Professional Documents
Culture Documents
WWW.IBISWORLD.COM
Rory Masterson
17 International Trade
34 Key Statistics
Industry Definition
19 Business Locations
34 Industry Data
Main Activities
Similar Industries
22 Competitive Landscape
Additional Resources
34 Annual Change
3 Industry at a Glance
34 Key Ratios
4 Industry Performance
25 Barriers to Entry
Executive Summary
26 Industry Globalization
Current Performance
27 Major Companies
Industry Outlook
30 Operating Conditions
12 Products & Markets
30 Capital Intensity
12 Supply Chains
31 Revenue Volatility
14 Demand Determinants
15 Major Markets
33 Industry Assistance
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Main Activities
Similar Industries
Additional Resources
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Industry at a Glance
Boiler & Heat Exchanger Manufacturing in 2016
Key Statistics
Snapshot
Revenue
Profit
Exports
Businesses
$7.2bn
1.5%
1.2%
253
$444.1m $1.7bn
Market Share
Modine
Manufacturing
Company
6.2%
20
8
4
% change
% change
10
0
-10
-20
Year 08
0
-4
-8
10
12
Revenue
14
16
18
20
-12
Year
22
09
11
13
15
17
19
21
Employment
SOURCE: WWW.IBISWORLD.COM
p. 27
7.2%
Industrial
production index
14.3%
Trade-weighted index
15.0%
Other
63.5%
Industry Structure
Mature
Medium
Low
Industry Assistance
Medium
Concentration Level
Low
FOR ADDITIONAL STATISTICS AND TIME SERIES SEE THE APPENDIX ON PAGE 34
Regulation Level
Medium
Technology Change
Medium
Barriers to Entry
Medium
Industry Globalization
Competition Level
High
Medium
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Industry Performance
Trade-weighted index
The trade-weighted index measures the
strength of the US dollar relative to the
currencies of its major trading partners.
As the value of the dollar falls, it boosts
Globally
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Industry Performance
110
100
90
Index
% change
-5
-10
-15
Year
80
70
09
11
13
15
17
19
21
60
Year 06
08
10
12
14
16
18
20
SOURCE: WWW.IBISWORLD.COM
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Industry Performance
Volatile conditions
Industry revenue
20
10
% change
Current
Performance
0
-10
-20
Year 08
10
12
14
16
18
20
22
SOURCE: WWW.IBISWORLD.COM
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Industry Performance
A global game
Efficiency trends
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Industry Performance
Industry
Outlook
International trade
Rebounding
steel prices
will contribute to growth
over the period
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Industry Performance
International trade
continued
Industry landscape
Consolidation
of
production will help larger
companies reduce fixed
costs and improve profit
in the industry. Wages are expected to
continue rising, as the industry requires a
more skilled workforce for production and
oversight; IBISWorld expects wages to
rise an annualized 1.3% through 2021 to
$1.5 billion.
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Industry Performance
Life Cycle Stage
20
Maturity
Quality Growth
Company
consolidation;
level of economic
importance stable
15
10
Quantity Growth
Heavy Engineering
Construction
Decline
-5
Shrinking economic
importance
-10
-10
-5
10
15
20
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Industry Performance
industry
is M
ature
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Supply Chain
23799
31141
32411
32518
32611
33242
33341
33121
33142
33151
33152
33291
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7.2%
Nuclear reactor
steam supply systems
14.3%
15.0%
Other
63.5%
Total $7.2bn
Industry operators manufacture a wide
array of products including fabricated
heat exchangers and steam condensers,
water tube steel, fire tube steam and
other power boilers, nuclear reactor
supply systems including heat exchangers
and condensers and steel power boilers,
including their parts and attachments,
sold separately. Other goods and services
manufactured within the industry include
aftercoolers, barometric condensers,
boiler casings, economizers and
intercooler shells.
Heat exchangers and steam condensers
A heat exchanger is a device that ensures
efficient heat transfer from one fluid to
another. Heat exchangers are widely used
in refrigeration, air conditioning, space
heating, power production, petroleum
refineries and other chemical processing.
One common example of a heat
exchanger is the car radiator.
There are three types of heat
exchangers. The first type is the shell and
tube heat exchanger that consists of a
series of tubes, where fluid runs through
or over the tubes to be heated or cooled.
