The selenium market is expected to grow by 251.06 MT during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters with a limited impact on the full-year economic growth according to the latest market research report by Technavio.
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Technavio has announced its latest market research report titled Global Selenium Market 2020-2024 (Graphic: Business Wire)
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The major producers of selenium are based in countries such as Japan and Germany. In 2018, Japan and Germany together accounted for more than 65% of the global selenium production. About half of the selenium produced in Japan is exported to China. In Germany, automakers are focusing on equipping vehicles with energy-saving devices, which has increased the demand for electrochromic glass. Also, the ongoing trend of integrating electronics and sensors to switch automotive windows into infotainment displays has further increased the consumption of selenium. Furthermore, the growing population and the rising adoption of automobiles in APAC has fueled the use of selenium in commercial and passenger vehicles worldwide. All these factors are influencing the growth of the global selenium market.
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As per Technavio, the increasing use of selenium in electronic products will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Selenium Market: Increasing Use of Selenium in Electronic Products
Selenium is widely used in various electronic components such as circuit boards and photosensitive drums in photocopiers. The drum forms a crucial part of the photocopiers. It is a metal roller covered by a layer of photoconductive material made of a semiconductor material such as selenium. The increasing number of applications of selenium in many such electronic components will fuel the growth of the market during the forecast period.
"Increasing use of selenium in batteries and solar cells and the use of selenium in the glass industry will further boost market growth during the forecast period," says a senior analyst at Technavio.
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Selenium Market: Segmentation Analysis
This market research report segments the selenium market by application (metallurgy, glassmaking, agriculture, chemicals, and others) and geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the selenium market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the rapid industrialization and infrastructure development in the region.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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