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India Dry Ice Market Bwc20087

India Dry Ice Market Bwc20087

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India Dry Ice Market, By Product (Pellets, Blocks, Slice, Slab, Column, Powder, Others); By Application (Storage & Transportation, Food & Beverages, Healthcare, Industrial Cleaning, Others); By Region (North India, South India, East India, and West India), Trend Analysis, Competitive Landscape & Forecast, 2019–2029

  • Published Date: October 2023
  • Report ID: BWC20087
  • Available Format: PDF
  • Page: 200

Report Overview

Due to growth in the food processing and transportation sectors, dry ice suppliers are experiencing a lucrative market. India's dry ice market is primarily driven by the growing use of dry ice as a refrigerant in the transport, food, transportation, medical, and entertainment sectors.

India Dry Ice Market – Industry Trends & Forecast Report, 2029

India dry ice market size was estimated at USD 12.22 million in 2022. During the forecast period between 2023 and 2029, the India dry ice market size is projected to grow at a CAGR of 6.97% reaching a value of USD 18.31 million by 2029. Due to growth in the food processing and transportation sectors, dry ice suppliers are experiencing a lucrative market. India's dry ice market is primarily driven by the growing use of dry ice as a refrigerant in the transport, food, transportation, medical, and entertainment sectors.  Additionally, perishable food products are transported globally through advanced refrigeration facilities to ensure they stay at the right temperature, which in turn, is propelling the growth of the India dry ice market.

India Dry Ice Market

India Dry Ice Market – Overview

Dry ice, also known as solid carbon dioxide (CO2), is a substance that exists in the solid state at extremely low temperatures. It gets its name "dry ice" because it does not melt into a liquid like regular ice (frozen water) but instead undergoes a process called sublimation, where it changes directly from a solid to a gas. Dry ice is extremely cold, with a sublimation point of approximately -78.5°C (-109.3°F). This makes it a powerful cooling agent.

India Dry Ice Market

Growth Drivers

Growing Cold Chain Logistics in India

The pharmaceutical industry relies heavily on cold chain logistics to transport vaccines, medicines, and biopharmaceutical products. The distribution of COVID-19 vaccines has led to a substantial increase in the demand for dry ice to maintain the required low temperatures during transit. India's growing food industry, including the production and export of fruits, vegetables, seafood, and dairy products, necessitates the use of cold chain logistics to preserve freshness and extend shelf life. Dry ice is used for flash freezing and packaging these perishable goods. The processed food industry uses cold chain logistics to transport frozen and refrigerated foods. Dry ice helps maintain the low temperatures required to prevent spoilage and maintain product quality.

Restraints

Limited Production Capacity

The production of dry ice is energy-intensive, as it involves compressing and cooling CO2 gas to extremely low temperatures. High energy costs can make it economically challenging to expand production facilities. Dry ice production relies on the supply of CO2 gas, which is often a by-product of other industrial processes, such as ammonia or ethanol production. The availability of CO2 can fluctuate based on the demand for these primary products. CO2 gas needs to be transported to dry ice production facilities, and the logistics involved in the transportation of CO2 can present challenges, particularly in regions with limited infrastructure.

Impact of COVID-19 on India Dry Ice Market

The most notable impact of the COVID-19 pandemic on the dry ice market was the surge in demand for dry ice for the distribution of COVID-19 vaccines. Many of the vaccines developed for COVID-19, such as the Pfizer-BioNTech and Moderna vaccines, require ultra-low temperatures for storage and transportation. Dry ice was instrumental in maintaining the required temperatures during the vaccine supply chain. Apart from COVID-19 vaccines, the pharmaceutical and healthcare industries experienced increased demand for dry ice for the transportation of temperature-sensitive medications, diagnostic samples, and other medical supplies. The pandemic highlighted the critical role of dry ice in maintaining the cold chain for healthcare products.

India Dry Ice Market

Segmental Coverage

India Dry Ice Market – By Product

Based on product, the India dry ice market is divided into pellets, blocks, slice, slab, column, powder, and other segments. Among these, the pellets segment dominates the India dry ice market with the largest market share. The pellet form of dry ice is high in density. Cylindrical dry ice pellets are designed for application in the food and beverage industry and foodstuff processing as cylindrical dry ice pellets offer food-grade quality and safety, which is critical for food items. Furthermore, these small pellets are only the size of rice grains, making them ideal for smaller-scale applications or one-time storage or delivery, which further influences the India dry ice market. Many dry ice blasting companies reported the use of rice size pellets for blast cleaning procedures as they are effective.