A second type of heat exchanger is the
plate heat exchanger that uses metal
plates to transfer heat between two fluids.
SOURCE: WWW.IBISWORLD.COM
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Demand
Determinants
Power boilers
Boilers are closed vessels in which water or
other fluids are heated for use in
applications and heating processes. Boilers
are normally heated by burning a fuel such
as wood, coal, oil or natural gas. Power
boilers use electrical resistance or
immersion type heating elements. There
are three main types of boilers. Fire tube
boilers burn fuels in order to heat a boiler
barrel that has a space for steam storage.
Water tube boilers have a series of water
tubes connected to large drums in which
steam is stored. Water tube boilers
generally have a higher rate of steam
production than fire tube boilers, but the
latter have greater storage capacity. The
third type of boiler is a potboiler in which
fire heats a partially filled pot of water from
below; these are characteristic of boilers
used in the eighteenth century, and they
are highly inefficient by current standards.
Also included in this segment are steel
power boilers and the parts and
attachments for steel power boilers, which
are frequently sold separately.
Manufacturers in this segment rely on
input materials including steel and iron ore
and parts, such as safety valves, water level
indicators, pressure gauges, steam traps
and circulating pumps, from upstream
manufacturers. Water tube steel, fire tube
steam and other power boilers are
anticipated to account for 14.3% of industry
revenue in 2016.
Other
The remaining industry revenue is
generated from aftercoolers, barometric
condensers, boiler casings, economizers
and intercooler shells, among other
products. A barometric condenser uses a
long, vertical pipe where water and other
liquids are removed by the pressure at the
end of the pipe. A boiler casing is a gastight structure surrounding parts of a
steam generator.
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Demand
Determinants
continued
Major Markets
Industrial sectors
The industrial sector is anticipated to
account for 37.0% of total industry revenue
in 2016. This includes chemical
manufacturing, the paper manufacturing
industry, food and beverage manufacturers
and the refining sector.
According to Energy and Environmental
Analysis Inc. (EEA), the chemicals sector
has more boilers and fuel input capacity
than other individual sectors. According to
the same source, the primary fuels for
boilers in this sector are natural gas,
by-products and coal. While the paper
sector relies on significantly fewer boilers
and heat exchangers than the chemicals
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Major Markets
continued
4.2%
Other markets
37.0%
23.6%
Export markets
Total $7.2bn
Industrial sector
35.2%
Commercial sector
SOURCE: WWW.IBISWORLD.COM
Export markets
Exports of boilers and heat exchangers are
anticipated to account for 23.6% of total
industry revenue in 2016. The industrys
export destinations are diversified,
including neighboring Canada and Mexico
as well as far-away trade partners like
India and Australia. Despite rapid export
growth during the 2000s, exports have
recently slowed down due to the effects of
a strong dollar. A strong dollar makes US
exports more expensive in international
markets, limiting revenue from this
market. For more information on this
market, refer to the International Trade
section of this report.
Other markets include firms involved in
agriculture, mining and construction.
According to the EEA, the
nonmanufacturing sectors fuel input
capacity is less than one-fifth that of the
industrial sectors.
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industry are H
igh
and S
teady
Imports
in the
industry are
Mediumand
Increasing
$ billion
Imports
Imports have grown rapidly over the past
five years, increasing by almost 50%
between 2014 and 2015 alone. By 2016,
imports are expected to reach $1.7 billion,
fulfilling nearly one-third of all domestic
demand for heat exchangers and boilers.
Imports from Korea have grown the most
rapidly over the period, with Korea and
China currently the largest sources of
imported boilers and heat exchangers.
The majority of imports are of the generic
variety, serving general industrial
purposes and competitive primarily on
the basis of price. China and South Korea
are also major global producers of steel,
the primary input into boilers and heat
exchangers; this boosts their
procurement and pricing advantage. On
the other hand, imports from Germany
and other European countries have been
declining as they are struggling, like US
operators, to compete with low-cost
Asian manufacturers of steel products.
