The UV nail gel market is expected reach $59.31 million by 2020, according to the report, “UV Nail Gel Market by Chemistry (Acrylate, Methacrylate, Cyanoacrylate), and Regional Analysis (Asia-Pacific, North America, Europe, and ROW) - Global Trends & Forecasts to 2020,” which defines and segments the UV nail gel market with an analysis and forecast of by chemistry in terms of value.
Key Market: North America
North America dominated the UV nail gel market in 2014 and accounted for over 53% of the market size, in terms of value. The market is dominated by the United States due to increased demand for innovative and efficient products that can be applied to the nail care industry.
U.K.: Second-largest UV nail gel consumer in the world.
The rest of the world (RoW) is expected to witness the highest CAGR during the next five years due the low base effect.
Asia-Pacific is expected to witness a prominent growth rate due to the increasing fashion awareness and increase in per capita income. These factors are expected to help to start a trend of nail gel use in the region. Asia-Pacific market is expected to be primarily driven by Japan and China.
What is Driving UV Nail Gel Market Growth?
The factors driving the growth of UV nail gel market include:
- Growth of nail care industry and advanced technology in fashion;
- Affordability and durability;
- High growth of U.S. nail care industry and preference of gel over acrylics.
Due to the growing demand for efficiency and superiority UV nail gel properties, this is a developing market.
Restraints for UV nail gel markets include:
- Exposure to UV light;
- High competition from major players; and
- Use of acetone during removal of nail gels.
Key Gel Type: Methacrylate
In 2014, methacrylate accounted for 95% share of the total market size in terms of value, making it the most commonly consumed UV nail gel.
The main utility of using UV nail gel is its durability which is not possible without methacrylate because it acts as a bonding agent used in artificial nail products. This increases the demand of methacrylate.
What the Future Holds
Methacrylate UV nail gels are estimated to continue being the most consumed UV nail gel with the highest CAGR between 2015 and 2020. Methacrylate is followed by acrylate with a market share of 5% in the same year.