UV Filter Market to Grow on Back of the Rise of Inorganic Filters; Market is set to Rebound Post Q4 of FY2020, Says Fact.MR
The demand for UV filter market is estimated to surpass the evaluated market value of US$ 607 Mn in 2020 and is set to create an absolute dollar opportunity of US$ 600 Mn during the long-run forecast period (2020-2030). Demand for UV filter is anticipated to grow at a CAGR of around 7.2% over 2020-2030. UV filters are key component to personal care products which provide SPF function to the product. Of the filter types channeled in the market, organic is set to capture the majority of the market share owing to such UV filter integration in formulating majority of the products such as creams, gel, lotion, powder, wipes and spray.
In the past half-decade, majority of the manufacturers have started utilizing inorganic filters which has led to the normalization of the prices. This segment is set to grow at rapid pace compared to the organic filter owing to the opening of gates by European Union for titanium dioxide nanoparticles and zinc oxide nanoparticles utilization in formulating bundle of personal care products.
Key takeaways of Global UV filter Market
- The global UV filter market is anticipated to add 1.9X times more value in 2030 as compared to 2020
- Organic UV filter type captures near three fourths of the global UV filter market and is set to create US$ 410 Mn in long-run forecast period
- Inorganic UV filter is the fastest growing segment in the UV filter market owing to its integration in formulating majority of the personal care products.
- Creams formulation is set to dominate the market revenue in 2020, and is expected to lose 16 BPS in its market share by 2030 over 2020
- The SPF 31-50 is anticipated to gain around 119 BPS in the forecast period of 2020-2030
- North America holds the leading share, of which US captures lion’s share in demand in FY2020
- In long-run forecast period, East Asia and South Asia & Oceania are set to hold higher market potential
“Market leaders are facing the barrier of double marginalization to channel the products across North America and Europe” says a Fact.MR analyst.
Positioning of Manufacturers in East Asia to Support Economies of Density in Long-Run
UV filter market is highly fragmented with key players such as BASF, Symrise AG, Koninklijke DSM N.V., Ashland, Sunjin Beauty Science Co. Ltd., Croda International PLC, Salicylates and Chemicals Pvt. Ltd. and MFCI CO., LTD. Key firms positioned in Europe and North America have positioned their production of majority of UV filters production in East Asia only to support economies of density and to reduce the marginal cost of the product and to enhance the mark-ups in the region.
More Valuable Insights on UV Filter Market:
Fact.MR, in its new offering, presents an unbiased analysis of the global UV filter market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the UV filter market on the basis of type [organic (PABA, Salicylates, Cinnamates, Benzophenones, Triazine and Triazole derivatives, dibenzoyl derivatives, Benzimidazole sulfonic acid derivatives, Camphor derivatives, Anthranilates, Polysilicone-15), Inorganic (Titanium Dioxide, Zinc Oxide)], SPF (SPF 6-14, SPF 15-30, SPF 31-50, SPF 50+), Formulation (Creams, Gel, Lotion, Powder, Wipes, Spray and others) and across six major regions.
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