Market Research

India Dry ice market expected to grow at a significant CAGR of 10.3% from 2020-2026

Jul 17, 2020 6:00 PM ET

iCrowd Newswire – Jul 17, 2020

India dry ice Market has reached USD 0.15 Million in 2018 and gained momentum in recent years with a CAGR of 10.3%, in value terms, over the forecast period 2019-2026, and expected to reach USD 8.7 Million by 2026.

The business is lucrative for dry ice suppliers as the demand for dry ice food processing, and the transport sector grows. Significant growth in the transport sector is estimated to support the shipping of goods, thereby creating considerable revenue growth opportunities for the dry ice industry. Dry ice cleaning is a dry process that is nonabrasive and nonconductive, meaning it won’t damage equipment and is safe for most surfaces, including electrical components. Dry ice is a cost-effective method that is likely to boost demand for dry ice during the forecast period. Dry ice is also used in the food industry, in addition to the medical sector. Among other various uses, it is used as a refrigerant to preserve frozen foods.

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The cleaning type segment is dominating the machine type segment and is estimated to grow at a significant rate of CAGR in the dry ice market during the forecast period of 2026 as it eliminates waste & is environmentally friendly and reduces the use of harmful chemicals. It is also cheaper as compared to another type. Dry ice cleaning lowers the labor costs, as it can be performed in much less time than typical manual labor. The printing industry broadly recognizes cleaning type as the most efficient and fastest method for cleaning presses and associated equipment such as drums, grippers, and rollers, ink trays, gears, print decks and guides as well as for removing paper dust, hot melt adhesive, and glue.

The rising number of grocery stores and wholesaler rise the demand for dry ice storage in the market. The increasing trend of cold chain logistic affecting positively dry ice market. Different products require specific temperature range maintenance to ensure their integrity throughout transportation. Dry ice helps to maintain the subzero temperature range for the frozen condition. Rising healthcare expenditure & R&D activities drive the demand for cold chain logistic coupled with dry ice market enhancement. The cold chain will be a lucrative opportunity for players to penetrate the dry ice market.

Dry ice is used in many ways in the medical industry, such as transportation, cleaning, and storage. Dry ice is used in the medical sector since most medical devices and equipment are moved as a cooling agent with dry ice. Compared with normal freezer ice, dry ice is extremely cold. The temperature is approximately -109 degrees Fahrenheit, whereas standard ice is 32 degrees Fahrenheit. As a result, this content is 141 degrees colder than regular ice. Such products include biological samples, tissues, blood, and other sensitive materials, which must remain cool during transport. Physicians also use dry ice to eliminate lumps, together with other skin deficiencies. Biological samples such as vaccines and research with the blood are often covered with dry ice.

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Geographically, the India Dry Ice market is bifurcated into Northern India, Southern India, Eastern India, Western India. The dry ice market dominates in Western India as the majority of stage shows are done in the western region, which is done in the entertainment industry for generating snow clouds in the industry. In addition, the food processing industry is also huge in the western region of India. As a result, the western region is leading the market across the region.

The major market players in the dry ice market are Sigcil India, Tripti Dry Ice, yara international, S.R Industrial Dry Ice, South India gases & Dry Ice, PR Traders, Dhillon Dairy & Ice Factory, Anand Ice Depot, Kavery Dry Ice, Manav Gases Pvt Ltd, Polarice Dry Ice, and Other Prominent Players are expanding their presence in the market by implementing various innovations and technology.

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