Post on 22-Jun-2020
The oil & gas valve industry in Italy
BUSINESS STRUCTURE, PERFORMANCE AND RECENT TRENDS
Milan, July 5th 2018
Edition 2018
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 2
Executive Summary
Business structure
Italy’s role in the European oil & gas
valve industry
The Italian firms’ performance
International trade and Italy’s export
performance
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 3
With an annual turnover of 3.3 billion Euros generated by 300- firms (with ~11000 employees) , the Italian
producers of industrial valves technologies and flow control solutions for Oil & Gas are among the
most relevant “hidden champions” in the Made in Italy Manufacturers landscape. A sector still not completely
known by the general public, but that embodies the best of Made in Italy manufacturing: leadership in niche
areas, high value-added productions and service, continuous investments in R&D and a strong export-
oriented vocation (almost 90% of turnover is earned abroad).
As far as this business is concerned, Bergamo is the hub of an industrial district across provincial
boundaries that encompasses more than 90% of the national production. In this area there are some of
main Italian (and global) producers and many small and medium-sized enterprises specialized in the
manufacture of parts and components for valves.
According to latest data available, the Italian leading positioning in this business also stands out at
European level where Italy contributes for 31% of total production of industrial valves, ahead of Germany
(26%), UK (13%) and France (11%). Furthermore, Italy is the only top EU producer that shows significant
production levels in all types of valves. One out of two ball valves produced in EU is Made in Italy and about
30% of gate and butterfly European valves are produced in Italian plants. Below the average only the
globe valves, for which the percentage produced in Italy falls to 10%. Finally, Italy ranks first in the EU even
when it comes to parts and components (29%), a further evidence of the completeness of the complete
Italian supply chain.
Executive summary (1/3)
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 4
Executive summary (2/3)
During the 2015-’16 the European valve for oil&gas production showed a cumulative decrease of 10%
compared to 2014. In 2016, one year late with respect the general trend, a contraction also involved Italian
production, which fell by 9.5% after a positive 2015 (+5.4%). Given the importance of the overall Italian
production, the most significant drop concerned ball valves (-3.4%) and components (-8%), compared to a
relevant increasing trend for gate valves (+39.4%) and a good performance for butterfly (+4.7%) and check
valves (+4%). In the last 3 cases the Italian performance was the best among the main European
competitors.
A financial statements analysis on a representative sample of Italian companies (which represent 94% of
sector’s turnover) confirm the problematic cyclical phase for the Italian oil&gas valves industry. In 2016, the
contraction in turnover involved companies regardless of size: negative peaks especially for medium (-
13.4%) and small (-12.2%) companies have been recorded, compared to a less negative performance for big
players (-5%).
However, the most significant trend regards the evolution of industrial profitability, with a ROI index passed
from 19.3% in 2014 to 7.5% in 2016. Also in this case, the drop in industrial profitability has involved the
small and medium-sized enterprises more intensively, but even large companies show a more than halved
ROI compared to 2014. Analyzing the single components of the index, we can see a sharp drop of sales
profitability (-51% on average) and a less intense decrease in the rate of capital turnover.
One more time, the business as experienced the effects of the so called “commodity’s curse” and suffered the
delayed effect of the slump in international oil prices who drives great oil&gas companies investment
decisions worldwide.
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 5
Executive summary (3/3)
As a matter of fact, the reduction in ROS for Italian company is closely related to the drop in the price of oil,
the effects of which are normally felt with a two years lag.
Figures for 2017 highlights signs of turnarounds in global demand: according to international trade data (a
business of 27.6 billion Euro), global import increased at 2,8%. Anyway, even if Italian companies play a
crucial role also in the international valves trade (with a 10,3% market share, behind China and Germany),
they are still lagging behind.
