to provide a consistent and extremely cold environment, ensuring the preservation of sensitive materials during transit.

When mechanical refrigeration is not an option, ice is an important food storage and transport component. Water-based ice melts very quickly and cannot be used for storage or transportation of products. Dry ice provides superior cooling and longevity. A large block of ice can cool for up to 24 hours in a vented cooler before requiring replacement. On the other hand, regular ice can begin to melt in just three to four hours as it is made from liquefied carbon dioxide gas frozen to extremely low temperatures of -109.3 °F. Dry ice's extremely cold temperature allows packaged frozen products to remain frozen for extended periods. Therefore, dry ice is essential for food items such as ice cream.

Water-based ice has a very limited application scope. In contrast, dry ice has various applications, including cold grinding, dry ice blast cleaning, freeze drying, in-process cooling for the chemical and food industry, plumbing pipe repairs, sample distribution within the pharmaceutical industry, shrink fitting, and special effects. The versatility of dry ice and its use as an effective alternative to conventional electric power-based cooling systems boost the demand for dry ice.

On the contrary, the inability of dry ice to be stored for an extended period hamper the growth of the Asia Pacific dry ice market.

Based on type, the Asia Pacific dry ice market is segmented into pellets, blocks, and others. The blocks segment held 51.6% market share in 2022, amassing US$ 65.34 million. It is projected to garner US$ 120.02 million by 2030 to register 7.9% CAGR during 2022–2030.

In terms of application, the Asia Pacific dry ice market is segmented into food and beverages, storage and transportation, healthcare, industrial applications, and others. The storage and transportation segment held 33.2% share of Asia Pacific dry ice market in 2022, amassing US$ 42.06 million. It is anticipated to garner US$ 75.12 million by 2030 to expand at 7.5% CAGR during 2022–2030.

Based on country, the Asia Pacific dry ice market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 37.2% share of Asia Pacific dry ice market in 2022. It was assessed at US$ 47.09 million in 2022 and is likely to hit US$ 88.65 million by 2030, registering a CAGR of 8.2% during 2022–2030.

Key players operating in the Asia Pacific dry ice market are Linde Plc, Nippon Sanso Holdings Corp, Sicgil India Ltd, and SOL SpA, among others.

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