International Trade
0
-1
-2
-3
Year 08
10
Exports
12
14
Imports
16
18
20
22
Balance
SOURCE: WWW.IBISWORLD.COM
Exports
Exports are also substantial, reaching an
estimated $1.7 billion by 2016. Canada is
the largest recipient of industry exports,
given its proximity and low trade barriers
with the United States, although a
growing share of industry exports is
destined to emerging markets in Mexico,
Exports To...
Imports From...
8.3%
Australia
10.3%
10.3%
Canada
India
45.7%
11.1%
13.3%
42.6%
Germany
Other
Other
Mexico
13.4%
China
20.4%
Korea
24.6%
Canada
Year: 2015
Total $1.7bn
Total $1.7bn
SOURCE: USITC
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International Trade
continued
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West
New
England
AK
0.0
Great
Lakes
WA
ND
MT
2.6
Rocky
Mountains
ID
OR
1.3
West NV
0.0
1.9
SD
0.0
WY
0.3
MN
0.0
0.0
Plains
CO
0.0
KY
1.0
OK
13.3
NC
2.3
TN
AZ
NM
0.3
1.0
Southwest
TX
12.3
HI
0.0
2 NH
3 MA
4 RI
5 CT
6 NJ
7 DE
8 MD
0.3
1.0
0.6
2.6
1.6
0.3
SC
Southeast
0.0
MS
AL
1.0
0.3
GA
1.9
1.0
LA
2.9
FL
2.3
Establishments (%)
0.0
0.3
AR
0.6
1.3
7.1
WV VA
3.6
1.3
1.3
CA
West
5.8
MO
KS
1.0
OH
1.3
3.9
3.9
IN
IL
0.3
UT
PA
2.3
0.3
0.0
1 2
3
NY
9.1
5 4
MI
4.5
IA
NE
0.0
WI
ME
MidAtlantic
9 DC
0.0
Less than 3%
3% to less than 10%
10% to less than 20%
20% or more
SOURCE: WWW.IBISWORLD.COM
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Southeast
The Southeast region accounts for 18.4%
of industry establishments and is the most
populous region in the United States. This
high percentage of establishments can be
best explained by the desire of
manufacturers to lower their
transportation costs. By locating their
facilities close to a large customer base,
30
20
10
Southwest
Southeast
Plains
New England
Rocky Mountains
Establishments
Mid-Atlantic
0
Great Lakes
Southwest
The Southwest region accounts for 26.9%
of the industrys establishments. The
concentration of boiler and heat
exchanger manufacturers in the
Southwest is largely due to the
dominance of Oklahoma and Texas.
Oklahoma has a higher concentration of
establishments than any other state,
accounting for 13.3% of total
establishments in the United States.
Oklahomas manufacturing economy has
always been based primarily in
agricultural and petroleum production.
Since early in the 20th century, the
food-processing and petroleum-refining
industries accounted for at least onethird of total manufacturing revenue.
With food production constituting a large
major market for this industry, it follows
that the boiler and heat exchanger
manufacturing industry would locate
near a primary downstream buyer. Texas
boasts the second highest concentration
of industry establishments in the country,
with 12.3% of the total. Texas is a
national leader in industrial product
manufacturing, refined petroleum,
industrial organic chemicals, oil-field
machinery and other petrochemical
industry sub-sectors, all of which are
downstream industries for boiler and
heat exchanger manufacturers.
West
Business Locations
Population
SOURCE: WWW.IBISWORLD.COM
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Business Locations
continued
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22
Competitive Landscape
in
this industry is L ow
identifies
250 Key Success
Factors for a
business. The most
important for this
industry are:
Cost Structure
Benchmarks
Reliability of supply
Accessibility and reliability of service is
important to many customer markets,
particularly for purchases of replacement
parts and maintenance services.
Profit
Industry profit, measured as earnings
before interest and tax, is expected to reach
6.2% of industry revenue in 2016. Profit
has generally moved in tandem with the
price of steel, the major input into boiler
and heat exchanger manufacturing,
because operators have been able to pass
these prices downstream via higher selling
prices. Profit exceeded 7.0% of revenue in
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23
Competitive Landscape
Purchases
Purchases of raw materials are the largest
expense for the Boiler and Heat
Exchanger Manufacturing industry,
accounting for an estimated 47.4% of
revenue in 2016. This is typical for
manufacturing industries because
operators require a significant volume of
raw materials to produce final outputs,
including steel, iron ore and alloys. In
turn, purchase costs fluctuate with the
cost of these inputs.
