The 2009 Report on Manufacturing Architectural and Structural Metals: World Market Segmentation by City
ICON Group International, May 2009, Pages: 342
Market Potential Estimation Methodology
Overview
This study covers the world outlook for manufacturing architectural and structural metals across more than 2000 cities. For the year reported, estimates are given for the latent demand, or potential industry earnings (P.I.E.), for the city in question (in millions of U.S. dollars), the percent share the city is of the region and of the globe. These comparative benchmarks allow the reader to quickly gauge a city vis-à-vis others. Using econometric models which project fundamental economic dynamics within each country and across countries, latent demand estimates are created. This report does not discuss the specific players in the market serving the latent demand, nor specific details at the product level. The study also does not consider short-term cyclicalities that might affect realized sales. The study, therefore, is strategic in nature, taking an aggregate and long-run view, irrespective of the players or products involved.
This study does not report actual sales data (which are simply unavailable, in a comparable or consistent manner in virtually all of the cities of the world). This study gives, however, my estimates for the worldwide latent demand, or the P.I.E. for manufacturing architectural and structural metals. It also shows how the P.I.E. is divided across the world’s cities. In order to make these estimates, a multi-stage methodology was employed that is often taught in courses on international strategic planning at graduate schools of business.
What is Latent Demand and the P.I.E.?
The concept of latent demand is rather subtle. The term latent typically refers to something that is dormant, not observable, or not yet realized. Demand is the notion of an economic quantity that a target population or market requires under different assumptions of price, quality, and distribution, among other factors. Latent demand, therefore, is commonly defined by economists as the industry earnings of a market when that market becomes accessible and attractive to serve by competing firms. It is a measure, therefore, of potential industry earnings (P.I.E.) or total revenues (not profit) if a market is served in an efficient manner. It is typically expressed as the total revenues potentially extracted by firms. The “market” is defined at a given level in the value chain. There can be latent demand at the retail level, at the wholesale level, the manufacturing level, and the raw materials level (the P.I.E. of higher levels of the value chain being always smaller than the P.I.E. of levels at lower levels of the same value chain, assuming all levels maintain minimum profitability).
The latent demand for manufacturing architectural and structural metals is not actual or historic sales. Nor is latent demand future sales. In fact, latent demand can be lower either lower or higher than actual sales if a market is inefficient (i.e., not representative of relatively competitive levels). Inefficiencies arise from a number of factors, including the lack of international openness, cultural barriers to consumption, regulations, and cartel-like behavior on the part of firms. In general, however, latent demand is typically larger than actual sales in a city market.
Another reason why sales do not equate to latent demand is exchange rates. In this report, all figures assume the long-run efficiency of currency markets. Figures, therefore, equate values based on purchasing power parities across countries. Short-run distortions in the value of the dollar, therefore, do not figure into the estimates. Purchasing power parity estimates of country income were collected from official sources, and extrapolated using standard econometric models. The report uses the dollar as the currency of comparison, but not as a measure of transaction volume. The units used in this report are: US $ mln.
For reasons discussed later, this report does not consider the notion of “unit quantities”, only total latent revenues (i.e., a calculation of price times quantity is never made, though one is implied). The units used in this report are U.S. dollars not adjusted for inflation (i.e., the figures incorporate inflationary trends) and not adjusted for future dynamics in exchange rates (i.e., the figures reflect average exchange rates over recent history). If inflation rates or exchange rates vary in a substantial way compared to recent experience, actually sales can also exceed latent demand (when expressed in U.S. dollars, not adjusted for inflation). On the other hand, latent demand can be typically higher than actual sales as there are often distribution inefficiencies that reduce actual sales below the level of latent demand.
As mentioned earlier, this study is strategic in nature, taking an aggregate and long-run view, irrespective of the players or products involved. If fact, all the current products or services on the market can cease to exist in their present form (i.e., at a brand-, R&D specification, or corporate-image level) and all the players can be replaced by other firms (i.e., via exits, entries, mergers, bankruptcies, etc.), and there will still be an international latent demand for manufacturing architectural and structural metals at the aggregate level. Product and service offering details, and the actual identity of the players involved, while important for certain issues, are relatively unimportant for estimates of latent demand.