India Dry Ice Market Size

India Dry Ice Market – By Application

Based on application, the India dry ice market is divided storage & transportation, food & beverages, healthcare, industrial cleaning, and others. The rising adoption of blast cleaning in various industrial applications is a significant determinant responsible for the growth of the industrial segment of the India dry ice market. As a result, the industrial sector held the largest market share in 2022. Dry ice is used in industrial cleaning to remove pathogenic microbes as it is a non-corrosive and non-hazardous, and cost-effective solution that can clean unreachable places.

India Dry Ice Market – By Region

Based on region the market is divided into North India, South India, East India, and West India. The Western Region of the country held the highest market share in 2022 followed by Northern India. Western India and Northern India are also likely to dominate the Indian dry ice market over the forecast period. The growth of the entertainment industry in both regions is fueling the market's expansion. Furthermore, the rise in demand for dry ice in the industrial sector, transportation, and health care is also likely to drive the growth of the dry ice market in these regions during the forecast period.

Competitive Landscape

Major players operating in India dry ice market include Sigcil India Limited, 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, and Manav Gases Pvt Ltd To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

  • In January 2021- Pluss Technology launched a special packaging box for the supply and logistics of vaccines. The technology of the box uses dry ice for keeping the temperature in control for maintaining the quality of vaccines.

Scope of the Report

Attributes

Details

Years Considered

Historical Data – 2019–2022

Base Year – 2022

Estimated Year – 2023

Forecast Period – 2023–2029

Facts Covered

Revenue in USD Million

Market Coverage

India

Product/ Service Segmentation

Product, Application, Region

Key Players

Sigcil India Limited, 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

 

By Product Type

  • Pellets

  • Blocks

  • Slice

  • Slab

  • Column

  • Powder

  • Others

By Application

  • Storage & Transportation

  • Food & Beverages

  • Healthcare

  • Industrial Cleaning

  • Others

By Region

  • North India

  • South India

  • East India

  • West India

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Executive Summary
  3. India Dry Ice Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
        1. Increase in cold chain logistics
        2. Growth in oil & gas industry
      2. Restraints
        1. Limited production capacity
      3. Opportunities
        1. Rise in entertainment and special effects
      4. Challenges
        1. Safety concerns
    3. Technological Advancements/Recent Developments
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  4. India Dry Ice Market Overview
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Product Type
        1. Pellets
        2. Blocks
        3. Slice
        4. Slab
        5. Column
        6. Powder
        7. Others
      2. By Application
        1. Storage & Transportation
        2. Food & Beverages
        3. Healthcare
        4. Industrial Cleaning
        5. Others
      3. By Region
        1. North India
        2. South India
        3. East India
        4. West India
  5. North India Dry Ice Market
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Product
      2. By Application
  6. South India Dry Ice Market
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Product
      2. By Application
  7. East India Dry Ice Market
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Product
      2. By Application
  8. West India Dry Ice Market
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Product
      2. By Application
  9. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. India Dry Ice Market Company Market Share Analysis, 2022
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
  10. Impact of Covid-19 on India Dry Ice Market
  11. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
    1. Sigcil India Limited
    2. Tripti Dry Ice
    3. Yara International
    4. S.R Industrial Dry Ice
    5. South India gases & Dry Ice
    6. PR Traders
    7. Dhillon Dairy & Ice Factory
    8. Anand Ice Depot
    9. Kavery Dry Ice
    10. Manav Gases Pvt Ltd
    11. Other Prominent Players
  12. Key Strategic Recommendations
  13. Research Methodology
    1.       Qualitative Research
      1.   Primary & Secondary Research
    2.       Quantitative Research
    3.       Market Breakdown & Data Triangulation
      1.   Secondary Research
      2.   Primary Research
    4.       Breakdown of Primary Research Respondents, By Region
    5.       Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

 

 

List of Figures

 

Figure 1       India Dry Ice Market Segmentation

Figure 2       India Dry Ice Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       India Dry Ice Market Size, By Value (USD Million), 2019–2029

