Wednesday, 29 February 2012

South African Mining Opportunities and Entry Strategies


London - 29 February, 2012 - The South African mining industry is undergoing a period of transition as it continues to expand its capacity. The demand for coal is set to increase due to the construction of a number of new power plants and increased demand from rapidly industrialising countries such as India and China.

However, according to a latest study conducted by ICD Research, new government legislation will reduce the profits of mining operators by adding offsets to non-renewable mineral resources. Furthermore, diamond production will continue to fall due to subdued demand in the luxury product markets, especially in the US.

The negative effects of the global economic crisis and subsequent decline in both the demand for and price of metal caused the total value of South African mineral production to decrease by 24.3% to just under US$30 billion in 2009. However, due to the gradual recovery of the world economy, and the revival of industrial production, consumer demand and commodity prices, the South African mining industry is expected to expand at a compound annual growth rate (CAGR) of 5.4% and produce over 500 million tons of minerals by 2015.

The expansion of South Africa’s mining industry is closely linked to the success of its construction industry, which has experienced rapid expansion in recent years due to the country’s hosting of the 2010 FIFA World Cup. Furthermore, the construction of infrastructure for power generation, roads, water supply and communication lines will continue to increase the demand for related minerals, such as iron ore, aluminum and copper.

Growth of emerging markets will increase coal production
The demand for coal is set to increase due to the increasing demand from the domestic power and synthetic fuels sectors. It is estimated that, over the next decade, Eskom alone will require an average of over 200 million tons of coal annually. In order to meet the demand from India and China, which have rapidly growing industrial markets, coal production is expected to increase to reach a capacity of over 350 million tons by 2015.

The Richards Bay Coal Terminal, the largest coal exporting terminal in the world, expanded its coal capacity to 91 million tons per annum at the end of 2010 to meet demand, an increase of almost 20 million tons of coal annually.

Coal is the largest category in the South African mining industry in terms of production, contributing over two-thirds of the total production volume in 2009. The metallic mineral category accounted for almost a fifth share of total mineral production in the same period, while the non-metallic mineral category held the remaining 13% share. The growth of the metallic minerals category in will be driven by iron ore, which accounts for over three-fourths of metallic mineral production.

New constructions increase coal production
The power sector accounted for nearly two-thirds of domestic coal consumption in 2009. Eskom is to continue to upgrade and expand the national electricity infrastructure of the country over the next three years. The building of new capacity, in the form of three power stations and two open-cycle gas turbines, added over 2,000 megawatts to South Africa’s total power capacity in 2009. Plans to construct a new generation of power stations, with the first due to come online in 2012, will also increase mineral usage, both in the construction of the stations and daily operation.

Eskom began construction on the Medupi Power Station, Limpopo, in August 2007. The first unit of the power station is scheduled for completion in 2012, with the entire station to be completed by 2015.

Sasol announced plans to conduct feasibility studies for the expansion of its existing synthetic fuels plant at Secunda by 20% and the construction of a new plant in Mafutha with a capacity of 80,000 barrels per day. Once operational, these projects could raise the demand for coal by approximately 25 million tons a year.

Gold exploration set to rise
Despite a fall in gold production by nearly 150 million tons in 2009, due to a premature downscale operation because of the electricity crisis, the rising price of gold and a fall in consumer expenditure on a global level due to financial recession has changed the structure of the gold market. A surge in investment demand and a decline in mine output have increased gold prices, resulting in increased gold exploration in South Africa. Indeed, gold exploration currently accounts for 42% of the total expenditure on mineral exploration.

Gold mining in the country is dominated by three major companies, AngloGold, Gold Fields and Harmony, which hold almost 80% of the value of the market. Similarly, the top three companies in platinum mining, Anglo Platinum, Implats and Lonmin, account for 95% of the value of the domestic market.

Diamond production to fall further in 2011
Diamond production is expected to continue to decline in 2011, despite the recovery of the global economy. The decline in the global demand for diamonds during the financial crisis was significant, resulting in the closure of a large number of diamond mines. The US market, which accounts for almost half of the global demand for diamonds, remains slow, without any significant signs of a recovery in sales of diamond jewelry. Furthermore, DeBeers Ltd., South Africa’s largest diamond producer, has announced a 40% cut in diamond production from all its operations in the country.

