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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However, in the past half-decade, a majority of manufacturers in the UV filter market have started utilizing inorganic filters, which has led to the normalization of prices across regions. This segment is set to grow at rapid pace as compared to organic filters, owing to the opening of utilization titanium dioxide nanoparticles and zinc oxide nanoparticles in formulating a wide range of personal care products, by the European Union.
“Market leaders are facing the barrier of double marginalization to channel products across North America and Europe,”says a Fact.MR analyst.
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UV filters are significantly consumed in creams, and this segment captures over half of global UV filter demand. Followed by creams, gels capture over one-fifth of global demand in the UV filter market. Amount of consumption could be evaluated solely on the basis of the type of personal care product being formulated.
Therefore, wipes and sprays have lower UV filter formulation as compared to other formulations in the market. The market is set to rise on the back of cream formulations in over the medium- and long-term forecast period
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.
The global UV filter market is fragmented in nature. BASF, Ashland, DSM, Lonza, Solvay, Dow, and Croda are the few key market players in the top tier accounting for over 40% of the global supply of UV filters.
Players have adopted organic strategies in prominent growth regions. For instance, in FY2019, UV Filter leader, BASF, announced the expansion and debottlenecking at its production sites in Grenzach and Ludwigshafen.
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