The Methodology
In order to estimate the latent demand for manufacturing architectural and structural metals on a city-by-city basis, I used a multi-stage approach. Before applying the approach, one needs a basic theory from which such estimates are created. In this case, I heavily rely on the use of certain basic economic assumptions. In particular, there is an assumption governing the shape and type of aggregate latent demand functions. Latent demand functions relate the income of a country, city, state, household, or individual to realized consumption. Latent demand (often realized as consumption when an industry is efficient), at any level of the value chain, takes place if an equilibrium in realized. For firms to serve a market, they must perceive a latent demand and be able to serve that demand at a minimal return. The single most important variable determining consumption, assuming latent demand exists, is income (or other financial resources at higher levels of the value chain). Other factors that can pivot or shape demand curves include external or exogenous shocks (i.e., business cycles), and or changes in utility for the product in question.
Ignoring, for the moment, exogenous shocks and variations in utility across countries, the aggregate relation between income and consumption has been a central theme in economics. The figure below concisely summarizes one aspect of problem. In the 1930s, John Meynard Keynes conjectured that as incomes rise, the average propensity to consume would fall. The average propensity to consume is the level of consumption divided by the level of income, or the slope of the line from the origin to the consumption function. He estimated this relationship empirically and found it to be true in the short-run (mostly based on cross-sectional data). The higher the income, the lower the average propensity to consume. This type of consumption function is labeled "A" in the figure below (note the rather flat slope of the curve). In the 1940s, another macroeconomist, Simon Kuznets, estimated long-run consumption functions which indicated that the marginal propensity to consume was rather constant (using time series data across countries). This type of consumption function is show as "B" in the figure below (note the higher slope and zero-zero intercept). The average propensity to consume is constant.
Is it declining or is it constant? A number of other economists, notably Franco Modigliani and Milton Friedman, in the 1950s (and Irving Fisher earlier), explained why the two functions were different using various assumptions on intertemporal budget constraints, savings, and wealth. The shorter the time horizon, the more consumption can depend on wealth (earned in previous years) and business cycles. In the long-run, however, the propensity to consume is more constant. Similarly, in the long run, households, industries or countries with no income eventually have no consumption (wealth is depleted). While the debate surrounding beliefs about how income and consumption are related and interesting, in this study a very particular school of thought is adopted. In particular, we are considering the latent demand for manufacturing architectural and structural metals across some 230 countries. The smallest have fewer than 10,000 inhabitants. I assume that all of these counties fall along a "long-run" aggregate consumption function. This long-run function applies despite some of these countries having wealth, current income dominates the latent demand for manufacturing architectural and structural metals. So, latent demand in the long-run has a zero intercept. However, I allow firms to have different propensities to consume (including being on consumption functions with differing slopes, which can account for differences in industrial organization, and end-user preferences).
Given this overriding philosophy, I will now describe the methodology used to create the latent demand estimates for manufacturing architectural and structural metals. Since ICON Group has asked me to apply this methodology to a large number of categories, the rather academic discussion below is general and can be applied to a wide variety of categories, not just manufacturing architectural and structural metals.
Step 1. Product Definition and Data Collection
Any study of latent demand across countries requires that some standard be established to define “efficiently served”. Having implemented various alternatives and matched these with market outcomes, I have found that the optimal approach is to assume that certain key countries or cities are more likely to be at or near efficiency than others. These are given greater weight than others in the estimation of latent demand compared to others for which no known data are available. Of the many alternatives, I have found the assumption that the world’s highest aggregate income and highest income-per-capita markets reflect the best standards for “efficiency”. High aggregate income alone is not sufficient (i.e., China has high aggregate income, but low income per capita and can not assumed to be efficient). Aggregate income can be operationalized in a number of ways, including gross domestic product (for industrial categories), or total disposable income (for household categories; population times average income per capita, or number of households times average household income per capita). Brunei, Nauru, Kuwait, and Lichtenstein are examples of countries with high income per capita, but not assumed to be efficient, given low aggregate level of income (or gross domestic product); these countries have, however, high incomes per capita but may not benefit from the efficiencies derived from economies of scale associated with large economies. Only countries with high income per capita and large aggregate income are assumed efficient. This greatly restricts the pool of countries to those in the OECD (Organization for Economic Cooperation and Development), like the United States, or the United Kingdom (which were earlier than other large OECD economies to liberalize their markets).
The selection of countries is further reduced by the fact that not all countries in the OECD report industry revenues at the category level. Countries that typically have ample data at the aggregate level that meet the efficiency criteria include the United States, the United Kingdom and in some cases France and Germany.
