The global UV filters market size stood at USD 319.59 million in 2022. The market is set to expand from USD 334.71 million in 2023 to USD 482.24 million by 2030, exhibiting a CAGR of 5.4% over the forecast period.

UV filters work through the reflection or absorption of harmful rays, preventing their skin penetration. The growing product adoption in various industrial applications such as paints, textiles, and plastics is slated to fuel industry expansion.

Fortune Business Insights™ provides this information in its research report, titled “UV Filters Market, 2024-2030”.

COVID-19 Impact:

Closure of Non-essential Business Activities Impacted Industry Expansion

The COVID-19 pandemic led to the shutdown of several non-essential businesses. This affected product adoption across numerous industries, impacting industry expansion to a considerable extent. However, the growing awareness regarding the significance of personal protective equipment helped propel the demand for UV filters deployed in masks and other equipment.

Segmentation:

Organic Segment Accounted for Prominent Share Owing to Growing Preference over Inorganic Solutions

On the basis of product type, the market is bifurcated into inorganic and organic. The organic segment held a key share in the market in 2022. This is due to the increasing preference for organic filters compared to inorganic filters, considering their efficacy in absorbing an extensive range of radiation.

Sunscreens Segment Held Leading Share Due to Extensive Daily Usage

By application, the market is segregated into oils, sunscreens, and others. In 2022, the sunscreens segment recorded a dominating market share. This can be credited to their escalated demand on account of daily usage by millions of people worldwide and the ease of application.

By geography, the market for UV filters has been studied across Europe, North America, Latin America, Asia Pacific, and the Middle East & Africa.

Report Coverage:

The report gives an overview of the latest market trends. It further presents an analysis of the market scenario based on numerous segments: product type, application, and region. The report also discusses the vital factors poised to propel the industry expansion over the forthcoming years.

Source- https://www.fortunebusinessinsights.com/uv-filters-market-103948 

Drivers and Restraints:

Escalating Product Deployment in Electronic Devices for Screen Protection to Boost Industry Expansion

The UV filters market growth can be attributed to the increasing product usage in electronic devices such as laptops and smartphones. The product is used in these devices to protect the screen from UV radiation and its harmful effects. The use of filters helps extend device life, reducing the risk of screen damage.

Nonetheless, regulations associated with the content of UV filters used in various personal care products may hinder market growth.

Regional Insights:

Asia Pacific Holds Major Share Due to Surging Popularity of Anti-Ageing Products

Asia Pacific records a leading share in the market. The regional market size hit USD 117.71 billion in 2022. The product demand is rising in the region owing to the escalating popularity of anti-pollution and anti-ageing personal care products.

Europe UV filters market share is set to rise due to the growing incidence of skin cancer and escalating awareness regarding the harmful effects of UV radiation on the skin. 

Competitive Landscape:

Industry Players Focus on Capacity Expansion Initiatives to Secure an Edge over Competitors

Market players undertake an array of strategies, such as the establishment of joint ventures and capacity expansion initiatives. Companies are adopting these initiatives to gain an edge over their competitors in the market. A few of the key industry players are BASF SE and DSM.

Key Industry Development:

September 2023 – BASF launched Tinomax CC, a new sunscreen ingredient. The off-white powder is equipped to provide enhanced UVA and SPF protection.

List of Key Players Mentioned in the Report:

• Croda International Plc (U.K.)
• Dow (U.S.)
• DSM (Netherlands)
• BASF SE (Germany)
• Sunjin Beauty Science (South Korea)
• Salicylates and Chemicals Pvt Ltd. (India)
• Chemspec Chemicals Private Limited (India)
• Symrise AG (Germany)
• Givaudan (Switzerland)
• Kobo Products Inc. (U.S.)