In 2017, Italian exports showed a decline of more than 3%, confirming the negative trend of the previous
year (-7.7%), and indicating some difficulty to keep up with the most dynamic areas on the world (+2.8% the
growth in world demand). The greatest difficulties are reported in Asia and in European markets (in
particular in Norway, UK, France, Spain, Russia and Turkey). The very positive performance in the NEMA
markets (in Primis Saudi Arabia, UAE and Egypt) partially offset elsewhere declines in other areas, and
confirmed Italy as a strategic partner for the countries in this part of the world.
Indeed, quite unusual in the national manufacturing industry, the geographical framework of Italian exports
has a strong specialization in the MENA area (which buys about ¼ of Italian exports and 11% of world
imports) and according to recent figures and perspectives, short terms possibilities of an new upturn for the
Italian Industry are closely related a further strengthening of the business relations in the area.
The second “positive” issues in this overall disappointing scenario has to do with investments: facing
increasingly challenging markets, Italian companies have reacted, as witnessed by the huge investements
cycle of the 2011-15 period: the clearest evidence of the willingness to rethink their positioning to better deal
with the new international scenario.
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 6
Executive Summary
Business structure
Italy’s role in the European oil & gas
valve industry
The Italian firms’ performance
International trade and Italy’s export
performance
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 7
The Italian industry of tapes and valvesA core sector of Made in Italy IM&E industry (2016)
1 316(5.7%)
8.3(6.8%)
30 138(6.7%)
Number of
enterprises
Number of
employeesProduction value
(€ billion)
Other industrial valves*
Household taps
Oil & Gas valves
* Hydraulic valves, valves for food & beverage industry, valves for pharmaceutical
industry, etc.
295 3.3 10 998
686 3.8 13 845
335 1.2 5 295
TAPES AND VALVES
(% share of Machinery and
Equipment industry)
Source: Prometeia’s calculation on ISTAT data and Companies balance sheets
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 8
The oil & gas valves industry in Italy90% of the Italian production is concentrated within a 100 km radius around Bergamo
The map of territorial specialization: % share of the italian production value
3%
77%
Piedmont
Lombardy
8%
8%
VenetoEmilia
Romagna
PAVIA
7%
BERGAMO
12%
VARESE
3%
BRESCIA
5%
LECCO
5%
MONZA-B.
2%
MILANO
42%
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 9
The oil & gas valves industry in ItalySizes of Italian companies
Total turnover by size class: % share
small6%
large71%
medium23%
Turnover >50 € mil.
Turnover 10-50 € mil.
Turnover >50 € mil.
Total turnover by firm: € million
5,3
11,2
5,5
3,6
MACHINERY ANDEQUIPMENT
Oil & gas valves Other industrialvalves
Household taps
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 10
The export vocationOil&gas valves exports has been growing twice with respect to IM&E in 2001-’17
Oil & Gas
valves
industry
Machinery and
Equipment
industry
Export value/Total turnover (% share,2017)
67%89%
70
80
90
100
110
120
130
140
150
160
07 08 09 10 11 12 13 14 15 16 17
Machinery and Equipment (IM&E )
Oil & gas valves
+3.2%
+1.5%
C.A.G.R 2001-’16
C.A.G.R 2001-’16
Total
manufacturing
industry46%
Export value (2007=100 on euro data) World market shares (%)
10,3%
7,8%
3,8%
Oil & gasvalves
Machinery andEquipment
(IM&E )
Totalmanufacturing
industry
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 11
Executive Summary
Business structure
Italy’s role in the European oil & gas
valve industry
The Italian firms’ performance
International trade and Italy’s export
performance
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 12
Oil & gas valve industry in EuropeItaly is the European leading manufacturer of oil & gas valves
The main European production countries: sold production value*
(€ million) 2016
Sourc
e: Prometeia’s
calc
ula
tion
on E
UR
OS
TA
T D
AT
A
2836ITALY
2452GERMANY
454SPAIN
1036FRANCE
1197 UK
9308
EU28* Production value generated at national
production plants
2.8 over a total of 3.3 billions
invoiced by Italian companies
are generated at national