Mineral and Petroleum Resources Royalty Act will reduce profit
The Mineral and Petroleum Resources Royalty Act 28 of 2008, which came into effect in March 2010, is likely to change South African mining administration, as mining companies must compensate the state for the permanent loss of non-renewable resources. Under the act, the country imposes royalties on both refined and unrefined minerals. The minimum royalty payable is 0.5% of gross sales for both refined and unrefined minerals, while the maximum royalty payable is 5% for refined minerals and 7% for unrefined minerals.

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Tuesday, 28 February 2012

The Global Naval Vessels and Surface Combatants Market 2011–2021


With recent defense spending having been dominated by the land-based conflicts in Iran and Afghanistan, many naval vessels and surface combatants are approaching the end of their operational lives. Spending in the sector is expected to focus on the refitting or replacement of these vessels, with inter-navy collaborations also increasing.

Overview of the global naval vessels and surface combatants market
The global naval vessels and surface combatants market consists of corvettes, frigates, destroyers, cruisers, amphibious ships and aircraft carriers, and its value is expected to increase during the forecast period. This is because the main markets, including the US and some countries in Europe and Latin America, are expected to modernize their naval fleets which were neglected during the Afghanistan and Iraq wars.

The US and Canada are the largest defense spenders in North America, and destroyers, frigates and aircraft carriers are expected to dominate the naval surface combatants market in the region. The top markets in Europe are expected to be the UK, Russia and France, while India, China and South Korea are the leading markets for naval surface combatants in Asia, as these countries face threats such as territorial disputes, domestic unrest, and a growing arms race in the region. Among Latin American countries, Brazil is expected to dominate naval spending and procure destroyers, frigates and amphibious ships. Middle Eastern procurement, represented by the UAE, Saudi Arabia and Israel, is expected to centre on littoral combat ships and corvettes due to threats of regional disputes and terrorism.

According to detailed market intelligence from ICD Research, the market is expected to increase at a CAGR of 1.30% during the forecast period (2011 - 2021), with destroyers expected to account for the majority of the global naval and surface combatants market, followed by frigates and aircraft carriers. During the ICD report’s 2011–2021 forecast period, cumulative global expenditure on naval vessels and surface combatants is expected to reach US$266.9 billion.

North America expected to represent the largest market share
Despite the North American countries’ high fiscal deficits, this region is expected to account for the largest share of the naval surface combatants market during the forecast period, with a share of 48.4%. Europe has borne the main brunt of the economic crisis, with countries currently facing deep fiscal deficits, and demand is, therefore, expected to decrease marginally during the forecast period; Europe is expected to account for 22.1% of the total market during this period. Strong economic growth, territorial disputes, domestic unrest and modernization programs will create a significant demand for naval surface combatants in Asia, which will account for a share of 24.2% of the total naval surface combatants market during the forecast period.

South American countries are also expected to modernize their naval fleets over the forecast period, with countries such as Brazil, Chile, Venezuela and Colombia locked in an arms race to establish military supremacy in the region. The aggressive modernization strategy being pursued by Latin American countries is expected to result in the region recording the highest growth in the naval surface combatants market during the forecast period, at 15.6%. Demand in Africa is expected to be fall during the forecast period, with the region representing only 2.4% of the total market size.

Destroyers, frigates and aircraft carriers constitute the majority of the market
Together, destroyers, aircraft carriers and frigates are expected to account for the largest share of the total naval surface combatants market across the forecast period: destroyers are expected to account for 30.4% of the total market, while aircraft carriers and frigates are expected to account for 20.2% each. Demand for destroyers, frigates and aircraft carriers is expected to increase, as countries such as the US, the UK, China, India and Brazil have launched new procurement programs throughout the forecast period. Countries facing conventional threats such as territorial disputes and hostile neighbors will also drive demand for these vessels. The wars in Iraq and Afghanistan resulted in many countries focusing on their armies and air forces, and neglecting their navies. With the conflicts on the verge of ending, many countries are now expected to increase their spending on strengthening their naval combat capabilities.

