UV Filter Market to Surpass US$ 31.23 Billion at a Steady 5.7% CAGR by 2033: Fact.MR Analysis
Organic UV filters hold the highest usage rate and are anticipated to experience a demand growth of 6.5% CAGR through 2033.
Rockville , Nov. 02, 2023 (GLOBE NEWSWIRE) -- The global *UV Filter Market* stands at a value of US$ 17.86 billion in 2023 and is forecasted to reach a size of US$ 31.23 billion by the end of 2033. This study by Fact.MR, a market research and competitive intelligence provider, suggests that UV filter suppliers should focus on East Asia and South Asia & Oceania to get the best returns with minimal investments.
High incidence of skin diseases and rising awareness regarding the benefits associated with the use of sun care products with UV filters are projected to drive sales of UV filters across the study period. India, China, Brazil, South Korea, and the United States are forecasted to offer highly remunerative business opportunities for UV filter vendors over the next ten years and beyond.
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*Key Segments of UV Filter Industry Research Report*
*By Type* *By SPF* *By Formulation* *By Region*
· Organic
· PABA
· Salicylates
· Cinnamates
· Benzophenones
· Triazine & Triazole Derivatives
· Dibenzoyl Derivatives
· Benzimidazole Sulfonic Acid Derivatives
· Camphor Derivatives
· Anthranilates
· Polysilicone-15
· Inorganic
· Titanium Dioxide
· Zinc Oxide
· SPF 6 to 14
· SPF 15 to 30
· SPF 31 to 50
· SPF 50+
· Creams
· Gels
· Lotions
· Powder
· Wipes
· Sprays
· North America
· Latin America
· East Asia
· South Asia & Pacific
· Western Europe
· Eastern Europe
· Middle East & AfricaOn the flip side, the presence of strict government norms to regulate the production and sales of UV filters is forecasted to hinder market growth over the coming years. Growing focus on sustainability will shed light on the hazardous effects of UV filters on the environment such as coral bleaching thereby limiting shipments of UV filters to a certain extent through 2033.
*Key Takeaways from Market Study*
· The global UV filter market stands at a valuation of US$ 17.86 billion in 2023.
· Demand for UV filters is projected to rise at a CAGR of 5.7% from 2023 to 2033.
· The market is forecasted to reach US$ 31.23 billion by 2033-end.
· Increasing spending on personal care products, rising awareness regarding skin diseases, growing prevalence of melanoma, and high availability of novel sun care products are key market drivers.
· Concerns regarding the ill effects of UV filters on the environment and stringent mandates government their sales are slated to impede market development in the future.
· North America is forecasted to hold a dominant stance in the global market across the forecast period.
· Demand for organic UV filters is predicted to bring in a revenue of US$ 25.11 billion by the end of the study period.
· Sales of UV filters in Australia & New Zealand account for a value of US$ 90.5 million in 2023.
· UV filter sales in Germany are forecasted to rise at 6.5% CAGR from 2023 to 2033.
* “Organic UV filter demand is projected to boom over the coming years and companies should focus on capitalizing this market opportunity,”* says a Fact.MR analyst
*Winning Strategy*
UV filter manufacturers should invest in the R&D of filters that are eco-friendly and have minimal adverse impact on human health and the environment. UV filter companies should also focus on expanding their reach to new regions and countries to unlock untapped potential and gain a competitive advantage over other companies in the global landscape.
*Key Companies Profiled *
· DSM
· Ashland
· Croda International Plc
· BASF
· Clariant AG
· SUNJIN BEAUTY SCIENCE Co. Ltd.
· Sensient Cosmetic Technologies
· Symrise
· Stepan Company
· Salicylates and Chemicals Pvt. Ltd.
· MFCI
· Hallstar
· Uniproma
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*Report Attribute* *Details*
Value Projection (2032) USD 31.23 Billion
Growth Rate (2022-2032) 5.7% CAGR
No. of pages 170 Pages
No. of Tables 100 Tables
No. of Figures 152 Figures
*
Competitive Landscape*
UV filter companies are actively engaged in the development and introduction of innovative filtration solutions to enhance their sales potential and establish a competitive edge over other UV filter brands in the foreseeable future.
· In March 2023, Royal DSM, a prominent Dutch multinational organization, unveiled a novel UVA filter that also delivers effective SPF protection. The introduction of Parsol DHHB (Diethylamino hydroxybenzoyl hexyl benzoate) has enabled companies to create multifunctional products with robust UV shielding capabilities.
· In October 2022, Symrise, a renowned provider of active ingredients and raw materials, introduced a cutting-edge UVB filter. The Neo Heliopan EHT (Ethylhexyl Triazone) filter is well-suited for applications requiring water resistance and high SPF protection, aligning with consumer demands for contemporary and efficient sun care products.
UV filter manufacturers are equally prioritizing the expansion of their production capacity to meet the escalating global demand for UV filters.
· BASF, a distinguished supplier of chemicals and materials, initiated production at its new UV filter plant in Jinshan, China, in September 2023. This strategic move bolsters the supply chain for personal care ingredients in the Asian region, reinforcing the company's commitment to meeting the needs of the market.
*More Valuable Insights on Offer*
Fact.MR, in its new offering, presents an unbiased analysis of the global UV filter market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on type (organic, inorganic), SPF (SPF 6 to 14, SPF 15 to 30, SPF 31 to 50, SPF 50+) and formulation (gels, creams, lotions, sprays, powder, wipes), across six major regions of the world (North America, Europe, Latin America, East Asia, South Asia & Oceania, and the Middle East & Africa).
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*Activated Carbon Filter Market**: *The activated carbon filter market is estimated to value US$ 75 billion by 2033. By 2033, it is expected that the activated carbon filters industry may reach US$ 150 billion, expanding at a 7.2% CAGR.
*UV-cured Acrylic Adhesive Tapes Market**: *The value of the global UV-cured acrylic adhesive tapes market is US$ 580 million for 2023. Further, worldwide demand for UV-cured acrylic adhesive tapes is anticipated to reach a market value of US$ 1.04 billion by 2033-end.
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