Figure 5       India Dry Ice Market Share, By Product, By Value, 2019–2029

Figure 6       India Dry Ice Market Share, By Application, By Value, 2019–2029

Figure 7       India Dry Ice Market Share, By Region, By Value, 2019–2029

Figure 8       North India Dry Ice Market Size, By Value (USD Million), 2019–2029

Figure 9       North India Dry Ice Market Share, By Product, By Value, 2019–2029

Figure 10     North India Dry Ice Market Share, By Application, By Value, 2019–2029

Figure 11     South India Dry Ice Market Size, By Value (USD Million), 2019–2029

Figure 12     South India Dry Ice Market Share, By Product, By Value, 2019–2029

Figure 13     South India Dry Ice Market Share, By Application, By Value, 2019–2029

Figure 14     East India Dry Ice Market Size, By Value (USD Million), 2019–2029

Figure 15     East India Dry Ice Market Share, By Product, By Value, 2019–2029

Figure 16     East India Dry Ice Market Share, By Application, By Value, 2019–2029

Figure 17     West India Dry Ice Market Size, By Value (USD Million), 2019–2029

Figure 18     West India Dry Ice Market Share, By Product, By Value, 2019–2029

Figure 19     West India Dry Ice Market Share, By Application, By Value, 2019–2029

 

List of Tables

 

Table 1        India Dry Ice Market Size, By Value (USD Million), 2019–2029

Table 2        India Dry Ice Market Size, By Product, By Value, 2019–2029

Table 3        India Dry Ice Market Size, By Application, By Value, 2019–2029

Table 4        India Dry Ice Market Size, By Region, By Value, 2019–2029

Table 5        North India Dry Ice Market Size, By Value (USD Million), 2019–2029

Table 6        North India Dry Ice Market Size, By Product, By Value, 2019–2029

Table 7        North India Dry Ice Market Size, By Application, By Value, 2019–2029

Table 8        South India Dry Ice Market Size, By Value (USD Million), 2019–2029

Table 9        South India Dry Ice Market Size, By Product, By Value, 2019–2029

Table 10      South India Dry Ice Market Size, By Application, By Value, 2019–2029

Table 11      East India Dry Ice Market Size, By Value (USD Million), 2019–2029

Table 12      East India Dry Ice Market Size, By Product, By Value, 2019–2029

Table 13      East India Dry Ice Market Size, By Application, By Value, 2019–2029

Table 14      West India Dry Ice Market Size, By Value (USD Million), 2019–2029

Table 15      West India Dry Ice Market Size, By Product, By Value, 2019–2029

Table 16      West India Dry Ice Market Size, By Application, By Value, 2019–2029

Table 17      Sigcil India Limited Company Overview

Table 18      Sigcil India Limited Financial Overview

Table 19      Tripti Dry Ice Company Overview

Table 20      Tripti Dry Ice Financial Overview

Table 21      Yara International Company Overview

Table 22      Yara International Financial Overview

Table 23      S.R Industrial Dry Ice Company Overview

Table 24      S.R Industrial Dry Ice Financial Overview

Table 25      South India gases & Dry Ice Company Overview

Table 26      South India gases & Dry Ice Financial Overview

Table 27      PR Traders Company Overview

Table 28      PR Traders Financial Overview

Table 29      Dhillon Dairy & Ice Factory Company Overview

Table 30      Dhillon Dairy & Ice Factory Financial Overview

Table 31      Anand Ice Depot Company Overview

Table 32      Anand Ice Depot Financial Overview

Table 33      Kavery Dry Ice Company Overview

Table 34      Kavery Dry Ice Financial Overview

Table 35      Manav Gases Pvt Ltd Company Overview

Table 36      Manav Gases Pvt Ltd Financial Overview

Market Segmentation

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Frequently Asked Questions (FAQs):

Ans: India Dry Ice Market size was estimated at USD 12.22 million in 2022.
Ans: India Dry Ice Market size is expected to grow at a CAGR of 6.97% during the forecast period between 2023 and 2029.
Ans: Growing food processing and transportation sectors are expected to drive India Dry Ice Market.
Ans: Key players in India Dry Ice Market include SRL Limited, Bureau Veritas India, SGS India Private Limited, Intertek India Private Limited, UL India Private Limited, Asia Quality Focus, Micom Laboratories India Pvt Ltd, Toxikon India Pvt Ltd, Cliniminds, and RMS Healthcare.
Ans: The pellets segment dominates the India Dry Ice Market with the largest market share. The pellet form of dry ice is high in density.