Latent demand is therefore estimated using data collected for relatively efficient markets from independent data sources (e.g. Euromonitor, Mintel, Thomson Financial Services, the U.S. Industrial Outlook, the World Resources Institute, the Organization for Economic Cooperation and Development, various agencies from the United Nations, industry trade associations, the International Monetary Fund, and the World Bank). Depending on original data sources used, the definition of “manufacturing architectural and structural metals” is established. In the case of this report, the data were reported at the aggregate level, with no further breakdown or definition. In other words, any potential product or service that might be incorporated within manufacturing architectural and structural metals falls under this category. Public sources rarely report data at the disaggregated level in order to protect private information from individual firms that might dominate a specific product-market. These sources will therefore aggregate across components of a category and report only the aggregate to the public. While private data are certainly available, this report only relies on public data at the aggregate level without reliance on the summation of various category components. In other words, this report does not aggregate a number of components to arrive at the “whole”. Rather, it starts with the “whole”, and estimates the whole for all cities and the world at large (without needing to know the specific parts that went into the whole in the first place).
Given this caveat, this study covers “manufacturing architectural and structural metals” as defined by the North American Industrial Classification system or NAICS (pronounced “nakes”). For a complete definition of manufacturing architectural and structural metals, please refer to the Web site at http://www.icongrouponline.com/codes/NAICS.html. The NAICS code for manufacturing architectural and structural metals is 3323. It is for this definition of manufacturing architectural and structural metals that the aggregate latent demand estimates are derived. “Manufacturing architectural and structural metals” is specifically defined as follows:
3323
Architectural and Structural Metals Manufacturing
33231
This industry comprises establishments primarily engaged in manufacturing one or more of the following: (1) prefabricated metal buildings, panels and sections; (2) structural metal products; and (3) metal plate work products.
332311
This U.S. industry comprises establishments primarily engaged in manufacturing prefabricated metal buildings, panels, and sections.
3323111
Prefabricated metal building systems (excluding farm service bldgs. & residential buildings)
33231111
Prefabricated metal building systems (excluding farm service buildings, residential buildings, and parts)
3323111106
Institutional, medical, and religious prefabricated metal building systems (excluding farm service buildings, residential buildings, and parts)
3323111111
Public and educational prefabricated metal building systems (excluding farm service buildings, residential buildings, and parts)
33231112
Industrial and commercial prefabricated metal building systems (excluding farm service buildings, residential buildings, and parts)
3323111201
Industrial and commercial prefabricated metal building systems (excluding farm service buildings, residential buildings, and parts)
3323112
Other prefabricated and portable metal buildings and parts
332311224
Other prefabricated metal buildings
332311254
Panels, parts, or sections for prefab bldgs., not sold as a complete unit, steel & aluminum
3323113
OTHER PREFABRICATED AND PORTABLE METAL BUILDINGS AND PARTS
33231131
Prefabricated and portable farm services buildings, greenhouses, and grain storage buildings, steel and aluminum
3323113101
Prefabricated and portable greenhouses, steel and aluminum
3323113106
Prefabricated and portable grain storage buildings, including farm and commercial types, steel and aluminum
3323113111
Other prefabricated and portable farm service buildings (livestock shelters, machinery storage, etc.), steel and aluminum
33231132
Prefabricated and portable aluminum and steel buildings
3323113216
Prefabricated and portable small steel utility buildings, including toolsheds, cabanas, storage houses, etc.
3323113221
Other prefabricated and portable steel buildings
3323113226
Prefabricated and portable dwellings, steel and aluminum, including vacation homes and camps
3323113231
Prefabricated and portable small aluminum utility buildings, including toolsheds, cabanas, storage houses, etc.
3323113236
Other prefabricated and portable aluminum buildings
3323113241
Panels, parts, and sections for prefabricated buildings, not sold as a complete unit, steel and aluminum
332311M
Miscellaneous receipts
332311P
Primary products
332311S
Secondary products
332311SM
Secondary products and miscellaneous receipts
332312
This U.S. industry comprises establishments primarily engaged in fabricating structural metal products, such as concrete reinforcing bars and fabricated bar joists.
