UV Filter Market: Overview
- UV filters are used for absorbing or blocking ultraviolet rays of the sun. UV filters are usually used to protect the skin, food, and chemical ingredients from being exposed to UV rays. Increase in use of sun protection lotions and cosmetic items is expected to drive the global UV filter market during the forecast period. Use of anti-aging products is likely to be another driving factor for the global UV filter market in the near future. Climate change and ozone layer depletion are also anticipated to boost the demand for UV filters in the next few years.
Key Drivers of Global UV Filter Market
- Growing concerns about skin cancer and skin-related diseases are projected to fuel the global UV filter market in the near future, as it provides protection against tanning, sunburns, and other skin diseases. UV filters help in absorbing or reflecting the UV light and protect the skin from harmful effects of UV rays. Rising awareness about skin diseases is boosting the demand for sunscreen lotions. This, in turn, is driving the global UV filter market. Marketing campaigns, advertisements, and increase in the demand for cosmetics are anticipated to drive the global market during the forecast period.
- The global UV filter market is competitive, owing to presence of well-diversified international and regional players. UV filters are used extensively across the globe, due to changes in climatic conditions and awareness among people about harmful skin diseases. The global UV filter market witnesses presence of well-established distribution channels for cosmetics, which helps in easy flow of products to end-users.
- Growth in the consumption of skin care products led by climate changes is likely to create lucrative opportunities for the global UV filter market between 2019 and 2027. Various companies are introducing several UV-filters based on the climatic condition and skin type of people. Companies are providing UV filters with a wide price range, which is also a factor driving the global UV filter market.
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Stringent Government Regulations to Hamper Market
- Stringent government regulations have been imposed on UV filters, especially in the U.S. Several UV filter chemicals are not approved by the FDA. This is likely to hamper the UV filter market in the country during the forecast period.
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North America Expected to Hold a Major Share of Global UV Filter Market
- North America is expected to hold a major share of the global UV filter market from 2019 to 2027. The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period, due to increase in the disposable income and large population in the region. Developing economies such as China, India, and Taiwan are markets with high growth potential for skin care, hair care, and makeup products. This is attributable to growth of the UV filter market in these countries. Increasing population, improving standards of living, and increasing consumer spending on cosmetic products have led to increase in the demand for UV filters.
- The UV filter market in Europe is expected to expand at a considerable pace during the forecast period. In North America and Europe, the per capita expenditure on personal care and medical products is high. This factor is expected to propel the UV filter market in these regions during the forecast period.
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- In North America, rising disposable income has driven the demand for high-end luxury products among consumers. The millennial population in the U.S. is aging and this has a greater impact on the personal care & beauty care industry in the country. Thus, growing personal care & beauty care industry in the region is fueling the UV filter market in North America.
- Europe is one of the major producers and consumers of UV filters in the world. Per capita expenditure on personal care and medical products is high in North America and Europe, which makes these regions the most promising markets for UV filters.
Key Players Operating in Global UV Filter Market
The global UV filter market is highly fragmented, with the top manufacturers accounting for approximately 30%–40% of the market share. Key players operating in the global market are:
- Advance NanoTek Limited
- Ashland
- BASF SE
- Dow
- Hallstar
- Kobo Dynamic
- L’Oréal Group
- Novacap
- DSM
