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Global UV Filter Market Overview
The global UV filter market has observed rapid growth at a CAGR of 6.2% over the past half-decade. However, the market has seen a major decline in the 2nd and 3rd quarters of 2020 owing to contraction in demand for personal care and cosmetic products, which has significantly cascaded the effect positively for the expansion of the UV filter market size.
By the end of the 1st quarter of FY2020, huge speculative demand for UV filters was observed by personal care product manufacturers in East Asia, which spiked prices, which ultimately contracted to a near low in the mid-2nd quarter of FY2020.
On the macroeconomic perspective, reduction in need for grooming and personal care products during lockdowns has had a domino effect, resulting in higher positive network externalities across industries.
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However, in the past half-decade, a majority of manufacturers in the UV filter market have started utilizing inorganic filters, which has led to the normalization of prices across regions. This segment is set to grow at rapid pace as compared to organic filters, owing to the opening of utilization titanium dioxide nanoparticles and zinc oxide nanoparticles in formulating a wide range of personal care products, by the European Union.
Key Takeaways from UV Filter Market Study
- The global UV filter market is anticipated to be valued 1.9X in 2030 as compared to 2020.
- The organic type captures near three-fourth of the global UV filter market, and is set to create an absolute dollar opportunity of US$ 410 Mn over the forecast period.
- Inorganic UV filters is the fastest-growing segment in the market, owing to their integration in a formulating majority of personal care products.
- Cream formulations are set to dominate market revenue in 2020, but expected to lose 16 BPS market share by 2030.
- SPF 31-50 is anticipated to gain around 119 BPS during the forecast period of 2020-2030.
- North America holds a leading share in the global UV filter market, of which, the U.S. captures most of the share as far as demand is concerned.
- East Asia and South Asia & Oceania are set to hold higher market potential in the long run.
“Market leaders are facing the barrier of double marginalization to channel products across North America and Europe,”says a Fact.MR analyst.
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UV Filter Market Insights by Formulation
UV filters are significantly consumed in creams, and this segment captures over half of global UV filter demand. Followed by creams, gels capture over one-fifth of global demand in the UV filter market. Amount of consumption could be evaluated solely on the basis of the type of personal care product being formulated.
Therefore, wipes and sprays have lower UV filter formulation as compared to other formulations in the market. The market is set to rise on the back of cream formulations in over the medium- and long-term forecast period
Regional Outlook of UV Filter Market
The North America UV filter market has captured a lion’s share, and is set to maintain its dominance right to the end of the forecast period. North America’s dominance in the market over Europe is due to fewer regulations in the personal care chemicals market.
Followed by North America, Europe captures near 25% of the global UV filter market share, is set to be propelled over the mid-term forecast period owing to the region’s opening of doors to inorganic filters. In long run, East Asia is assessed to have a higher market potential, owing to rapidly changing personal care product manufacturing profiles in the region.
UV Filter Market Manufacturers: Key Strategies
The global UV filter market is fragmented in nature. BASF, Ashland, DSM, Lonza, Solvay, Dow, and Croda are the few key market players in the top tier accounting for over 40% of the global supply of UV filters.
Players have adopted organic strategies in prominent growth regions. For instance, in FY2019, UV Filter leader, BASF, announced the expansion and debottlenecking at its production sites in Grenzach and Ludwigshafen.
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After reading the UV Filter Market report, readers can:
- Understand the drivers, restraints, opportunities and trends affecting the growth of the global .
- Analyze key regions holding significant share of the total UV Filter Market revenue.
- Study the growth outlook of the global UV Filter Market scenario, including production, consumption, history and forecast.
- Learn consumption pattern and impact of each end use on the UV Filter Market growth.
- Investigate the recent R&D projects performed by each UV Filter Market player.
The UV Filter Market report answers important questions which include:
- What does the status of the UV Filter Market look?
- Refined Cane Sugar Market look like after the forecast period?
- Which region has the highest contribution to UV Filter Market Devices why?
- Which players remain at the top of the UV Filter Market look?
- What opportunities are available for the UV Filter Market players to expand their production footprint?
- Which segment has the maximum impact on the UV Filter Market look?
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