PUBLISHER: The Business Research Company | PRODUCT CODE: 1426288
PUBLISHER: The Business Research Company | PRODUCT CODE: 1426288
Selenium mining involves the extraction of selenium and its compounds. Selenium, a chemical element, is primarily obtained as a by-product during the processing of copper ore. In coal, selenium is found only in trace amounts.
The selenium market research report is one of a series of new reports from The Business Research Company that provides selenium market statistics, including selenium global industry, regional shares, competitors with a selenium market share, detailed selenium market segments, market trends and opportunities, and any further data you may need to thrive in the selenium industry. This selenium global market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 growth observed in the historical period can be primarily attributed to several key factors. These include increased utilization of selenium in metallurgical applications, its role in glass manufacturing processes, growth in the photovoltaic industry, diverse applications in agriculture, and its usage in pharmaceuticals and health supplements. These combined applications have significantly contributed to the historical growth of selenium.
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%. The anticipated growth in the forecast period is expected to stem from various factors. These include the expansion of the semiconductor industry, advancements in biotechnology and life sciences utilizing selenium, the growth of renewable energy driving demand, increased usage of selenium in animal feed supplements, and its applications in metal alloys and the steel industry.
The selenium market's expansion is rooted in the surging demand for mining activities in Eastern Europe, a process involving the extraction of valuable materials from the earth. Selenium, integral in the production of soda-lime-silica glass and container glass, counteracts the green tint caused by iron impurities. The noteworthy 1% increase in mining production in Brazil during March 2022, reported by the Brazilian Institute of Geography and Statistics, exemplifies this escalating demand for mining activities in Eastern Europe, serving as a catalyst for the selenium market's growth.
The anticipated global population surge is poised to be a driving force behind the selenium market's expansion. As the global populace grows, there's an amplified demand for selenium due to its vital role in bolstering human health and nutrition, leading to heightened consumption in food manufacturing and dietary supplements. Projections from the United Nations indicate an imminent increase of nearly 2 billion individuals over the next three decades, elevating the global population from the current 8 billion to an anticipated 9.7 billion by 2050. This burgeoning population growth significantly propels the demand for selenium, contributing substantially to the selenium market's rise.
Prominent companies within the selenium market are intensifying their efforts to establish new mining facilities. These specialized sites encompass diverse processes, equipment, and infrastructure to extract, process, and refine minerals and valuable resources. For instance, in September 2023, Kazakhmys Progress LLP, in collaboration with Russian scientists, spearheaded a pioneering method for manufacturing premium-grade selenium. Their recently launched plant in Balkhash has the capacity to annually produce 75 tons of high-purity selenium. This cutting-edge technology, surpassing conventional methods in efficiency and environmental impact, enables Kazakh scientists to yield top-tier selenium in a single step. With a focus on both domestic and international markets, the plant is poised to cater to the diverse needs of consumers worldwide.
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
Eastern Europe was the largest region in the Selenium market in 2023.The regions covered in the selenium market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.
The countries covered in the selenium market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The selenium market includes revenues earned by entities by manufacturing glass, chemicals and pigments, electronics, fertilizers, etc. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Selenium Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on selenium market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for selenium? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The selenium market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.