Global demand for UV nail gel, which gives a shiny look and has a fast curing time, is projected to reach roughly $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," published by MarketsandMarkets.
North America dominated the UV nail gel market in 2014 and accounted for more than 53% of the market size in terms of value. In terms of individual countries, the market is dominated by the United States due to increased demand for innovative and efficient products in nail care.
The United Kingdom is the second-largest UV nail gel consumer in the world.
However, Asia-Pacific is expected to see huge growth in this area 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. The Asia-Pacific market is expected to be primarily driven by Japan and China.
The major factors driving the growth of UV nail gel market include:
- high growth in the nail care industry
- advanced technology in fashion
- affordability
- durability
- preference of gel over acrylics
Where ingredients are concerned, methacrylate is the most commonly consumed UV nail gel, accounting for 95% share of the total market size in terms of value in 2014. It's estimated to continue being the most consumed UV nail gel with the highest CAGR between 2015 and 2020.
The main utility of using UV nail gel is its durability, which is not possible without methacrylate. This is because it acts as a bonding agent used in artificial nail products; which, in turn, increases the demand of methacrylate.
Methacrylate is followed by acrylate with a market share of 5% in the same year.
As it turns out, the UV nail gel market is a developing one due to a growing demand for efficiency and superior properties of UV nail gel. Restraints for the UV nail gel market, however, are exposure to UV light, high competition from major players and the use of acetone during the removal of nail gels.
[Image courtesy of MarketsandMarkets]