- Rising Demand for Skin Care Products to Spur the Sales of Organic UV Filters by 1.9X through 2030
- A research survey conducted by Fact.MR offers detailed analysis of overall size and growth trends exhibited by the global UV filter market. It classifies the market on the basis of product type, and formulation. It also provides comprehensive data on the UV filter demand and sales outlook for the assessment period 2020-2030
NEW YORK, Sept. 20, 2021 /PRNewswire/ -- As per a study by Fact.MR, the global UV filter market is anticipated to register impressive growth through 2030. Owing to the increasing use of ultraviolet (UV) filters in cosmetics and personal care products, the market registered a CAGR 6.2% in the last five years.
Increasing prevalence of skin related diseases, such as skin cancer, caused due to the UV radiation is a primary factor driving the market. According to a data published by the World Health Organization (WHO), around 4.32 million skin cancers cases are reported every year across the world. As UV filters help in absorbing the UV light and protect the skin from harmful effects of UV rays, they have gained immense traction across cosmetics and personal care sector.
With depletion of ozone layer and increasing air pollution worldwide, a substantial rise in concern regarding skin care has been witness over the past few years. This has fuelled the demand for skin care products such as sun protection lotions, body creams, gels, powder, and wipes among other.
UV filters have become a key component in personal care products, as they add sun protection factor (SPF) in them. Thus, with increasing demand for these products, the sales of organic UV filters is expected to rise at 1.9X, creating an absolute dollar opportunity of US$ 600 million during the assessment period.
"With approval to the use zinc oxide and titanium dioxide nanoparticles in formulation of wide range of cosmetics and personal care products by European Union, a majority of manufacturers in the region are shifting there focus on using inorganic filters. Therefore, in terms of UV filter type, the demand in the inorganic segment is expected to stay higher through 2030," says a Fact.MR analyst.
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Key Takeaways from UV Filters Market Study
- North America is expected to account for the lion's share in the global UV filter market, where the U.S. contributing maximum sales.
- Europe is forecast to capture nearly 25% of the global share, favored by the increasing demand for cosmetics and skin care products in the country.
- The market in China is projected to expand at a rapid pace, owing to the rising concerns regarding the skin care due to the rise in prevalence of skin cancer in the region.
- India is anticipated to emerge as a lucrative market in Asia Pacific due to increasing number of personal care and cosmetic products manufacturing companies.
- Based on type, inorganic UV filters are likely to exhibit the fastest growth in the segment, due to growing integration in a formulation of the majority of personal care products.
Key Drivers
- Increasing authorization on the use of novel inorganic UV filters such as titanium dioxide nanoparticles in the European Union will propel the product demand across the region.
- Rising demand for personal care and cosmetic products with SPF functions is spurring the sales of UV filter.
Key Restraints
- High cost of UV filters and availability of low-priced alternatives are the factors hampering the market sales.
- Implementation of stringent government regulations in the countries such as the U.S. are restraining the growth of the UV filter market
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Competitive Landscape
As per Fact.MR, the leading players in the global UV filter market are BASF, Ashland, DSM, Lonza, Solvay, Dow, and Croda. There players are estimated to account for more than 40% of the overall sales of UV filters. Key manufacturers are adopting various strategies such as setting up new plant, capacity expansion, product launches, acquisition, merger, and collaboration. For instance,
- In 2019, BASF, German multinational chemical company and a UV filter leader, announced the expansion and debottlenecking at its production sites in Ludwigshafen and Grenzach, in Germany.
- Ashland Specialty Chemical, a company headquartered in U.S., announced launching adding a new product to its sun care portfolio named, Escalol HMS UV filter. The product is a UV-B absorber for high-SPF formulas and enhances the water-resistant formulation performance.
Key players in the UV filters market profiled by Fact.MR are:
- BASF
- Symrise AG
- Koninklijke DSM N.V.
- Ashland
- Sunjin Beauty Science Co. Ltd.
- Croda International PLC
- Salicylates and Chemicals Pvt. Ltd.
- MFCI CO., LTD
- Kobo Dynamic
- L'Oréal Group
- Novacap
- DSM
More Valuable Insights on UV Filter Market
Fact.MR, in its new report, offers an unbiased analysis of the global UV filter market, analyzing forecast statistics through 2020 and beyond. The survey reveals growth projections on in UV filter market with detailed segmentation:
By Product type
- Organic
- Inorganic
By Formulation
- Creams
- Gels
- Lotions
- Powder
- Wipes
- Sprays
- Others
Key Questions Covered in the UV Filter Market Report
- The market survey also highlights projected sales growth of the UV filter market between 2020 and 2030
- The report offers insight into UV filter demand outlook for 2020-2030
- UV filter market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- UV filter market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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