UV Filter Market: About the Report
The report by Fact.MR explains the various reasons why the global UV filter market is set to expand twofold over the next decade. While organic filters dominate the demand scenario, inorganic filters are fast becoming the first choice for manufacturers across regions.
UV filters find widespread use in the formulation of creams and gels as compared to wipes and sprays. There is discussion in this study about North America having captured a leading share in the global market, but the UV filter market holds more potential in regions such as East Asia and South Asia & Oceania.
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.
As markets reopened by the end of the 3rd quarter of FY2020, the UV filter market too rebounded at a fast pace. All in all, rapid rebound of the UV filter market portrays large potential for the long-term forecast period.
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UV Filter Market Insights by Type
UV filters are channeled as two distinct types, i.e., organic and inorganic, via various personal care and chemical distributor across regions. Trade channels provide a clear image of higher organic UV filter consumption in the personal care products market.
Under organic, dibenzoyl derivatives capture a majority of the UV filter market share, owing to manufacturers’ inclination towards filters to produce a wide range of personal care and cosmetic products.
Personal care product manufacturers’ choice of UV filters is totally dependent on pricing and product penetration in the market. Moreover, choice of UV filters is also dependent on regional policies and regulations regarding skin care. For instance, key organic types of UV filters, which come under the matrix of manufacturer production feasibility and regional regulations, are polysilicone-15, pibenzoyl derivatives, and benzophenones.
The formerly mentioned UV filters capture near 60% of demand in the global UV filter market. All in all, organic types are set to maintain their dominance over the long-term forecast period, owing to their price, manufacturers’ feasibility, and regional regulations. The organic type segment is set to swell 1.9X over the same period of time.
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
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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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The Analyst’s Viewpoint
Rapid rebound of the personal care products segment post COVID-19-related lockdowns is set to benefit the UV filter market in the short-run.
COVID-19 Impact on UV Filter Market
The personal care industry has suffered in the 2nd and 3rd quarters of FY2020, owing to demand contraction across regions due to the COVID-19 pandemic. Demand contraction was mainly due to reduction in need for grooming coupled with consumer nature of saving on spending, which has shrunk the overall UV filter market. However, in the 4th quarter, the UV filter market has resurrected from a massive decline, and is set to experience normal growth over the coming time period.
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UV Filter Market - Scope Of The Report
A recent study by Fact.MR on the UV filter market offers a 10-year forecast for 2020 to 2030. The study analyzes crucial trends that are currently determining the growth of the global UV filter market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the manufacturing of UV filters. The study also provides the dynamics that are responsible for influencing the future status of the UV filter market over the forecast period.
A detailed assessment of UV filter value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the UV filter market along with their product portfolios enhances the reliability of this comprehensive research study.
UV Filter Market: Report Summary
The study offers a comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales in the UV filter market across the globe.
A comprehensive estimate on the UV filter market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of UV filters during the forecast period. Price point comparison by region with global average price is also considered in the study.
UV Filter Market: Analysis on Market Size Evaluation
The UV filter market has been analyzed for each market segment in terms of volume (Tons) and value (US$ Mn).
Market estimates at global and regional levels for UV filters are available in terms of “US$ Mn” for value and in “Tons” for volume. A Y-o-Y growth contrast on prominent UV filter market segments, along with market attractiveness evaluation, has been incorporated in the report.
Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve along with identifying potential resources, considering the sales and distribution perspective in the global UV filter market.
UV Filter Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the UV filter market report, which have helped deliver projections on regional markets. These chapters include regional macros (political economic and business environment outlook), which are expected to have a momentous influence on the growth of the UV filter market during the forecast period.
Country-specific valuation on demand for UV filters has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value & volume for emerging countries has also been included in the report.
UV Filter Market: In-depth Analysis on Competitive Landscape
The report sheds light on the leading manufacturers of UV filters along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in the production of UV filters has been brought with the help of a detailed dashboard view.
Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses in the UV filter market.
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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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