Purchase costs also vary within the
industry depending on the product being
manufactured. Raw material costs are
higher for manufacturers producing large
volumes, while labor and capital costs
tend to represent a greater portion of
overall costs for manufacturers of more
complex products. Other major drivers of
cost structure in the industry include
prices of rubber, corrugate, paint,
electricity and natural gas. Some firms
Industry Costs
(2016)
60
n Profit
n Wages
n Purchases
n Depreciation
n Marketing
n Rent & Utilities
n Other
6.2
7.1
11.1
20.1
80
Percentage of revenue
Cost Structure
Benchmarks
continued
56.0
47.4
40
20
2.4
2.6
19.9
0.9
1.3
1.8
0.2
23.0
0
SOURCE: WWW.IBISWORLD.COM
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24
Competitive Landscape
Cost Structure
Benchmarks
continued
Basis of Competition
in
this industry is
Mediumand the
trend is I ncreasing
Internal competition
The major competitive factors in the
industry are price, quality and efficiency
in designing, constructing and installing
boilers and heat exchangers. Price is one
of the most important factors; the
majority of industry products are sold to
food and beverage processors and
industrial nonbuilding construction
firms, which are always looking to
decrease costs. Within the industry, there
is a low level of concentration, with the
four largest players collectively
accounting for only about one-third of
total revenue. This prevents any industry
manufacturer from raising its prices
significantly, because downstream firms
can easily switch to a different industry
operator for their purchases.
Besides price, customers look for
quality products to increase the value of
their purchases. Product performance
attributes, including strength to weight
ratios, waterproof ability, malleability,
corrosive performance, safety,
installation costs and recyclability,
influence competition among firms.
External competition
Boiler and heat exchanger manufacturers
compete with imported products sold
domestically. Import penetration has risen
rapidly over the past five years, despite
moderately high tariffs on imports.
Imports are typically cheaper and exert
price-based competition on industry
operators, limiting revenue growth and
pressuring profit. Import growth has also
been aided by an appreciating dollar,
which makes imported goods even
cheaper in the US market.
Unlike other industries, imports for
the Boiler and Heat Exchanger
Manufacturing industry are spread
relatively evenly among a number of
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25
Competitive Landscape
Basis of Competition
continued
Barriers to Entry
in this industry
are M
ediumand
Increasing
Medium
Low
Mature
Low
Medium
Medium
Medium
SOURCE: WWW.IBISWORLD.COM
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26
Competitive Landscape
in
this industry is
Highand the trend
is I ncreasing
International trade is a
major determinant of
an industrys level of
globalization.
Exports offer growth
opportunities for firms.
However there are legal,
economic and political risks
associated with dealing in
foreign countries.
Import competition can
bring a greater risk for
companies as foreign
producers satisfy domestic
demand that local firms
would otherwise supply.
Trade Globalization
200
Export
150
100
50
0 Local
0
80
120
Imports/Domestic Demand
160
200 Export
Exports/Revenue
Exports/Revenue
Industry
Globalization
Global
150
100
50
2004
0 Local
0
2016
Import
40
80
120
160
Imports/Domestic Demand
SOURCE: WWW.IBISWORLD.COM
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Major Companies
Major players
(Market share)
93.8%
Other
Player Performance
Modine
Manufacturing
Company
Market share: 6.2%
SOURCE: WWW.IBISWORLD.COM
(% change)
Operating Income
($ million)
2010-2011
519.6
N/C
15.4
N/C
2011-2012
522.4
0.5
22.5
46.1
2012-2013
493.7
-5.5
-0.4
N/C
2013-2014
530.2
7.4
13.3
N/C
2014-2015
468.1
-11.7
16.5
24.1
2015-2016
441.1
-5.8
-2.5
N/C
Year**
(% change)
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Major Companies
Player Performance
continued
Financial performance
Over the five years to fiscal year 2016,
the companys US industry-specific
revenue is expected to decrease an
annualized 3.2% to $441.1 million.