production plants
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 13
Production by valve typesHigh specialization of Italy in ball, gate and butterfly valves
Source: Prometeia’s calculation on EUROSTAT DATA
United Kingdom Spain Italy Germany France EU others
The main European production countries: sold production value by country and product
(€ million) 2016
Ball and plug
valves
1932 € million
1011 € million
Parts for tap, cocks,
and valves
3870 € million
Gate valvesGlobe valves
969 € million 880 € million647 € million
Butterfly valvesCheck valves
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 14
The evolution over the last decadeIn 2015-’16 the positive trend reversed itself
Sold production value in Italy and EU: index 2005=100
Source: Prometeia’s calculation on EUROSTAT DATA; Brent: Prometeia, Analisi e previsioni dei prezzi delle commodity
C.A.G.R
2005-’16
% change
2015-’16
+5.2% -7.1%
+5.1% -9.5%
+5.2% -0.8%
+3.9% -14.1%
10.4% -13.3%
+5.3% +5.0%30
40
50
60
70
80
90
100
120
140
160
180
200
220
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
EU28 Italy Brent (€/b)(right-hand scale)
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 15
The hard years 2015-’16Double-digit decline for Italian globe valves but gate, butterfly and check are rising
Source: Prometeia’s calculation on EUROSTAT DATA
Sold production value by product: % change 2015-’16
-2,7
-9,6
-6,1
6,6
0,9
-6,1
-13,1
-8,0
-3,4
4,0
4,7
39,4
-30 -20 -10 0 10 20 30 40 50
Globe valves
Parts for taps, cocks and valves
Ball and plug valves
Check valves
Butterfly valves
Gate valves
Italy
EU28
The flags are
positioned in
correspondence with
the % change of the
country/product
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 16
Executive Summary
Business structure
Italy’s role in the European oil & gas
valve industry
The Italian firms’ performance
International trade and Italy’s export
performance
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 17
The revenue evolutionA far more dynamic growth pattern than the IM&E Italian industry, but in 2015’-16…
Production value of Italian companies of oil & gas
valves (index 2001=100)
Source: oil & gas valves: Prometeia’s calculation on balance sheet of a
sample of 96 firms for a production value of 3.1 € billion in 2016, IM&E:
Prometeia, Analisi dei settori industriali
Production value of Italian companies of oil & gas
valves by size class: % change
90
110
130
150
170
190
210
230
250
270
290
01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
Oil & Gas Valves IM&E
-4,0 -5,0
2,7
-1,2
-6,6
-13,4
4,6
1,1
1,7
-12,2
5,63,6
2015 2016 Large-size companies
Medium-size companies
Small-size companies
+7,5% +2,8%
C.A.G.R 2001-’16
C.A.G.R 2001-’16
C.A.G.R 2001-’16
+4,1% +2,6%
+1,8% +2,6%
+6,2%
+2,7%
C.A.G.R 2001-’16
-4,3
-7,2
3,7
0,3
2015 2016
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 18
The industrial profitability evolutionRoi is still above the IM&E average, but profitability is declining
18,9
13,0
7,76,2 6,9 7,1
0
5
10
15
20
25
30
35
01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
Oil & Gas ValvesIM&E
Source: oil & gas valves: Prometeia’s calculation on balance sheet of a sample of 96 firms for a production value of 3.1 € billion in 2016, IM&E:
Prometeia, Analisi dei settori industriali
Industrial profitability, Roi (Return On Investment)
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 19
Why profitability is declining?Return on sales is strongly decreasing…
Large-size companies Medium-size companies Small-size companies
Industrial profitability: Roi and its components (Return on sale and Capital turnover)
Source: oil & gas valves: Prometeia’s calculation on balance sheet of a sample of 96 firms for a production value of 3.1 € billion in 2016, IM&E:
Prometeia, Analisi dei settori industriali
19,3
14,7
1,3
14,3
12,1
1,2
8,57,6
1,1
ROI ROS ROT
2014 2015 2016
-48%
-15%
20,3
13,9
1,5
10,4
7,8
1,3
6,15,1
1,2
ROI ROS ROT
2014 2015 2016
-63%
-17%
-17%
6,75,3
1,22,6 2,2
1,20,5 0,5 1,0
ROI ROS ROT
2014 2015 2016
-91%-17%
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 20
0
10
20
30
40
50
60
70
80
90
100
5
10
15
20
25
30
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
EBITDA(left-hand scale)
Brent (€/b)(right-hand scale)
…because EBITDA is still suffering the oil price dynamicsBut in 2017….
