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.
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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.
- 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.
“Market leaders are facing the barrier of double marginalization to channel products across North America and Europe,”says a Fact.MR analyst.
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.