Demand for smaller multi-role ships capable of operating in littoral waters
The changing nature of warfare has forced governments around the world to spend on smaller surface combatants capable of operating in littoral waters, and advanced weapons and communication systems to enable these ships to perform multiple missions. These advanced systems require more power for operation, which has led to innovative propulsion systems being installed on surface combatants. As the capabilities of these ships increase, so too do the threats they face, leading to the development of advanced technology to reduce the ships’ signatures and increase their stealth capabilities. The combat capabilities of these ships are also being enhanced to make them capable of handling helicopters, which has led to the development of mobile deck handlers.

Western austerity measures to encourage consolidation
Global defense cuts, combined with a substantial increase in the cost of developing technologically superior weapons platforms, have encouraged collaboration between governments, services and industries. This has led to in-country and cross-border consolidation, and an increase in joint development and procurement programs, which are expected to continue in the next ten years.

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Thursday, 16 February 2012

Global Medical Device Industry Outlook Survey Through 2012: Industry Dynamics, Market Trends and Opportunities, Marketing Spend and Sales Strategies


Medical device industry supplier respondents in the North America have the highest average budget of US$2.6 million in 2011, compared to US$0.7 million and US$0.5 million for respondents operating in Europe and the Rest of the World.

London, February 16, 2012 – Across the medical device industry, 61% are more optimistic about revenue growth for their company over the next 12 months in comparison to the previous 12 months (Reference Figure 1 below).


An increased level of consolidation in the industry is expected, with 70% of respondents predicting there will be an increase in merger and acquisition activity over the upcoming 12 months. There are many factors which have contributed to the switches to inorganic growth, including, high operating and R&D costs, rising competitions, stringent government regulations and business competence to name a few. Johnson & Johnson lead the global medical device industry, with the top 10 companies collectively covering 45% of the market making it highly fragmented. A department head of a medical device industry supplier company based in Asia-Pacific states:

“The current medical equipment market is highly fragmented and unstructured in this region, and is likely to witness a number of acquisitions to improve growth through collaborative efforts in technology, R&D and innovation.”

Future development expectations for companies include enhancing their operational efficiency through software, technology upgrades, increasing capacity utilization and expanding capacities and production levels. Sikorsky Aerospace Services launched its new LUH Helotrac 2X maintenance management software system in March 2011. The software will support the US Army's UH-72A Lakota light utility helicopter (LUH) program. A manager from an aerospace industry supplier operating in Asia-Pacific states:

“We plan to scale up our operations to enhance capacity and increase operational efficiency.”

China, Brazil and India have been identified by respondents as offering the most growth among the emerging markets. It is expected that there will be an increase in demand for medical equipment and other support services due to the expansion of business activities, stronger economic growth compared to other regions in the world, government funding and reforms and changing consumer lifestyles. Among the developed regions US, Singapore, Taiwan, Hong Kong, South Korea, Germany and Canada have been identified as the most important regions for growth.

On average the marketing budgets of medical device industry suppliers are expected to increase over the next 12 months. It is estimated there will be a minimum 10% rise in marketing budgets, indicating a period of recovery and restoration of confidences following the global economic crisis. In 2011 there has been a rise in the global annual marketing budget for the medical device industry supplier companies since 2010. However, 79% of companies intend to keep budgets low, spending less time and money on marketing strategies.

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Wednesday, 15 February 2012

The Colombian Defense Industry Market Opportunities and Entry Strategies, Analyses and Forecasts to 2016


London, 15 February, 2012 – The defense expenditure of Colombia is smaller in comparison to other countries in the world. However, Colombian defense expenditure demonstrated faster growth than India, Saudi Arabia and the world’s largest defense spending country, the US, during the review period. Indeed, the defense expenditure of Columbia increased at a CAGR of 14.75% during the period and is expected to grow at a CAGR of 10.05% during the forecast period (reference figure below).





Between 2005 and 2010, Colombia’s defense expenditure increased at a CAGR of 14.75%. However, as a result of the global economic recession, Colombia’s defense expenditure is expected to grow at a slower CAGR of 10.05% during the forecast period. In Colombia, defense expenditure is primarily driven by external factors such as the threat and military development of Venezuela and internal factors such as the threat from rebel groups such as the Revolutionary Armed Forces of Colombia (FARC) and the National Liberation Army (ELN), and the prevention of drug trafficking and related crime in the country. During the review period, the Colombian government’s military modernization program moderately increased the defense expenditure of Colombia, despite financial constraints attributed to the global economic recession.

