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Selenium Market Analysis and Growth Forecast 2033
Selenium Market Analysis
As per the report, the selenium market size has grown strongly in recent years. It will grow from $0.42 billion in 2023 to $0.46 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The selenium market size is expected to see strongly grown in the next few years. It will grow to $0.66 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%.
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Increasing Mining Demand Fuels Selenium Market Growth
The growth in the selenium market is due to the increasing demand for mining in Eastern Europe. Mining refers to the process of extracting useful materials from the earth. Selenium is used in the production of container glass and other soda-lime-silica glass to decolorize the green tint caused by iron impurities. For instance, in 2022, according to the Brazilian Institute of Geography and Statistics, a Brazil-based Government agency, Mining production in Brazil increased by 1 % in March of 2022 over the same month in the previous year. Therefore, the increasing demand for mining in Eastern Europe is driving the growth of the Selenium market.
Competitive Advantage Through Advanced Mining Infrastructure
Major companies operating in the selenium market are increasing their focus on introducing new mining facilities to gain a competitive edge in the market. Mining facilities are specialized sites or locations where various processes, equipment, and infrastructure are employed to extract, process, and refine minerals and other valuable resources from the earth or underground deposits. For instance, in September 2023, Kazakhmys Progress LLP, a UK-based mining company, collaborated with Russian scientists to develop a unique method of producing branded selenium. They opened a new plant in the city of Balkhash, which can produce 75 tons of high-purity selenium per year. This new technology is more efficient and eco-friendly than traditional methods, allowing Kazakh scientists to produce selenium of the highest purity in a single step. The plant will cater to the domestic and international markets, supplying the needs of both.
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
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Major companies operating in the selenium market report are 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, Lallemand Bio-Ingredients Inc., 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
Contents of the report:
1. Executive Summary
2. Selenium Market Report Structure
3. Selenium Market Trends And Strategies
4. Selenium Market - Macro Economic Scenario
5. Selenium Market Size And Growth
…..
27. Selenium Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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