Nail products are expected to become the fastest-growing segment in the color cosmetics industry over the next few years, according to new research.

The global nail polish market is set to grow at a compound annual rate of 9.5% to reach a value of US $15.55 billion by 2024, a new report by Research and Markets alleges.

The report attributes the forecasted surge in demand to the increasing numbers of young beauty fans investing in nail designs, as well as innovation in terms of textures and effects. The number of professional salons providing nail care services is also on the increase, making it easier than ever to invest in manicure and nail treatments, while collaborations between manufacturers and salons are also expected to have a positive impact on market growth.

When it comes to choosing polishes, gel formulas are performing well, accounting for 10.1% of nail polish sales in 2015. A demand for long-lasting nail colors is predicted to fuel further growth in the near future. Meanwhile, the liquid polish market is set to grow at a yearly rate of 9.4% from 2016 to 2024, due to affordability and the vast range of colors available.

Geographically, Europe remains one of the biggest markets, with Latin America pegged to drive growth in the nail industry over the coming years, due to the rising trend for long and polished nails, nail art among young women and increasing disposable income among consumers.

A slew of recent high-profile collaborations between manicure brands and the fashion and entertainment world could also be contributing to the fact that nail products are hotter than ever. Earlier this month, designer Christian Siriano teamed up with manicure brand ImPress to create a limited-edition, press-on nail collection that comprises seven different designs, all inspired by the creative's luxury fashion pieces, while Emmy-nominated actress Laverne Cox launched a limited-edition collection of polishes back in September, in partnership with Orly Nails.