3323121
Fabricated structural metal for buildings
33231211
Fabricated structural iron and steel for industrial buildings, metal bar joists, short span (open web)
3323121101
Fabricated structural iron and steel for industrial buildings, metal bar joists, short span (open web)
33231212
Fabricated structural iron and steel for commercial, residential, institutional, and public buildings
3323121206
Fabricated structural iron and steel for commercial buildings, including metal bar joists, long span
332312121
Iron and steel for industrial buildings
3323121211
Fabricated structural iron and steel for residential buildings, including metal concrete reinforcing bars
3323121216
Fabricated structural iron and steel for institutional, medical, and religious buildings
332312122
Iron and steel for commercial building
3323121221
Fabricated structural iron and steel for public and educational buildings
3323121226
Fabricated structural iron and steel for public utilities
332312123
Iron and steel for residential buildings
3323121231
Fabricated structural aluminum for buildings (all types)
332312173
Iron and steel for other buildings, and aluminum for all types of buildings
3323122
Fabricated structural metal for bridges, trestles, and viaducts
3323123
Other fabricated structural metal
33231231
Fabricated structural metal for bridges
3323123100
Fabricated structural metal for bridges
3323125
OTHER FABRICATED STRUCTURAL METAL
33231251
Other fabricated structural iron and steel, metal and aluminum
3323125106
Fabricated structural iron and steel for transmission towers, substations, radio antenna towers, and supporting structures
3323125111
Fabricated structural iron and steel for offshore oil and gas platforms
3323125116
Fabricated structural iron and steel for tunneling and subway work
3323125121
Fabricated structural iron and steel for aerospace and defense
3323125126
Other fabricated structural iron and steel
3323125131
Fabricated structural aluminum for ships, boats, barges, transmission towers, and other structures
3323125136
Fabricated structural metal other than iron, steel, or aluminum
33231252
Fabricated structural iron and steel for ships, boats, and barges
3323125201
Fabricated structural iron and steel for ships, boats, and barges
332312M
Miscellaneous receipts
332312P
Primary products
332312S
Secondary products
332312SM
Secondary products and miscellaneous receipts
332313
This industry comprises establishments primarily engaged in manufacturing fabricated metal plate work by cutting, punching, bending, shaping, and welding purchased metal plate.
3323130
FABRICATED PLATE WORK (STACKS AND WELDMENTS)
33231301
Power boiler and heat exchangers
3323130111
Fabricated steel plate containers (trash and other), less than 13 gal
3323130116
Fabricated steel plate containers (trash and other), 13 gal to 79 gal
3323130121
Fabricated steel plate containers (trash and other), more than 79 gal
33231302
Power boiler and heat exchangers
3323130226
Fabricated steel plate sound control equipment for jet engine test facilities (including hush houses, demountable run_up silencers, demountable test cells, etc.)
3323130231
Fabricated steel plate sound control equipment for gas turbine sound systems (enclosed) (including natural gas compression, electric generation, marine propulsion, etc.)
3323130236
Other fabricated steel plate sound control equipment (including sound panels, one piece enclosures, industrial silencers, and air duct silencers)
33231303
Weldments and fabricated steel plate for other purposes
3323130301
Fabricated steel plate shielding for use in nuclear reactor buildings
3323130346
Weldments and fabricated steel plate for other purposes
33231304
Fabricated steel plate pipe, penstocks, tunnel lining, stacks, and breeching
3323130406
Fabricated steel plate pipe, penstocks, tunnel lining, stacks, and breeching
3323132
Plate work manufacturing
332313M
Miscellaneous receipts
332313P
Primary products
332313S
Secondary products
332313SM
Secondary products and miscellaneous receipts
33232
This industry comprises establishments primarily engaged in manufacturing one or more of the following: (1) metal framed windows (i.e., typically using purchased glass) and metal doors; (2) sheet metal work; and (3) ornamental and architectural metal products.
332321
This U.S. industry comprises establishments primarily engaged in manufacturing metal framed windows (i.e., typically using purchased glass) and metal doors. Examples of products made by these establishments are metal door frames; metal framed window and door screens; and metal molding and trim (except automotive).