Following the independence of Colombia and its neighbor, Venezuela, both countries began to perceive each other as a threat. During the last decade, political and diplomatic relations between the two countries has ranged between periods of mutual understanding and tension. Colombia’s close relationship with the US has also contributed to the distrust between Colombia and Venezuela.

In addition to the external threat from Venezuela, Colombia is under threat from indigenous terrorism and crime and the country has the highest homicide rate in the world. Although the security situation has improved, crime remains a significant problem in the country and the Columbian government considers crime to be one of its biggest challenges.

Colombia faces significant internal security challenges from rebel and paramilitary attacks and high levels of criminal activity. Although the Colombian government has had some success in dispelling rebel groups, Colombia has one of the highest crime rates in the world. As a result, the Colombian government and the country’s businesses have invested in security and other monitoring systems to safeguard citizens and other national assets.

As a result of these factors, the Colombian military is expected to undergo modernization during the forecast period. In 2006, the Colombian Congress approved a new law securing funds for military modernization programs.

The Colombian government channels a considerable amount of its defense expenditure towards the elimination of the drug trade. Colombia is the world’s principal producer and distributor of refined cocaine, 70% of which is exported to the US drug market. The US has contributed to fund the prevention of the drugs trade and counterinsurgency, making Colombia the largest recipient of US military aid after Israel.

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The reports in our store draw on robust primary and secondary research, proprietary databases, industry surveys and insightful analysis from our own expert teams and from carefully selected third-party publishers.

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Tuesday, 14 February 2012

Mexican Mining Industry Forecasts to 2015


Mexico is a mineral rich country which has one of the largest concentrations of metals and minerals in Latin America and is a leading producer of silver, bismuth, lead and zinc. Leading on from growth in the review period, the Mexican mining industry is expected to continue to grow in the forecast period (2010 to 2015 ), led by demand from the power, manufacturing and infrastructure industries. Despite controversial new mining taxes, FDI in the Mexican mining industry is also expected to grow.

Demand for precious metals will drive growth in forecast period (2010 to 2015)
In the review period (2004 to 2009), the Mexican mining industry grew at a CAGR of 10.9% and was valued at nearly US$10 billion, driven by increasing prices in the precious metal industries, particularly the silver industry. In the forecast period this growth is expected to continue at a CAGR of 3.2% and see total mineral production in terms of volume increase from just over 300 million tons, to nearly 400 million tons.

With strong domestic and global demand for minerals expected into the forecast period (2010 - 2015), as the power, infrastructure and manufacturing industries in Mexico continue to expand, it is predicted that the price of minerals will continue to rise, particularly for gold and silver, as Mexico has one of the largest concentrations of silver in the world.

Demand for minerals will come from power, manufacturing and infrastructure industries
In the review period (2004 to 2009), a large number of coal fired power plants were constructed in Mexico. The Mexican Energy Ministry has indicated that in the forecast period more power plants may be constructed, and that they would use domestically produced coal as their feedstock. In 2009, coal production in Mexico stood at just over 16 million tons, compared to approximately 7 million tons in Brazil and this indicates the high level of coal production in Mexico.

In addition to this, the infrastructure industry will also contribute to growth in the Mexican mining industry, as the Mexican government plans to implement a variety of construction projects in the forecast period. The Mexican construction industry almost doubled in value during the review period and in the future this growth is expected to continue as the construction of hospitals, shopping centres, hotels and offices will require mined minerals such as cement, aluminium, iron and steel.

The automobile industry, which is the eleventh largest in the world, will also contribute to increased mineral production in Mexico, as it requires large amounts of steel, aluminium and lead. In the forecast period, car production in Mexico is expected to grow at a CAGR of 7.6% and to produce nearly 3,000 units per annum. The production of aluminium will increase significantly, as the automobile industry widely uses this for its lightweight and fuel efficient qualities.

Mining equipment industry will experience growth
As Mexico’s mining industry grows in the forecast period, so too will its mining equipment industry, as companies establish themselves in the country to take advantage of increasing mineral production levels. This growth will be further stimulated by demand from the power, manufacturing and infrastructure industries which will create increased demand for minerals and therefore the mining equipment to extract and produce them. Additionally, the increasing demand for productive, safe and efficient mining equipment, which is able to maintain high production levels at minimum risk to safety, will also aid growth in the mining equipment industry, which will meet this demand through the supply of new types of mining equipment.