Source: Oil & gas valves: Prometeia’s calculation on balance sheet of a sample of 96 firms for a production value of 3.1 € billion in 2016, IM&E: ; Brent:
Prometeia, Analisi e previsioni dei prezzi delle commodity
EBITDA of Italian companies of oil & gas valves (% share of production value) and brent price (€/b)
EBITDA
LEVEL in
2017-19?
Correlation index
at time t = -0,22at time t-1 = 0,26 at time t-2 = 0,53
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 21
0
50
100
150
200
250
300
350
400
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
Oil & Gas Valves IM&E
Is there also an efficiency problem?No. The decline in Capital turnover is linked to the relevant increase in investments
Fixed capital investments: index
2000=100
Capital intensity: % share on
production value
Source: Oil & gas valves: Prometeia’s calculation on balance sheet of a sample of 96 firms for a production value of 3.1 € billion in 2016, IM&E
+4,3%
C.A.G.R 2001-’16
+13,2%
C.A.G.R 2011-’15
19 2018 18
16 15 14 13
18
2421
19 19
22
2629
0
5
10
15
20
25
30
35
01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
+1,8%
+2,7%
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 22
Executive Summary
Business structure
Italy’s role in the European oil & gas
valve industry
The Italian firms’ performance
International trade and Italy’s export
performance
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 23
Oil & gas valve international tradeWorld imports and Italy’s share
13,514,7 15,0
11,0 11,2 10,611,6 11,3 11,1 11,0 10,3
00
05
10
15
20
25
30
35
40
0
20
40
60
80
100
120
140
160
180
200
07 08 09 10 11 12 13 14 15 16 17
Italy's share (right scale)
World imports (left scale)
World imports (2007=100) and Italy’s share (%)
Sourc
e: P
rom
ete
ia’s
calc
ula
tion
on IT
Cdata
World imports 2017
€ 27.6 billion
Italian exports 2017
€ 2.8 billion
C.A.G.R 2007-’17
+6%
% change 2016-’17
+2.8%
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 24
Geographical frameworkThe high level specialisation of italian exports in MENA markets
Source: Prometeia’s calculation on ITC data
28%26%
16%15%
6% 5%
2% 1% 1%
11%
24%
26%
22%
5% 5%
2% 2% 2%
MENA WesternEurope
Asia NAFTA EasternEurope
OtherEuropeanCountries
Oceania &AfricaSubs.
SouthAmerica
OtherCountries
Italian exports
World imports
World imports and Italian exports: geographical framework (% share)
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 25
Italian exportsIn 2017 the negative trend continued, however less marked than 2015-’16
Source: Prometeia’s calculation on ITC data
World imports and Italian exports of oil & gas industrial valves (2007=100 on euro data)
80
100
120
140
160
180
200
07 08 09 10 11 12 13 14 15 16 17
World importsItalian exports
-6,8%
2,8%
-7,7%-3,3%
2016 2017
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 26
International trade map 2017Italy grew significantly in MENA, against the further falls seen in ASIA and O.E.C.
The arrows represent
the contribution of the
area to the overall
growth of Italian
exports
Source: Prometeia’s calculation on ITC data
MENA
Asia
South
America
NAFTA
Oceania &
Africa Subs.