3323211
Metal doors and frames, except storm doors
33232111
Aluminum doors (excluding shower doors and tub enclosures)
3323211110
Swinging residential aluminum doors (excluding shower doors, tub enclosures, and storm doors)
3323211113
Sliding residential aluminum doors (glass, patio_type) (excluding shower doors, tub enclosures, and storm doors)
3323211116
All other residential aluminum doors, including garage and closet doors (excluding shower doors, tub enclosures, and storm doors)
3323211119
Overhead and sliding commercial and institutional aluminum doors (excluding shower doors, tub enclosures, and storm doors)
33232112
Iron and steel doors (excluding shower doors and tub enclosures)
3323211201
Overhead industrial aluminum doors
3323211204
Sliding industrial aluminum doors
3323211207
All other industrial aluminum doors
332321121
Iron and steel industrial doors
332321122
Iron and steel residential doors
3323211222
Swinging commercial and institutional aluminum doors (excluding shower doors, tub enclosures, and storm doors)
3323211225
All other commercial and institutional aluminum doors (excluding shower doors, tub enclosures, and storm doors)
332321123
Iron and steel commercial and institutional doors
33232113
Industrial iron and steel doors
3323211328
Overhead industrial iron and steel doors
3323211331
Swing industrial iron and steel doors
3323211334
All other industrial iron and steel doors (including sliding)
33232114
Residential iron and steel doors, except garage doors (excluding shower doors, tub enclosures, and storm doors)
3323211440
Residential steel composite doors (steel clad with foam wood components) (excluding shower doors, tub enclosures, and storm doors)
3323211443
Residential insulated steel entrance doors (except storm doors)
3323211446
All other residential iron and steel doors, including slide, swing, and closet doors (excluding shower doors, tub enclosures, and storm doors)
33232115
Commercial and institutional iron and steel doors (excluding shower doors, tub enclosures, and storm doors)
3323211549
Overhead and sliding commercial and institutional iron and steel doors (excluding shower doors, tub enclosures, and storm doors)
3323211552
Swing commercial and institutional iron and steel doors (excluding shower doors, tub enclosures, and storm doors)
3323211555
All other commercial and institutional iron and steel doors (excluding shower doors, tub enclosures, and storm doors)
33232116
Door frames, including trim sold as an integral part of the door frame (except storm door frames)
3323211661
Aluminum door frames, including trim sold as an integral part of the door frame (except storm door frames)
3323211664
Steel door frames, including trim sold as an integral part of the door frame, 16 gauge and heavier (except storm door frames)
3323211667
Steel door frames, including trim sold as an integral part of the door frame, lighter than 16 gauge (except storm door frames)
33232117
Shower doors and tub enclosures (all metals) and other metal doors not made of aluminum or steel
3323211758
Metal doors other than steel and aluminum (excluding shower doors, tub enclosures, and storm doors)
3323211770
Shower doors and tub enclosures (all metal)
33232118
Other metal doors, metal door frames, and shower doors and tub enclosures
3323211837
Residential iron and steel garage doors
3323212
Metal window sash and frames, except storm sash
3323213
Metal molding and trim and storefronts
33232131
All other residential aluminum window sash and frames, including jalousie (excluding storm sash)
3323213101
Residential steel window sash and frames (except storm sash)
3323213111
Residential aluminum awning window sash and frames (except storm sash)
3323213116
Residential aluminum horizontal sliding window sash and frames (excluding storm sash)
3323213121
All other residential aluminum window sash and frames, including jalousie (excluding storm sash)
33232132
Other metal window sash and frames (except storm sash)
3323213226
Other steel window sash and frames (including commercial, industrial, etc.) (except storm sash)
3323213231
Other aluminum single and double hung sash and frames (including commercial, industrial, etc.) (except storm sash)
3323213236
Other aluminum awning window sash and frames (including commercial, industrial, etc.) (except storm sash)
3323213241
Other aluminum projected window sash and frames (including commercial, industrial, etc.) (except storm sash)
3323213246
Other aluminum window sash and frames (including commercial, industrial, etc.) (except storm sash)
3323213251
Metal window, other than steel or aluminum (except storm sash)
33232133
Residential aluminum single and double hung window sash and frames (excluding storm sash)
3323213306
Residential aluminum single and double hung window sash and frames (excluding storm sash)
3323214
Metal combination screen, storm sash, and storm doors
3323215
Metal windows and door screens, (except combination) and metal weatherstrip
33232151
All other metal trim (including combination of metal)
3323215101
Steel molding and trim
3323215102
Aluminum moldings and trim
3323215104
Steel molding and trim
3323215106
Finished metal moldings for mirrors and pictures and aluminum molding and trim
3323215108
Store fronts, sold complete at factory
3323215109
Steel curtain walls (including stainless)
3323215110
Aluminum curtain walls
3323215111
Metal store fronts, sold complete at factory
3323215112
All other curtain walls
3323217
METAL COMBINATION SCREEN, STORM SASH, AND STORM DOORS
33232171
Metal storm sash (including combination)
3323217101
Metal storm sash (except combination)
3323217106
Metal combination screen and storm sash
3323217111
Metal storm doors
3323219
METAL WINDOW AND DOOR SCREENS (EXCEPT COMBINATION) AND METAL WEATHER STRIP
33232191
Metal door, window screens, and metal weather strip
3323219101
Metal door screens
3323219106
Metal window screens, with metal frames (including tension and roll types)
3323219111
Metal weather strip
332321M
Miscellaneous receipts
332321P
Primary products
332321S
Secondary products
332321SM
Secondary products and miscellaneous receipts
332322
This U.S. industry comprises establishments primarily engaged in manufacturing sheet metal work (except stampings).
