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Selenium Market Analysis :
The market for selenium is expected to witness robust growth during the forecast period, due to rise in applications of selenium in numerous industries. Selenium is an essential resource, which is beneficial to human health. Selenium can be derived from over-daily diet which plays an important role in human body development. Selenium is required in small amount, however, works essentially in the body processes such as metabolism and thyroid function. In addition, it is involved in antioxidant activity that prevents the body from inflammation and free radical damage. Selenium appears in variety of allo-tropical forms, the most common are red amorphous powder, red crystalline material, and black crystalline metal type called metallic selenium. Moreover, it possesses superior photovoltaic and conductive properties, and is commonly used in electronics, such as photocells, light meters, and solar cells. The glass industry is the second largest consumer of selenium. It is used to remove color from the glass and to give glasses & enamels a red color. In vulcanized rubbers, selenium is used to strengthen the abrasion resistance.
Key drivers of global selenium market
Rise in metallurgical activities is expected to fuel the growth of the selenium market. In addition, the demand for selenium is increasing due to the accelerated industrialization and liberalization of national economies. Moreover, selenium is consumed as a component of dietary supplements, thus, individuals suffering from selenium deficiency, utilize selenium as a medication to cure it, which, in turn, fuels the market growth. Furthermore, selenium is identified as an essential mineral for many functions of the human body, such as a strong immune system, cognitive function, and fertility of both men and women. This practical benefit of selenium in the human body further helps to boost the growth of the global selenium market.
Market scenario: opportunities and challenges
The demand for selenium is projected to generate significant growth opportunities in the future. Selenium can be derived from two origins, soil and food. Some parts of Africa and Europe have low concentrations of selenium in soil, and individuals living in these regions may suffer from selenium deficiency, leading to impaired immunity. Owing to the current scenario, it will be an immersive opportunity for selenium producers to enter the new market. Moreover, selenium is applicable in various products such as dietary supplements, agricultural products, and animal feed additives, which helps to improve the potential for new competitors to enter the market. However, excessive intake of dietary supplement has side effects such as nausea, loss of energy, vomiting, and irritability, which is anticipated to hinder the market growth. On the contrary, the impact of this restraint can be reduced by creating awareness about the intake level of selenium by the human body.
COVID-19 scenario analysis
Global selenium market is expecting a slowdown during the starting couple of years of forecasted period owing to COVID-19 pandemic. Â Governments of various countries have implemented lockdown, which has led to shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown in the production activities. The prevailing pandemic situation has led to weakened demand in dietary supplement industry, chemical industry, and agricultural sector. The growth recovery of the industry depends heavily on the duration of the restrictions imposed and their influence on economic activity around the globe.
Key benefits of the report
Questions answered in the global selenium market research report:
Key Market Segments
Key Market Players