UV gel nails are basically artificial extensions that are worn on the fingertips as a substitute to acrylics. They use ultraviolet rays for curing the gel during the application procedure. The gel is called UV nail gel since it requires UV light to get cured, and it lasts for nearly three weeks without chipping, thus giving a natural look as compared to acrylics. Due to this reason, it is widely used in nail care and fashion industry. With the growing and constantly changing fashion industry, the UV nail gel is expected to garner much demand over the coming years.
The worldwide UV nail gel market is projected to grow at a CAGR of 6.5% during the forecast period from 2015 to 2020, reaching a value of USD 59.31 Million by the end of 2020. Based on chemistry, methacrylate held the highest market share of about 95% in 2014, followed by acrylate with 5% of the market share. It is also estimated to grow at the highest CAGR between 2015 and 2020. Methacrylate ensures durability of the UV nail gels by acting as a bonding agent that is used in artificial nail products, thus leading to a high demand for methacrylate.
How are the regional markets progressing in the global UV nail gel market?
In 2014, North America held the largest market share of about 53.50%, in terms of value, followed by Europe and Asia-Pacific. The North American and European markets are mature markets in comparison to Asia-Pacific and other regional markets. The Rest of World is projected to witness the fastest and the highest growth rate over the forecast period, owing the low base effect. The market in Asia-Pacific is expected to witness a steady and prominent growth rate, owing to the increasing fashion awareness and per capita income in the region, especially in Japan and China.
What is driving and inhibiting the market growth?
The global market for UV nail gel has been an evolving market with constant innovations and developments, mainly due to the growing nail care industry, technological advancements in the fashion industry, affordability and durability of UV nail gels, high growth of fashion industry in the U.S., and preference of gel over acrylics. In addition, emerging economies and rising per capita income are expected to offer ample growth opportunities for this market.
On the flip side, exposure to UV light, high competition from major players and rising usage of acetone for the removal of nail gel are the main factors that may hinder the market growth. Also, constant innovations and the ever-changing fashion industry pose a key challenge for the leading players participating in this market.
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Key growth strategies implemented by market players for further growth
OPI Products Inc. (U.S.), Creative Nail Design Inc. (U.S.), Chemence Limited (U.K.), Alessandro International (Germany), Keystone Research and Pharmaceuticals Inc. (U.S.), and Light Elegance (U.S.), among others are major companies involved in the global UV nail gel market. New product development is the most preferred strategy being adopted by the leading players in this market in order to expand their product portfolio by introducing new products in order to cater to the needs of their customers. Mergers & acquisitions is also another key strategy adopted by the players so as to gain a stronger hold on the market. Also, the expansion activities are being carried out to meet the rising demand for UV nail gel, thereby helping the companies to increase their global presence.