3323221
Sheet metal air-conditioning ducts and stove pipe
33232211
Sheet metal air_conditioning ducts, (including dust collection ducts)
3323221101
Sheet metal work (including dust collection ducts)
3323221106
Aluminum sheet metal work (including dust collection ducts)
33232212
Sheet metal stove pipe, furnace smoke pipe, and elbows
3323221211
Steel sheet metal stove pipe, furnace smoke pipe, and elbows
3323221216
Aluminum sheet metal stove pipe, furnace smoke pipe, and elbows
3323223
Sheet metal culverts, flumes, irrigation pipes, etc.
33232231
Sheet metal culverts, flumes, irrigation pipes, etc.
3323223101
Steel sheet metal culverts, flumes, irrigation pipes, etc.
3323223106
Aluminum sheet metal culverts, flumes, irrigation pipes, etc.
3323223111
Other sheet metal culverts, flumes, irrigation pipes, etc.
3323227
Sheet metal roofing and roof drainage equipment
33232271
Sheet metal roofing, all types
3323227101
Sheet metal roofing, all types
33232272
Sheet metal roof drainage equipment (including eave troughs, etc)
3323227206
Aluminum and other sheet metal roofing, all types
3323227211
Steel sheet metal roof drainage equipment (including eave troughs, etc.)
3323227216
Aluminum sheet metal roof drainage equipment (including eave troughs, etc.)
3323227221
All other sheet metal roof drainage equipment (including eave troughs, etc.)
3323229
Sheet metal flooring and siding
33232291
Sheet metal siding
3323229106
Steel sheet metal siding
3323229111
Residential aluminum sheet metal siding (including mobile homes)
3323229116
Other aluminum sheet metal siding (commercial, industrial, farm buildings, etc.)
3323229121
Other sheet metal siding
33232292
Fabricated sheet metal flooring
3323229201
Fabricated sheet metal flooring
332322A
Sheet metal awnings, canopies, cornices, and soffits
332322A1
Sheet metal awnings, canopies, carports, soffit, and shutters (steel and aluminum)
332322A101
Steel sheet metal awnings, canopies, carports, and patios
332322A106
Aluminum sheet metal awnings, canopies, carports, and patios
332322A111
Sheet metal cornices, skylights, domes, and copings (steel and aluminum)
332322A116
Sheet metal soffits, fascia, and shutters (steel and aluminum)
332322B
Sheet metal roof ventilators, louvers, & dampers for heating, ventilation, a-c
332322C
SHEET METAL ELECTRONIC ENCLOSURES
332322C1
Steel sheet metal computer and peripheral equipment enclosures
332322C101
Steel sheet metal computer and peripheral equipment enclosures
332322C2
Aluminum sheet metal computer and peripheral equipment enclosures
332322C206
Aluminum sheet metal computer and peripheral equipment enclosures
332322C3
Other sheet metal electronic enclosures (excluding computers), including machine and motor housings, panels, and guards (steel and aluminum)
332322C311
Other sheet metal electronic enclosures (excluding computers), including machine and motor housings, panels, and guards (steel and aluminum)
332322E
Other sheet metal work
332322E1
Sheet metal roof ventilators, louvers and dampers for heating, ventilation and air~conditioning, steel and aluminum
332322E101
Sheet metal roof ventilators
332322E106
Sheet metal work for heating, ventilation, and air~conditioning (steel and aluminum)
332322E2
Steel sheet metal work
332322E211
Steel restaurant and hotel kitchen sheet metal equipment
332322E3
