In the past, exceptionally rare selenium was seen as a somewhat mysterious element, one that could be "a metal/nonmetal, a conductor or nonconductor, amorphous or crystalline, colorant or deodorant, [or] a hydrogenator or dehydrogenation," as quoted by J. D. Sargent in a book published by the U.S. Department of the Interior, Bureau of Mine, in 1954. It can be red or black (Sargent, 1954) and, when ingested, either an essential nutrient or a poison (Trelease and Beath, 1949). Almost 200 years since its discovery, selenium's complex chemistry has been understood, and the element has been used in many industries, with much research and experimentation yet to be done. According to BlueQuark Research & Consulting, the global selenium market is expected to grow at a marginal rate during the forecasted period. Factor such as the worldwide selenium market's growth would be increasing demand from countries like Germany and Japan that are known to invest in new technologies and research activities in the forecasted period. Further, there are multiple uses of selenium in different products like dietary supplements, agriculture products, animal feed additives, and many more that aid in increasing the market growth opportunity in the forecasted period. However, the high price of selenium and the availability of substitutes for selenium that are less expensive or less toxic would serve as restraining factors for this market's growth. For example, silicon, being a cheap element, has taken most of the selenium's role as a semiconductor.

Selenium is used as a chemical to manufacture semiconductors, solar cells, rubber products, dyes, and pigments. The primary application areas are metallurgy, glass making, agriculture, chemicals, food industry, feed industry, and other applications such as electronics and aerospace are expected to witness a high growth rate.

The Asia Pacific region is the highest market for global selenium due to many end-user industries here. The growth here is also expected to be faster than in other regions because of the above. Selenium is not widely popular for improving immunity. Still, it has been discovered that the mineral, in the form of selenoprotein, plays a vital role as the "chief executive" of the antioxidant defense. It is known to boost one's immunity as effectively as Vitamin C and Zinc, besides numerous other benefits. As far as selenium's role in COVID-19, it has strong antiviral properties that can be therapeutic if consumed in the right amounts. Selenium is also consumed in the form of dietary supplements. Many people suffering from a selenium deficiency consume the selenium supplement to overcome it. Insufficiency of selenium in food causes the demand for more selenium supplements, where this factor insufficiency helps to drive the selenium market. Other than this, it has been discovered that selenium is an important mineral for many bodily processes, such as cognitive function, healthy immune system, and fertility in both women and men. Selenium is considered a key element in the process of glassmaking. The main reason is used for this purpose is that selenium can be easily obtained by reduction from its sulfide ore and has a high melting point, so it does not evaporate with other elements during smelting. Industrial grades can be made from food-grade or non-food grades, but most often, they are manufactured by recycling wastes containing Selenium compounds. As we know, there has been an increasing demand for steel worldwide, resulting in increased pig iron production (the primary raw material for making steel). To make molten pig iron flow easily through the furnace's tuyere (a nozzle), coal and scrap metals were added to it, which results in contamination with a trace amount of sulfur contents that reduce its quality significantly if not removed before delivery to customers. 

The global selenium market is quite fragmented. Major market players were 5N Plus, American Elements, Aurubis AG, Mitsubishi Materials Corporation, and II-IV Incorporated. 

With human beings moving towards better advancements, much research is yet to be exploited out of lesser-known elements like selenium. The electronics industry is one area with significant room for photovoltaic, photoconductive materials like selenium. In October 2020, German researchers announced that the efficiency of thin-film solar cells based on copper, indium, gallium, and selenium (CIGS) semiconductors has improved to more than 23% in recent years, and the theoretical 33% could as well be achieved. The demand for selenium will rise in itself due to it being regarded as an energy-critical element by experts.

The Global Selenium Market report provides deep insights into the current and future state of the selenium market across various regions. The study comprehensively analyzes the selenium market by segmenting based on grade (Food Grade and Industrial Grade), type (Inorganic Selenium and Organic Selenium), application (Metallurgy, Glass Making, Agriculture and Food, Chemicals and Pigments, Electronics and Photocopier Components, and Others), and geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The report examines the market drivers and restraints, along with the impact of Covid-19 on market growth, in detail. The study covers & includes emerging market trend, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with profiles of prominent companies, including their market shares and projects.