Foreign direct investment (FDI) encouraged by Mexican government
In order to attract both foreign and domestic investment, the Mexican government allows 100% equity and private ownership for the exploration, development and production of minerals, and the National Mining Development Plan allows private companies to mine minerals which were previously considered exclusive to the government, such as sulphur, phosphorous, potassium, iron ore and coal. As a result, in 2009 FDI in the Mexican mining industry stood at just over US$900 million and this is expected to increase in the forecast period This rise will also be encouraged by the low labor and production costs in Mexico and the fact that approximately 60% of its mines are open pit, which allows for easier mining and production.

Tax on mining output may be counterproductive
The Mexican government’s decision to levy taxes on mining output rather than sales may damage the mining industry, as the global recession led to inventory levels in Mexico’s mines increasing, resulting in huge stockpiles of mining output to be sold once the economy recovers. If mining taxes were imposed on sales volume rather than mining output, these huge stockpiles would not be a tax burden for mining companies and only the portions that were sold would be taxed. It is thought that this decision to tax mining output may discourage new investors in the Mexican mining industry whilst the stockpiles remain.


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Monday, 13 February 2012

Australian Packaging Industry - Forecasts to 2015


The Australian packaging industry is the thirteenth largest and thirteenth fastest-growing packaging industry in the world and is expected to experience strong growth from 2011–15, driven by growth in the food and beverage, pharmaceutical and retail industries, and the high level of disposable income in Australia. The industry faces challenges from environmental regulations and the advent of ‘smart’ packaging, and some companies may be deterred from investing in the industry because of its highly consolidated nature.

Australian packaging industry to grow in forecast period (2011–15)
From 2006–10, the Australian packaging industry grew at a CAGR of nearly 4%, with paper and board packaging the largest category in 2010, holding a third of the total market share for packaging. Driven by demand from the food and beverage industry, the Australian packaging industry is expected to witness growth at a CAGR of nearly 4% from 2011–15, and to reach a total value of just over US$11 billion.

In the forecast period (2011–15), the food and beverage industry, which accounts for 60% of all packaging demand in Australia and was valued at just over US$80 billion in 2010, is expected to grow at a CAGR of approximately 6% and to continue to aid growth in the packaging industry. In addition to this, food and beverage companies are expected to focus on exporting their goods in this period, and this will bring international demand to the Australian packaging industry.

In addition to this, the aging population in Australia will also be a factor behind growth in the packaging industry in the forecast period. From 2010–50, the number of people aged 65 and over in Australia is expected to increase by 10% and this will lead to an increase in spending on pharmaceutical products. As the packaging industry supplies tubes, blister packs, cartons and bottles to the pharmaceutical industry, it will also benefit from the spending habits of an aging population.

Paper and board packaging to grow steadily
The largest packaging category, paper and board, which constitutes a third of all Australian packaging, is expected to grow to a value of just over US$4 billion from 2011–15, driven by demand from growing industries such as food and beverages, electronics, pharmaceuticals, tobacco and personal care products. Australia is the world’s fifteenth largest producer of paper and board packaging.

Outlook for packaging industry is challenging
Despite predictions flor growth from 2011–15, the Australian packaging industry will face challenges in this period as it attempts to provide customers with cost competitive and innovative packaging solutions. For example, packaging manufacturers have developed ‘smart packaging’ in which microchips are embedded in packaging in order to provide information on products and to facilitate supply chain management. Other packaging products include ‘intelligent’ solutions which display the temperature and age of food products during transit. As demand for these ‘intelligent’ packaging solutions grows, packaging companies will be forced to increase their expenditure on packaging technology.

Packaging industry in Australia highly consolidated
In the past decade the Australian packaging company has become increasingly consolidated, with just two to five companies operating in each packaging category and collectively holding around 95% of the market share. The presence of these large and dominant companies, along with the high volume and low margin nature of the packaging industry, may deter smaller companies from entering the market. The competition is intensified in the flexible and rigid plastic categories due to the presence of a large number of foreign companies.