However, this conceals significant
annual discrepancy, mirroring the wider
industry. Revenue grew rapidly
Other Companies
Alfa Laval AB
SPX
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Major Companies
Other Companies
continued
Chart Industries
WWW.IBISWORLD.COM
Operating Conditions
of capital
intensity is L ow
Capital intensity
Economy
Manufacturing
Information, Communications,
Mining, Finance and Real
Estate. To increase revenue
firms need superior debt
management, a stable
macroeconomic environment
and a sound investment plan.
Capital Intensive
Labor Intensive
Heavy
Engineering
Construction
Paint Manufacturing
Metal Tank
Manufacturing
Nuclear Power
Old Economy
Agriculture and Manufacturing.
Traded goods can be produced
using cheap labor abroad.
To expand firms must merge
or acquire others to exploit
economies of scale, or specialize
in niche, high-value products.
SOURCE: WWW.IBISWORLD.COM
WWW.IBISWORLD.COM
Operating Conditions
Capital Intensity
continued
of
Technology Change
is M
edium
Revenue Volatility
Level
The level
of
Volatility is M
edium
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Operating Conditions
Volatility vs Growth
1000
Revenue Volatility
continued
Hazardous
Rollercoaster
100
10
1
0.1
Stagnant
30
10
Blue Chip
10
30
50
70
Regulation is
Mediumand the
trend is I ncreasing
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Operating Conditions
Industry Assistance
Level & Trend
he level of Industry
T
Assistance is
Mediumand the
trend is S
teady
Direct assistance
This industry receives a moderate level of
direct assistance in the form of tariffs on
imports; tariffs make imports artificially
expensive, reducing import penetration
in the domestic market. Tariff levels for
this industry vary depending on relations
and agreements between the United
States and trading partners. There are
numerous free trade agreements with
certain nations that apply to the imported
products of this industry. Some of the
nations that observe free trade
agreements with the United States
include Australia, Bahrain, Bolivia,
Canada, Chile, Colombia, the Dominican
Republic, Ecuador, Israel, Jordan, Peru,
Morocco and Singapore.
The majority of boiler and heat
exchanger products imported into the
United States incur a normal tariff
relations duty of between 3.3% and 5.2%.
Some examples of tariffs applicable to
industry products include: watertube
boilers with a steam production
exceeding 45 tons per hour (imported
from Canada and Italy) which incur a
5.2% NTR duty rate; vapor-generating
boilers, including hybrid boilers
(imported from Canada and China)
which incur a 5.2% NTR duty rate;
super-heated water boilers (imported
WWW.IBISWORLD.COM
34
Key Statistics
Industry Data
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Sector Rank
Economy Rank
Industry
Value Added
($m)
1,676.6
1,895.6
1,978.2
1,618.3
1,820.6
2,043.7
2,170.9
2,133.5
2,041.6
2,011.7
2,058.1
2,100.8
2,119.2
2,120.8
2,124.7
135/193
756/1370
Establishments
311
305
317
300
323
317
309
314
300
295
299
299
303
300
303
148/193
1075/1370
Enterprises Employment
281
20,941
263
22,385
269
21,489
253
19,372
270
21,385
266
24,160
266
24,144
269
24,166
258
22,805
253
22,471
257
23,071
256
23,417
260
23,678
257
