What Has Been the Progress and Growth of the Selenium Market in Recent Years?
The selenium market has seen considerable growth due to a variety of factors.
• In recent times, the selenium market has experienced a significant expansion. Its estimated growth projects that it will increase from a value of $0.45 billion in 2024 to $0.49 billion in 2025, boasting a compound annual growth rate (CAGR) of 9.7%.
The historical period growth can be credited to applications in various sectors such as metallurgy, glass production, the rising photovoltaic industry, agriculture, as well as pharmaceuticals and health supplements.
How Does the Forecast Look for the Selenium Market?
The selenium market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated to experience robust growth in the upcoming years, the selenium market's size projects to increase to $0.72 billion by 2029, with a compound annual growth rate (CAGR) of 9.8%.
Factors contributing to this projected growth during the forecast period include an expanding semiconductor industry, advances in biotechnology and life sciences, the scaling-up of renewable energy, amplified demand for animal feed supplements, use in metal alloys, and the steel industry. Trending topics during this forecast period will be improvements in battery technologies, advancements in environmental remediation technologies, sophisticated materials, and nanotechnology, the introduction of selenium in 3D printing processes, and the digital transformation in the mining industry.
What Are The Leading Drivers Of Growth In The Selenium Market?
The expansion in the selenium market can be attributed to the surging demand for mining in Eastern Europe. Mining is the extraction method of valuable materials from the earth. Selenium plays a vital role in the manufacturing of container glass and other soda-lime-silica glass by neutralizing the green shade created by iron contaminants. For instance, in 2022, the Brazilian Institute of Geography and Statistics, a governmental agency from Brazil, reported a 1% increase in their mining production in March 2022 compared to the same time the prior year. Hence, the escalating mining demand in Eastern Europe is steering the growth of the Selenium market.
How Are The Segments Defined Within The Global Selenium Market?
The selenium market covered in this report is segmented –
1) By Type: Inorganic Selenium, and Organic Selenium
2) By Mining Type: Underground Mining, Surface Mining
3) By Equipment: Excavator, Robotic Truck, Driller and Breaker, Load Haul Dump, Other Equipment
Subsegments:
1) By Inorganic Selenium: Selenium Dioxide (SeO2), Sodium Selenite, Sodium Selenate
2) By Organic Selenium: Selenomethionine, Selenocysteine, Selenium-Enriched Yeast
Pre-Book The Selenium Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What Trends Are Shaping The Selenium Market?
Leading businesses in the selenium market are shifting their attention towards the establishment of fresh mining infrastructures, enabling them to secure a formidable market standing. These mining operations consist of unique sites equipped with necessary facilities to mine, refine and process minerals and other key resources from earth's crust or beneath the surface deposits. For example, Kazakhmys Progress LLP, originating from UK, collaborated with Russian experts in September 2023 to create an innovative process for manufacturing specific selenium. This resulted in a new plant being set up in Balkhash city, capable of producing 75 tons of high-quality selenium every year. Not only is this new method more efficient, it's also more environmentally friendly compared to conventional strategies, thereby permitting Kazakh researchers to acquire selenium of exceptionally high purity in a single phase. The factory expects to meet the demand of both local and global markets.
Who Are the Key Players In The Selenium Market?
Major companies operating in the selenium market include:
• American Elements Corporation
• Hindalco Industries Limited
• Mitsubishi Materials Corporation
• Sumitomo Metal Mining Co. Ltd.
• Umicore S.A.
• Alltech Inc.
• Lesaffre et Compagnie
• Associated British Foods plc
• Lallemand Inc.
• Archer-Daniels-Midland Company
• Angel Yeast Co. Ltd.
• Biorigin - Art in Natural Ingredients
• Bio Springer S.A.S.
• Chr. Hansen Holding A/S
• Diamond V Mills Inc.
• Royal DSM N.V.
• ICC Brazil
• Kemin Industries Inc.
• Kerry Group plc
• Leiber GmbH
• Lianyungang Selenium Twins Tech Co. Ltd.
• Novus International Inc.
• Nutreco N.V.
• Orffa International Holding B.V.
• Pancosma S.A.
• Phibro Animal Health Corporation
• Selko Feed Additives
• Trouw Nutrition International B.V.
• Zinpro Corporation
What Is The Most Dominant Region In The Selenium Market?
Eastern Europe was the largest region in the Selenium market in 2024. The regions covered in the selenium market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.
