UV gel nails are artificial extensions worn on the fingertips, and they use ultraviolet light to cure the gel during the application process. Usually, the gel stays intact for minimum three weeks without chipping and gives a natural look.
The UV nail gel market is projected to record a compound annual growth rate (CAGR) of 6.5% between 2015 and 2020, according to a recent report by Markets and Markets . The global UV nail gel market is therefore expected to reach 59.31 million US dollars in 2020.
North America leads the way
North America dominated the global UV nail gel market in 2014 and accounted for over 53% of the market size, in terms of value, followed by Europe. In terms of individual countries, the market is dominated by U.S. on account of increased demand for innovative and efficient products, followed by the U.K..
The rest of the world is expected to witness the highest CAGR during the next five years due the low base effect. Brazil in particular should emerge as the world’s fastest-growing UV nail gel market. However, Asia-Pacific - primarily driven by Japan and China - is expected to witness a prominent growth rate due to the increasing fashion awareness and increase in per capita income.
Demand for high quality products
According to the market research firm, the key factors driving the growth of UV nail gel market include: the growth of the nail care industry, advanced technology in fashion, affordability and durability, growth of U.S. nail industry, and preference of gel over acrylics. The efficiency and superior properties of UV nail gel also contribute to fuel the demand.
However, restraints for UV nail gel markets are exposure to UV light, high competition from nail polish major players and use of acetone while removal of nail gels.
Methacrylate is the most commonly consumed UV nail gel, accounting for 95% share of the total market size, in terms of value in 2014. Actually, the main utility of using UV nail gel is its durability, which is hardly possible without methacrylate.
Methacrylate is followed by acrylate with a market share of 5% in the same year.