23,720
259
23,831
143/193
128/193
1040/1370
808/1370
Exports
($m)
1,288.5
1,498.9
1,353.6
1,222.1
1,537.6
1,957.8
1,809.4
1,773.4
1,691.0
1,687.3
1,738.4
1,696.7
1,702.3
1,722.2
1,719.5
107/180
141/432
Imports
($m)
1,753.7
2,066.2
2,209.2
1,538.9
1,278.9
1,606.9
1,721.4
1,716.1
2,262.4
1,657.1
1,750.3
1,843.3
1,785.6
1,642.2
1,737.4
130/180
177/432
Wages
($m)
1,236.3
1,365.5
1,380.8
1,289.5
1,401.2
1,485.5
1,530.8
1,578.5
1,464.2
1,438.2
1,481.1
1,507.5
1,524.9
1,527.3
1,534.1
112/193
690/1370
Domestic
Demand
6,580.9
7,634.6
7,211.2
6,403.8
6,398.9
7,093.0
7,442.0
7,985.9
7,880.9
7,132.8
7,376.5
7,654.1
7,657.2
7,497.4
7,613.7
153/180
211/432
World price
of steel
(Index)
182.9
220.6
165.2
191.7
216.2
208.0
194.8
200.1
178.6
177.5
200.1
211.4
212.7
210.2
212.2
N/A
N/A
Industry
Revenue Value Added
(%)
(%)
15.6
13.1
-10.1
4.4
-4.2
-18.2
9.4
12.5
11.8
12.3
1.2
6.2
6.8
-1.7
-9.1
-4.3
-2.0
-1.5
2.8
2.3
1.9
2.1
0.9
0.9
0.0
0.1
0.2
0.2
172/193
151/193
1301/1370 1243/1370
Establishments
(%)
-1.9
3.9
-5.4
7.7
-1.9
-2.5
1.6
-4.5
-1.7
1.4
0.0
1.3
-1.0
1.0
151/193
1223/1370
Enterprises Employment
(%)
(%)
-6.4
6.9
2.3
-4.0
-5.9
-9.9
6.7
10.4
-1.5
13.0
0.0
-0.1
1.1
0.1
-4.1
-5.6
-1.9
-1.5
1.6
2.7
-0.4
1.5
1.6
1.1
-1.2
0.2
0.8
0.5
159/193
146/193
1234/1370 1234/1370
Exports
(%)
16.3
-9.7
-9.7
25.8
27.3
-7.6
-2.0
-4.6
-0.2
3.0
-2.4
0.3
1.2
-0.2
101/180
293/432
Imports
(%)
17.8
6.9
-30.3
-16.9
25.6
7.1
-0.3
31.8
-26.8
5.6
5.3
-3.1
-8.0
5.8
179/180
430/432
Wages
(%)
10.5
1.1
-6.6
8.7
6.0
3.0
3.1
-7.2
-1.8
3.0
1.8
1.2
0.2
0.4
155/193
1279/1370
Domestic
Demand
(%)
16.0
-5.5
-11.2
-0.1
10.8
4.9
7.3
-1.3
-9.5
3.4
3.8
0.0
-2.1
1.6
178/180
430/432
World price
of steel
(%)
20.6
-25.1
16.0
12.8
-3.8
-6.3
2.7
-10.7
-0.6
12.7
5.6
0.6
-1.2
1.0
N/A
N/A
Revenue
($m)
6,115.7
7,067.3
6,355.6
6,087.0
6,657.6
7,443.9
7,530.0
8,043.2
7,309.5
7,163.0
7,364.6
7,507.5
7,573.9
7,577.4
7,595.8
149/193
748/1370
Annual Change
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Sector Rank
Economy Rank
Key Ratios
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Sector Rank
Economy Rank
IVA/Revenue
(%)
27.41
26.82
31.13
26.59
27.35
27.45
28.83
26.53
27.93
28.08
27.95
27.98
27.98
27.99
27.97
43/193
772/1370
Imports/
Demand
(%)
26.65
27.06
30.64
24.03
19.99
22.65
23.13
21.49
28.71
23.23
23.73
24.08
23.32
21.90
22.82
93/180
198/432
Exports/
Revenue
(%)
21.07
21.21
21.30
20.08
23.10
26.30
24.03
22.05
23.13
23.56
23.60
22.60
22.48
22.73
22.64
58/180
138/432
Revenue per
Employee
($000)
292.04
315.72
295.76
314.22
311.32
308.11
311.88
332.83
320.52
318.77
319.21
320.60
319.87
319.45
318.74
137/193
594/1370
Wages/Revenue
(%)
20.22
19.32
21.73
21.18
21.05
19.96
20.33
19.63
20.03
20.08
20.11
20.08
20.13
20.16
20.20
28/193
624/1370
Employees
per Est.
67.33
73.39
67.79
64.57
66.21
76.21
78.14
76.96
76.02
76.17
77.16
78.32
78.15
79.07
78.65
50/193
135/1370
Average Wage
($)
59,037.30
61,000.67
64,256.13
66,565.15
65,522.56
61,485.93
63,402.92
65,319.04
64,205.22
64,002.49
64,197.48
64,376.31
64,401.55
64,388.70
64,374.13
56/193
408/1370
Share of the
Economy
(%)
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
135/193
756/1370
SOURCE: WWW.IBISWORLD.COM
WWW.IBISWORLD.COM
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