Market players are introducing several UV filters based on the skin type of people and climatic condition to gain a competitive edge over competitors.
DUBAI, UAE / ACCESSWIRE / January 14, 2021 / The UV Filter market is projected to record a CAGR of 6.2% throughout the assessment period, 2020-2030, according to a new study by Fact.MR. The expansion can be mainly ascribed to extensive usage in sun protection lotions and cosmetic items. Growing awareness among consumers about the ozone layer depletion and climate change is further anticipated to create opportunities for UV filter manufacturers during the assessment period.
"Quick rebound of the personal care products category is poised to benefit the UV filter market in the short-run." says the Fact.MR report.
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UV Filter Market - Key Takeaways
- The global UV filter market is currently valued at US$ 607 Mn
- North America is anticipated to hold maximum sway in the global market, followed by Europe.
- Creams formulation segment will be accounting for 50% of the market share in the global market.
- Dibenzoyl derivatives under the organic type will reflect lucrative growth prospects during the forecast period.
UV Filter Market - Driving Factors
- Growing concerns and rising awareness regarding skin-related diseases and skin cancer continues to be a key driver.
- Rise in the uptake of skin care products led by changes in climate will generate lucrative opportunities in the market.
- Increasing adoption of anti-aging products is complimenting overall demand for UV filters.
UV Filter Market - Constraints
- Stringent government regulations are creating bottlenecks for widespread adoption.
- Fusion with synthetic components results in side effects will continue to be major impediment in the global market.
Anticipated Market Impact by COVID-19 Outbreak
The UV filter market has foreseen a contraction in demand mainly because of reduction in requirement for grooming together with change in consumer's spending behavior. On the other hand, in the fourth quarter of 2020, the market is witnessing a recovery, which is likely to create significant opportunities in the long run.
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Competition Landscape
The global market for UV Filter is highly fragmented, with key players such as Symrise AG, BASF, Koninklijke DSM N.V., Sunjin Beauty Science Co. Ltd., Ashland, Croda International PLC, MFCI CO., LTD and Salicylates and Chemicals Pvt. Ltd. Key players have implemented organic strategies in some of the leading markets globally. For example, BASF a leading UV Filter manufacturer declared the debottlenecking and expansion at its manufacturing sites in Grenzach & Ludwigshafen.
More on the Report
The Fact.MR's market research report provides in-depth insights into the UV filter market. The market is scrutinized based on type [organic (PABA, salicylates, cinematic, 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+), and formulation (creams, gels, lotions, powder, wipes, sprays, others), across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)).
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About Fact.MR
Fact.MR is a leading provider of market intelligence and consulting services, serving clients in over 150 countries.Fact.MR is headquartered in Dublin, and has offices in Dubai. Fact.MR's latest market research reports industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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SOURCE: FactMR