Press release
2025-2034 Selenium Market Evolution: Disruptions, Innovations, and Untapped Opportunities
Selenium Market
What Is the Expected CAGR for the Selenium Market Through 2025?
There has been a consistent rise in the size of the selenium market in the past few years. Its projected growth is from $0.24 billion in 2024 to $0.25 billion in 2025, at a Compound Annual Growth Rate (CAGR) of 4.8%. The earlier growth can be accounted for by its usage in metallurgy, glass production, photovoltaics expansion, agricultural uses, pharmaceuticals, and health supplements.
What's the Projected Size of the Global Selenium Market by 2029?
In the coming years, the selenium market is poised for significant expansion. By 2029, its expected size is $0.35 billion, with a compound annual growth rate (CAGR) of 8.2%. Factors contributing to this predicted growth during the forecast period include the advancement in the semiconductor industry, biotechnology, life sciences, the burgeoning renewable energy sector, and a rising requirement for animal feed supplements, metal alloys, and steel industry. The market's anticipated growth trends encompass advancements in battery technology, environmental remediation technologies, advanced materials, nanotechnology, the advent of selenium in 3D printing, and the digital revolution in the mining industry.
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Top Growth Drivers in the Selenium Industry: What's Accelerating the Market?
The expansion of the selenium market can be accredited to the escalating demand for mining in Eastern Europe. Mining can be defined as the endeavor of retrieving valuable resources from the earth. Selenium plays a fundamental role in the creation of container glass and other soda-lime-silica glass, as it counteracts the greenish hue caused by iron impurities. For example, in 2022, based on data from the Brazilian Institute of Geography and Statistics, a governmental agency in Brazil, mining output in Brazil saw a 1% rise in March of 2022 compared to the same period in the previous year. Hence, the proliferating demand for mining in Eastern Europe is steering the growth of the Selenium market.
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Which Fast-Growing Trends Are Poised to Disrupt the Selenium Market?
Leading companies in the selenium market are shifting their attention towards launching novel mining facilities in an attempt to obtain a competitive advantage. These mining facilities are specialized areas or places where various techniques, equipment, and infrastructure are used to extract, process, and purify minerals and other precious resources from the earth or subterranean deposits. For example, in September 2023, Kazakhmys Progress LLP, a mining firm based in the UK, joined forces with Russian scientists to create a special method to produce branded selenium. They established a new facility in Balkhash city with the capacity to yield 75 tons of ultra-pure selenium annually. This innovative technology is more efficient and environmentally friendly compared to traditional methods, enabling Kazakh scientists to manufacture the purest selenium in one single process. The facility is set to serve both domestic and international markets, fulfilling their requirements.
What Are the Main Segments in the 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
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Which Top Companies are Driving Growth 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
Which Regions Will Dominate the Selenium Market Through 2029?
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.
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