The nail polish formulations have evolved over time. The composition of chemicals added to the product is revised repetitively to improve its decorative effects and to eliminate the adverse effects of the chemicals on nails. Different combinations are being used by the manufacturers to overpower cracking or flaking of nails caused by low quality product. This is anticipated to reflect on the changes in demand and manufacturing methods or nail polish.
Hybrid Products to Witness Impressive Demand Through 2024
Nail polish can be broadly categorized into liquid nail polish and gel nail polish. Liquid polish is the largest product segment among the two owing to low cost, ease of application, and availability of the product in varied range of colors is anticipated to increase its demand. The product is less expensive as compared to gel products, which is expected to impel its demand in the forthcoming years.
Gel nail polish is gaining a lot of attention from consumers and is expected to witness swift growth through 2024. The long lasting glossy finish provided by the product is considered as its major draw when it comes to product demand. Gel nail paint is quite popular in developed countries such as Europe and North America. Durability offered by the product is likely to drive the segment in near future
Innovative products such as gel hybrids, a combination of traditional nail polish and gel polish are also increasingly being used. The gel hybrids have fast dry time, glossy finish of gel, and easy removal. It dries on its own, so it does not require ultraviolet (UV) or LED light. The UV gel polish is another advanced product made available by nail polish manufacturers. This combination of UV, gel, and nail polish properties is available in varied range of colors. It offers high gloss finish and long-lasting effect.
Market Overview
According to a report by Grand View Research, Inc., the worldwide nail polish market is projected to reach USD 15.55 billion by 2024.Growing popularity of nail art among young population, especially among teenagers is expected to drive the market over the forecast period (2013 to 2014). Increasing awareness related to recent beauty trends and brands and rising number of visitors at nail art studios and salons will create positive outlook for the market. Additionally, development of new products, collaborations between salons and manufacturers, and introduction of vegan-friendly product can further impel demand in the near future..
Europe is likely to grow at a CAGR of over 9% from 2016 to 2024 due to rise in business expansion projected undertaken by some of the major companies in the region. Asia Pacific is also anticipated to witness healthy growth over the forecast period due to the presence of high number of youth population.
Some of the leading companies operating in the market include Odontorium Products, Inc.; Essie, China Glaze; Sally Hansen; and L’Oréal Paris.
In-Depth research report on nail polish market, click the link below:
In-Depth research report on nail polish market, click the link below:
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