The UV filter market is estimated to reach a market value of US$ 607 Mn in 2020, and is set to create an absolute dollar opportunity of US$ 600 Mn over the forecast period (2020-2030), expanding at a CAGR of around 7% from 2020 to 2030. UV filters are key component in personal care products, and provide SPF functions to these products. Out of the filter types channelled in the market, organic is set to capture a majority of the market share, owing to these UV filters integration in formulating a majority of products such as creams, gels, lotions, powder, wipes, and sprays.
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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.
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- 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.
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“Market leaders are facing the barrier of double marginalization to channel 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
The UV filter market is highly fragmented in nature, 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 operating in this space. Key firms in Europe and North America have positioned their production of a majority of UV filters in East Asia only to support economies of density, reduce marginal cost of products, and enhance mark-ups in the region.
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