Per capita expenditure on packaging ranks eighth in world
In 2010, per capita expenditure on packaging in Australia stood at approximately US$420, which was higher than the average of the top 20 countries. As a result, Australia has the eight highest per capita spending on packaging in the world, after countries such as the US, Switzerland and France. In the forecast period, the per capita spend on packaging in Australia is expected to further increase and this will aid growth in the packaging industry.

As Australia did not fall into recession during the review period, its retail industry grew at a CAGR of over 8% and in 2009, average disposable income stood at approximately US$10,000. This means that Australian citizens have the capacity to spend their disposable income on packaged products within many industries, including retail and food.

Packaging industry is regulated by environmental laws
From 2008–10, the Australian government implemented the National Packaging Covenant, which was a voluntary initiative to reduce waste created by packaging and office paper. A national recycling rate of 65% was established for post-consumer packaging and a 25% recycling rate for packaging products that are difficult to recycle or cannot be recycled. In addition to recycling targets, the Australian government also restricted the production of plastic bags, which are particularly bad for the environment. These reductions in packaging production and recycling schemes provide a challenge for the packaging industry in Australia, which must adapt its manufacturing lines to create environmentally friendly packaging manufacturing and meet recycling legislation targets.

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Friday, 10 February 2012

Mining in Greece to 2015


Greece has a number of rich mineral resources such as lignite, copper, bauxite, perlite, bentonite, gypsum and gold. However, the Greek mining industry declined in both volume and value in 2009 as a result of the global economic crisis. Greece also faces the problem of a high budget deficit and the EU’s second-highest external debt burden after Ireland. Recently, the International Monetary Fund (IMF) and the EU approved a sizeable bailout package for Greece at a low interest rate, and asked the country to adopt austerity measures to reduce its debt, which include disinvestment in public sector enterprises, including state-owned mining companies.

Coal production dominates the Greek mining industry, representing nearly two thirds the country’s total mineral production in 2009. This was followed by the non-metallic mineral category, which is composed principally of the production of cement and perlite, and the metallic mineral category which is dominated by the production of bauxite and nickel.

Economic recovery and increased investment will stimulate the Greek mining industry.
The Greek mining industry produced a total of 63.2 million tons of minerals in 2009, representing a small decline over the review period. The decline was primarily due to the fall in coal production and lack of growth in sales of metal, which adversely affected metal production in the country. During the forecast period, it is expected that the growth of the end-user markets for minerals and metals, such as the construction, power and manufacturing industries, will increase the demand for minerals and overall mining production.

Use of coal in Greek power generation is decreasing.
The country has vast reserves of lignite and, as a result, lignite-based power plants account for most domestic power generation. However, the government wants to increase the share of renewable energy in its power production and reduce its carbon emissions in accordance with EU policies. As a member of the EU, the country is obliged to produce at least 20% of its energy through renewable sources, but the country has set itself a target considerably higher than this. As a result, the consumption of coal for power generation is expected to fall in the long-term.
Improper waste management leads to public opposition in Greece.

A new mine development is facing opposition from local inhabitants and political parties, centered on a failure by mining companies in Greece to follow waste management strategies which is polluting the environment. Such opposition deters investment in new mines and increases in opposition from political parties lowers the popularity of new mining projects.

Differential treatment for foreign companies that are not part of the EU.
The government has restricted investment from non-EU companies in its mining industry. These companies are required to obtain licenses and other approvals that are not required by domestic and EU-based operators. Such regulations deter foreign investors who could otherwise be potential sources of growth for the Greek mining industry.

Demand for copper in Greece is expected to increase.
The Greek government has announced plans to move towards renewable energy to decrease the country’s dependence on fossil fuels, which are harmful to the environment. As copper is an important metal used in the generation of renewable energy, the demand for the mineral is likely to increase in the future.

Exports expected to rise as the global industry recovers.
The global mining industry has, overall, begun to recover due to an increase in the demand for, and price of, minerals. During the forecast period, with exports expected to account for more than half of the total production volume, the Greek mining industry is expected to improve its current situation. Export demand for metallic and non-metallic minerals is expected to rise in the forecast period, as the economies of Greece’s major trading partners are expected to perform better in the coming years.

