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Global Competitive Analysis of Selenic Acid Market

 Selenic Acid: Introduction

·         Selenic acid is a strong oxoacid of selenium element. Selenic acid, also referred to as selenious acid or monohydrated selenium dioxide, is a chemical compound with molecular formula H2SeO4. The structure of selenic acid precisely describes sulfuric acid. Selenic acid is a crystalline, strong, water-soluble, and corrosive dibasic acid that analogously resembles sulfuric acid.

·         Selenic acid is primarily used in the steel industry for steel coloring and protection purposes. Rise in production of steel equipment for the automotive industry has boosted the usage of selenic acid. The USP grade selenic acid is employed as pharmaceutical intermediate in the production of multivitamins for the human body.

Key Drivers and Restraints of Global Selenic Acid Market

·         The selenic acid market has developed significantly of late. Rise in demand for selenic acid in pharmaceuticals is driving the global selenic acid market. Selenic acid is used in the production of multivitamins. Drug manufacturers are expanding their production capacity to cater to the global demand for multivitamins. This is driving the demand for chemicals used in the production of pharmaceuticals. Consequently, the demand for ASP grade selenic acid has been increasing.

·         Selenic acid is used as a specialized oxidizing agent. Its derivative, sodium selenite, is used in the preparation of glass and animal feeds. It acts as an analytical reagent and is also used for the preparation of other selenium salts such as gold (III) selenate. Furthermore, selenic acid reacts with fluorosulfuric acid to produce selenoyl fluoride.

Selenic Acid: Grade Segment

·         In terms of grade, the global selenic acid market can be segmented into USP, molecular biology, and reagent

·         The USP segment is expected to account for significant share of the global selenic acid market during the forecast period due to growth of the pharmaceutical industry

·         The reagent segment is likely to expand at a rapid pace during the forecast period, due to the expansion of the chemical industry around the globe

 

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Selenic Acid: Application Segment

·         In terms of application, the global selenic acid market can be segmented into chemical synthesis, salt synthesis, alkaloid reagents, reducing agents, and others

·         The chemical synthesis segment is estimated to expand at a rapid pace during the forecast period. It is projected to be followed by the alkaloid reagents segment.

·         The reducing agents segment is likely to expand at a healthy CAGR during the forecast period, owing to the increase in usage of reducing agents in the chemical industry

Selenic Acid: End-use Segment

·         In terms of end-use, the global selenic acid market can be classified into chemical, pharmaceutical, steel manufacturing, and others

·         The chemical segment is estimated to expand at a rapid pace during the forecast period. It is projected to be followed by the pharmaceutical segment.

·         The steel manufacturing segment is likely to expand at a healthy CAGR during the forecast period, owing to the growth of the global metal industry

 

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COVID-19 Impact on Selenic Acid Market

·         On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 213 countries and territories around the world.

·         Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic

·         Manufacture of various consumer goods and other products across the globe has come to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the selenic acid market.

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Asia Pacific to Dominate Selenic Acid Market

·         In terms of region, the global selenic acid market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

·         Asia Pacific dominated the global selenic acid market in 2020. This trend is anticipated to continue during the forecast period owing to the increase in production capacity of steel manufacturing plants and the advent of new production techniques in the region. However, the selenic acid market in Europe is anticipated to expand at a rapid pace in the near future owing to the increase in adoption rate of selenic acid in the steel manufacturing industry.

Key Manufacturers Operating in Global Selenic Acid Market

The global selenic acid market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the global selenic acid market include:

·         Central Drug House (P) Ltd.

·         Santa Cruz Biotechnology, Inc.

·         DNS Fine Chemicals & Laboratories Pvt. Ltd.

·         FINETECH INDUSTRY LIMITED

·         Finoric LLC

·         Hefei TNJ Chemical Industry Co., Ltd.

·         Omkar Speciality Chemicals Ltd.

·         Satyam Pharma-Chem Pvt. Ltd.

·         Sellwell(Group) Chemical Factory

·         Strem Chemicals, Inc.

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