Aluminum and other sheet metal work
332322E321
Aluminum restaurant and hotel kitchen sheet metal equipment
332322E326
Other steel sheet metal work
332322E331
Other aluminum sheet metal work
332322E336
Other sheet metal work (metals other than steel or aluminum)
332322F
METAL STUDS, NONLOAD AND LOAD_BEARING (IRON, STEEL, AND ALUMINUM)
332322F1
Metal studs, nonload and load_bearing (iron, steel, and aluminum)
332322F101
Metal studs, nonload_bearing (iron, stee
1 INTRODUCTION & METHODOLOGY 11
1.1 Overview and Definitions 11
1.2 Market Potential Estimation Methodology 11
1.2.1 Overview 11
1.2.2 What is Latent Demand and the P.I.E.? 12
1.2.3 The Methodology 12
1.2.3.1 Step 1. Product Definition and Data Collection 14
1.2.3.2 Step 2. Filtering and Smoothing 28
1.2.3.3 Step 3. Filling in Missing Values 28
1.2.3.4 Step 4. Varying Parameter, Non-linear Estimation 28
1.2.3.5 Step 5. Fixed-Parameter Linear Estimation 29
1.2.3.6 Step 6. Aggregation and Benchmarking 29
2 USING THE DATA 30
3 CITY SEGMENTS RANKED BY MARKET SIZE 31
3.1 Top 15 Markets 31
3.2 Markets 16 to 30 32
3.3 Remaining Cities by Market Rank 33
4 CITY SEGMENTS IN ALPHABETICAL ORDER 136
4.1 A: from Aalborg to Az Zawiyah 136
4.2 B: from Bacolod to Bydgoszcz 143
4.3 C: from Caaguazu to Cyangugu 151
4.4 D: from Da Nang to Dzhizak 159
4.5 E: from East London to Esteli 163
4.6 F: from Fagatogo to Funchal 165
4.7 G: from Gabes to Gyumri 168
4.8 H: from Hachinohe to Hyderabad 172
4.9 I: from Iasi to Izmir 176
4.10 J: from Jaboatao to Jyvaskyla 179
4.11 K: from Kabul to Kzyl-Orda 181
4.12 L: from La Ceiba to Lyon 189
4.13 M: from Macae to Mzuzu 194
4.14 N: from Nacala to Nzerekore 204
4.15 O: from Oaklahoma City to Oyem 209
4.16 Ö: from Örebro to Örebro 211
4.17 P: from Pago Pago to Pyuthan 212
4.18 Q: from Qandahar to Quito 218
4.19 R: from Rabat to Rustavi 219
4.20 S: from S. Luis Potosi to Szombathely 222
4.21 T: from Tabligbo to Tyre 234
4.22 U: from Uberaba to Utulei 241
4.23 V: from Vacoas-Phoenix to Vukovar 243
4.24 W: from Wadi Medani to Wuhan 246
4.25 X: from Xalapa to Xian 247
4.26 Y: from Yamagata to Yungkang 248
4.27 Z: from Zadar to Zvishavane 249
5 CITY SEGMENTS RANKED BY COUNTRY 250
5.1 Afghanistan 250
5.2 Albania 250
5.3 Algeria 251
5.4 American Samoa 251
5.5 Andorra 251
5.6 Angola 252
5.7 Antigua and Barbuda 252
5.8 Argentina 253
5.9 Armenia 254
5.10 Aruba 254
5.11 Australia 255
5.12 Austria 255
5.13 Azerbaijan 256
5.14 Bahrain 256
5.15 Bangladesh 256
5.16 Barbados 257
5.17 Belarus 257
5.18 Belgium 257
5.19 Belize 258
5.20 Benin 258
5.21 Bermuda 258
5.22 Bhutan 259
5.23 Bolivia 259
5.24 Bosnia and Herzegovina 259
5.25 Botswana 260
5.26 Brazil 261
5.27 Brunei 266
5.28 Bulgaria 266
5.29 Burkina Faso 267
5.30 Burma 267
5.31 Burundi 267
5.32 Cambodia 268
5.33 Cameroon 268
5.34 Canada 268
5.35 Cape Verde 269
5.36 Central African Republic 269
5.37 Chad 269
5.38 Chile 270
5.39 China 270
5.40 Christmas Island 271
5.41 Colombia 271
5.42 Comoros 271
5.43 Congo (formerly Zaire) 272
5.44 Cook Islands 272
5.45 Costa Rica 272
5.46 Cote dIvoire 273
5.47 Croatia 273
5.48 Cuba 273
5.49 Cyprus 274
5.50 Czech Republic 274
5.51 Denmark 274
5.52 Djibouti 275
5.53 Dominica 275
5.54 Dominican Republic 275
5.55 Ecuador 276
5.56 Egypt 276
5.57 El Salvador 276
5.58 Equatorial Guinea 277
5.59 Estonia 277
5.60 Ethiopia 277
5.61 Fiji 278