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Wednesday, 8 February 2012

The Future of Construction in Spain to 2015 Austerity Measures and Budget Deficit to Deter Growth


Between 2000 and 2007, the Spanish economy recorded an average annual growth rate of 3.6%, which was attributed to growth in the Spanish construction industry and in particular, the growth of residential housing in the country. However, the growth in the Spanish housing segment was unsustainable, as the number of housing completions exceeded the rate of new house hold formation in the country.

London, February 08, 2012 – Within the Spanish construction industry, residential construction was the largest market with a share of 50.7% in 2010. In terms of growth, commercial construction was the fastest growing market, recording a CAGR of 1.51% during the review period. This was followed by institutional construction, with a CAGR of 0.13% (reference figure 1 below).

Between 2000 and 2007, the Spanish economy recorded an average annual growth rate of 3.6%, which was attributed to growth in the Spanish construction industry and in particular, the growth of residential housing in the country. However, the growth in the Spanish housing segment was unsustainable and the Spanish housing market and property boom burst in 2007. Following this, the onset of the global financial crisis further exacerbated the problems in Spain’s residential housing market. Consequently, the Spanish economy, entered into a recession and unemployment in Spain rose to 20%. As a result of these developments, the Spanish construction industry recorded a CARC of -2.89% during the review period.

Between 2011 and 2015, the large quantity of newly built unsold housing, office and retail space and other categories stock is expected to contribute to the moderate growth of 1.05% in the Spanish construction industry. During the forecast period, growth in the Spanish construction industry is also expected to be weakened by the Spanish government’s austerity measures, which aim to bring the budget deficit in the country within the EU 3% limit by 2013.

In 2010, residential construction accounted for 50.7% of the Spanish construction industry. However, as the housing and property market recorded a downturn, an estimated 1.4 million new houses remained unsold in the country in 2010. Consequently, ICD projects the Spanish residential construction market to achieve a CAGR of 1.97% during the forecast period.

During the review period, the increase in the rail category was attributed to the increased focus on the rail sector as part of the Strategic Infrastructures and Transport Plan (PEIT) 2005 to 2020, unveiled by the Spanish Ministry of Development in 2004. Under the PEIT, 48% of the EUR250 billion expenditure is expected to be invested in the rail category, as the Spanish government plans to develop a High-Performance Network of rail across the country.

Throughout the review period, the Spanish commercial construction market recorded a CAGR of 1.51%, which represented the strongest performance within the Spanish construction industry. With tourist inflows into Spain increasing in 2010 and 2011, construction activities are expected to resume from 2012 onwards when the current stock of unsold space is used. During the forecast period, the commercial construction market is projected to record a CAGR of 0.78%.

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Monday, 6 February 2012

The Indonesian Defense Industry Market Opportunities and Entry Strategies, Analyses and Forecasts to 2016


London, February 06, 2012 – During the review period, Indonesia has allocated insufficient funds to defense. In 2005, defense expenditure was allocated 0.82% of the Indonesian GDP. In 2010, this figure declined to 0.79%, as a consequence of financial constraint and governmental focus on welfare areas, such as education. However, over the forecast period, the government has committed to significantly increasing the defense budget, which could rise to 1.01% of GDP allocated for defense in 2016. Defense expenditure is expected to experience an overall annual growth of 13.15%, due to the Indonesian economy recording a CAGR of 8.3% over the forecast period (reference figure 13 below).


The Indonesian defense market is expected to grow at a CAGR of 13.15% during the forecast period, making it one of the fastest-growing defense markets in the world. The primary stimulator of defense expenditure is the government military modernization program, which was undertaken to compensate for the severe military underfunding during the review period. It is currently estimated that the defense budget is capable of satisfying only 52% of the country’s required military defense expenditure.

Indonesia is frequently affected by natural disasters, in which the army is usually deployed to assist search and rescue operations. In preparation for future natural disasters, government expenditure is expected to increase to purchase transport vehicles and systems which can function in both humanitarian missions and military operations.

In 2011, capital expenditure was allocated 35% of the overall defense budget, while revenue expenditure was allocated 65%. However, due to the government plans to modernize the military through the acquisition of the latest weaponry, capital expenditure is expected to increase and average 40% of the total defense budget, with the remainder allocated for revenue expenditure.

