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.
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.
- 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.
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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
- 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
- Anti-UV Protection
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
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.