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 usage of sun protection lotions and cosmetic items is expected to drive the global UV filter market during the forecast period.
- Rise in usage of anti-aging products is likely to be another factor driving 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 and Restraints of UV Filter market
- Growth in concerns about skin cancer and skin-related diseases is 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. Rise in 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. Well-established distribution channels for cosmetics, that help facilitate the flow of products to end-users, are present in the global UV filter market.
- Growth in consumption of skin care products led by climate changes is likely to create lucrative opportunities for the global UV filter market between 2021 and 2031. Various companies are introducing several UV-filters based on climatic condition and skin type of the people. Companies are providing UV filters with a wide price range. This is also a factor driving the global UV filter market.
- Availability of low-priced alternatives and presence of strict government regulations in the U.S. and Europe are major restraints of the UV filter market
Global UV Filter Market: Segmentation
- The global UV filter market can be segmented based on product and application
- Based on product, the global UV filter market can be segmented into organic and inorganic. The organic segment is projected to expand at a faster pace during the forecast period owing to rise in inclination of the people toward organic products during the forecast period.
- Based on application, the global UV filter market can be segmented into skin care, hair care, and others. The skin care segment is projected to hold key share of the global market during the forecast period.
Global UV Filter Market: Regional Segmentation
- In terms of region, the global UV filter market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is expected to hold major share of the global UV filter market from 2021 to 2031. The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period, due to increase in 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 ascribed to growth of the UV filter market in these countries. Increasing population, improving standards of living, and rising consumer spending on cosmetic products have boosted 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 is expected to propel the UV filter market in these regions during the forecast period.
- 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. This is significantly driving the personal care & beauty care industry in the country. Thus, expansion of the 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.
COVID-19 Impact on Global UV Filter Market
- The COVID-19 pandemic has adversely affected the global UV filter market. The global beauty industry (comprising skin care, color cosmetics, hair care, fragrances, and personal care) had been adversely affected by the COVID-19 crisis during lockdowns owing to substantial decrease in demand for these products. However, lifting of restrictions is estimated to boost the beauty industry in the next future. This, in turn, is likely to propel the global UV filter market.
Key Players in 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
- BASF SE
- Kobo Dynamic
- L'Oréal Group
Global UV Filter Market: Research Scope
Global UV Filter Market, by Product
Global UV Filter Market, by Application
- Skin Care
- Hair Care
Global UV Filter Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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