5.62 Finland 278
5.63 France 279
5.64 French Guiana 279
5.65 French Polynesia 280
5.66 Gabon 280
5.67 Georgia 280
5.68 Germany 281
5.69 Ghana 281
5.70 Greece 282
5.71 Greenland 282
5.72 Grenada 282
5.73 Guadeloupe 283
5.74 Guam 283
5.75 Guatemala 283
5.76 Guinea 284
5.77 Guinea-Bissau 284
5.78 Guyana 284
5.79 Haiti 285
5.80 Honduras 285
5.81 Hong Kong 285
5.82 Hungary 286
5.83 Iceland 286
5.84 India 287
5.85 Indonesia 288
5.86 Iran 289
5.87 Iraq 289
5.88 Ireland 290
5.89 Israel 290
5.90 Italy 291
5.91 Jamaica 291
5.92 Japan 292
5.93 Jordan 294
5.94 Kazakhstan 295
5.95 Kenya 295
5.96 Kiribati 296
5.97 Kuwait 296
5.98 Kyrgyzstan 296
5.99 Laos 296
5.100 Latvia 297
5.101 Lebanon 297
5.102 Lesotho 297
5.103 Liberia 298
5.104 Libya 298
5.105 Liechtenstein 298
5.106 Lithuania 299
5.107 Luxembourg 299
5.108 Macau 299
5.109 Madagascar 300
5.110 Malawi 300
5.111 Malaysia 301
5.112 Maldives 301
5.113 Mali 302
5.114 Malta 302
5.115 Marshall Islands 302
5.116 Martinique 303
5.117 Mauritania 303
5.118 Mauritius 303
5.119 Mexico 304
5.120 Micronesia Federation 305
5.121 Moldova 305
5.122 Monaco 305
5.123 Mongolia 305
5.124 Morocco 306
5.125 Mozambique 306
5.126 Namibia 306
5.127 Nauru 307
5.128 Nepal 307
5.129 New Caledonia 307
5.130 New Zealand 308
5.131 Nicaragua 308
5.132 Niger 309
5.133 Nigeria 309
5.134 Niue 309
5.135 Norfolk Island 310
5.136 North Korea 310
5.137 Norway 310
5.138 Oman 311
5.139 Pakistan 311
5.140 Palau 311
5.141 Palestine 311
5.142 Panama 312
5.143 Papua New Guinea 312
5.144 Paraguay 312
5.145 Peru 313
5.146 Philippines 313
5.147 Poland 314
5.148 Portugal 314
5.149 Puerto Rico 315
5.150 Qatar 315
5.151 Republic of Congo 315
5.152 Reunion 316
5.153 Romania 316
5.154 Russia 317
5.155 Rwanda 317
5.156 San Marino 317
5.157 Sao Tome E Principe 318
5.158 Saudi Arabia 318
5.159 Senegal 318
5.160 Seychelles 319
5.161 Sierra Leone 319
5.162 Singapore 319
5.163 Slovakia 319
5.164 Slovenia 320
5.165 Solomon Islands 320
5.166 Somalia 320
5.167 South Africa 321
5.168 South Korea 321
5.169 Spain 322
5.170 Sri Lanka 322
5.171 St. Kitts and Nevis 323
5.172 St. Lucia 323
5.173 St. Vincent and the Grenadines 323
5.174 Sudan 323
5.175 Suriname 324
5.176 Swaziland 324
5.177 Sweden 324
5.178 Switzerland 325
5.179 Syrian Arab Republic 325
5.180 Taiwan 326
5.181 Tajikistan 327
5.182 Tanzania 327
5.183 Thailand 327
5.184 The Bahamas 328
5.185 The British Virgin Islands 328
5.186 The Cayman Islands 328
5.187 The Falkland Islands 328
5.188 The Gambia 329
5.189 The Netherlands 329
5.190 The Netherlands Antilles 329
5.191 The Northern Mariana Island 330
5.192 The U.S. Virgin Islands 330
5.193 The United Arab Emirates 330
5.194 The United Kingdom 331
5.195 The United States 332
5.196 Togo 333
5.197 Tokelau 333
5.198 Tonga 333
5.199 Trinidad and Tobago 334
5.200 Tunisia 334
5.201 Turkey 335
5.202 Turkmenistan 335
5.203 Tuvalu 335
5.204 Uganda 336
5.205 Ukraine 336
5.206 Uruguay 337
5.207 Uzbekistan 337
5.208 Vanuatu 337
5.209 Venezuela 338
5.210 Vietnam 338
5.211 Wallis and Futuna 339
5.212 Western Sahara 339
5.213 Western Samoa 339
5.214 Yemen 339
5.215 Zambia 340
5.216 Zimbabwe 340
6 DISCLAIMERS, WARRANTEES, AND USER AGREEMENT PROVISIONS 341
6.1 Disclaimers & Safe Harbor 341
6.2 ICON Group International, Inc. User Agreement Provisions 342
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