During the review period, the country’s arms exports have registered a decline and the only category to register notable export activity is that of aircraft parts. Indonesia prefers to procure arms from domestic companies, however it relies on imports for technologically advanced weapons which domestic companies are unable to supply. The amount of defense imports has increased during the review period.

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Friday, 3 February 2012

The Future of Construction in Kuwait: Economic Diversification to Improve Growth


During the forecast period (2011–2015), there are planned investments in the construction industry of KWD29.7 billion and, as a result, the Kuwait construction industry is expected to continue growing.

London, February 03, 2011 – Within the Kuwait construction industry, infrastructure construction was the largest market in 2010, with a share of 32.3%. Infrastructure construction was the fastest-growing market over the review period (2006–2010), with a CAGR of 4.72%. This was followed by commercial construction, with a CAGR of 2.94% (reference figure 1 below).


The Kuwait construction industry grew at a compound annual growth rate (CAGR) of 2.65% over the review period, which was supported by growth in all the construction markets in the industry. However, the greatest contribution to the industry growth came from the infrastructure construction market, which is the largest market in the Kuwait construction industry.

This growth was assisted by the government’s efforts to diversify the Kuwait economy and reduce its dependence on oil-related industries, which have led to growth in other industry sectors, including construction. In addition, the emergence of a large young population and considerable numbers of expatriates has further encouraged growth in the commercial and institutional construction markets. During the forecast period (2011–2015), there are large planned investments in the construction industry and, as a result, the Kuwait construction industry is expected to continue growing.

The Kuwait economy is dominated by the oil industry and oil-related business enterprises, and is the fourth-largest global oil exporter. The government is, however, planning on diversifying Kuwait’s economy to be less dependent on the oil industry. As a result, the government is encouraging the development of more companies and industries in Kuwait. Due to the government’s efforts at economic diversification, industries such as finance, banking, logistics, transport, industry, trading, telecom and transport began to develop and expand at a rapid rate during the review period, which increased the demand for construction activities, especially in the office buildings category.

The energy and communication infrastructure construction grew at a CAGR of 4.47% during the review period. The growth during the review period was achieved with the support of a government initiative in 2008 to upgrade the country’s electricity grids and make electricity distribution more efficient for air conditioning units during the summer season, in an attempt to eradicate the country’s electricity shortage.

In addition, since Kuwait is the only Gulf Cooperation Council (GCC) country without a telecommunications regulatory authority, companies in the private communications sector were able to take advantage of the weak regulatory environment. As a result, the market reached a saturation point and companies were forced to improve their services and quality to capture market share from rival companies. As such, telecommunication firms started investing large amounts of capital in the development of broadband communication networks across the country, resulting in increased construction activity in this sector.

The demand for retail space in Kuwait far outweighs current levels of supply. In 2008 the average retail space per person in Kuwait was below 0.32 meters, compared to an average of 0.66 meters for the Gulf region. Furthermore, the majority of Kuwait nationals are less than 25 years old and one-third of the population are expatriates, who would make use of retail space if it were available. With a large young population, the demand for housing is expected to remain high during the forecast period.

Due to the importance of oil to Kuwait’s economy, the state controls 95% of the land in Kuwait to ensure the freedom of oil exploration. However, this leaves little land for private developers to build on so there is a shortage of residential housing in Kuwait, leading to increased house prices. Property speculation activities have also added to the housing problem, raising house prices to a level that most homebuyers cannot afford. There is also little land available for commercial and retail construction. To address this, the government is expected to release more land and develop housing cities in collaboration with private developers to encourage residential construction over the forecast period.

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About Industry Review:

Industry Review is a collection of incisive, regularly updated market reports across 40+ industry sectors and 100+ countries.

We provide access to the latest data on global and local markets, key industries, top companies, M&A activity, new product launches and trends so you can make faster and better informed business decisions.

The reports in our store draw on robust primary and secondary research, proprietary databases, industry surveys and insightful analysis from our own expert teams and from carefully selected third-party publishers.

With access to over 400 in-house analysts and journalists, and a global media presence in over 30 industries, Industry Review delivers in-depth knowledge of local markets worldwide.

For more information, please visit our website at www.industryreview.com

For more information on the article, please contact:

Press Contact:
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Tel: +44 (0) 20 7936 6671
shelly.wills@industryreview.com