Other European Countries
(including Russia & Turkey)
World imports value (% change 2016-’17)
Italian exports value ((% change 2016-’17)
13.4
-0.9
-4.0
4.0
Western Europe
-11.6
-0.1
2.810.6
6.8 5.8
Eastern Europe
-30.7
-2.5
-42.2
-8.7
8.2 10.3
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 27
Italian export in MENA marketsSignificant growth in Egypt and Saudi Arabia, contraction of sales in Oman
+27%
Algeria
(1.9%)
+7%Tunisia
(0.5%) +15% UAE (5.8%)
-35%
Oman
(2.2%)
+29%
Iran (0.9%)
-68%
Iraq (0.6%)
-28%
Qatar
(0.5%)
Italian export performance in 2017
% change
2016-’17
In brackets, the
share of the country
on Italian exports in
2017 +127%
Egypt (3.0%)
+28%
Saudi Arabia (10.3%)
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 28
Italian export in Western Europe markets+10% in Germany, there was a decline of sales in France, UK and Spain
Italian export performance in 2017% change
2016-’17
In brackets, the
share of the country
on Italian exports in
2017
+46%
Greece (0.6%)
+23%
Austria (0.8%)
-32%
Norway
(2.0%)
+9% Sweden (0.7%)
+10%
Denmark (1.0%)
+10%
Germany (8.1%)
-14%Spain (1.6%)
-10%France (3.6%)
-9%UK (2.8%)
+12%Switzerland
(1.6%)
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 29
Italian export in Eastern Europe marketsNegative results in Russia and Turkey, there was an increase in Central Europe countries
Italian export performance in 2017% change
2016-’17
In brackets, the
share of the country
on Italian exports in
2017
-27%
Russia
(2.2%)
-7%
Turkey (2.0%)
+10%
Poland (1.0%)
+27%
Czech Republic
(0.9%)
+6%Romania
(1.3%)-21%
Bulgaria (0.8%)
+47%Hungary
(0.5%)
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 30
Italian export in Asian marketsSharp and uniform drop in Southeast area, except Malaysia
Italian export performance in 2017% change
2016-’17
In brackets, the
share of the country
on Italian exports in
2017
-6%India (1.0%)
+14%Kazakhstan
(2.3%)
-50%
Indonesia
(0.4%)
-18%
China (3.4%)
-33%Vietnam
(0.3%)
-33%
Thailand
(0.7%)+18%
Malaysia
(1.5%)
-8%
South Korea
(3.7%)
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 31
The main exporter countriesItaly is third in the world ranking
Top-16 exporter: % share of world exports
Source: Prometeia’s calculation on ITC data
25,4
11,410,3
7,56,5
5,13,3 3,2 3,0 2,8 2,1 1,8 1,7 1,7 1,5 1,1
00
05
10
15
20
25
30
Ch
ina
Ge
rma
ny
Ita
ly
Un
ite
d S
tate
s
Ja
pa
n
So
uth
Ko
rea
Un
ite
d K
ing
do
m
Ind
ia
Fra
nce
Ca
na
da
Ta
iwa
n
Spain
Sin
gap
ore
Czech
Re
pu
blic
Ne
the
rla
nd
s
De
nm
ark
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 32
Italy’s and its competitors’ performance in 2017Czech Republic, Taiwan and Netherlands on the top of the ranking
-16,2
-13,3
-8,8
-3,5
-3,3
-2,2
0,4
2,9
3,0
3,9
4,8
8,8
10,9
11,1
19,2
26,2
-20 -10 0 10 20 30
Singapore (1.7)
South Korea (5.1)
United Kingdom (3.3)
Spain (1.8)
Italy (10.3)
Canada (2.8)
France (3.0)
Denmark (1.1)
Japan (6.5)
United States (7.5)
Germany (11.4)
China (25.4)
India (3.2)
Netherlands (1.5)
Taiwan (2.1)
Czech Republic (1.7)
Export growth (% change 2016-’17) and world market shares (In brackets) by world
leading exporters
Source: Prometeia’s calculation on ITC data
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 33
Export growth and world market shares by world leading exporters
Italy’s and its competitors’ performance in 2017China continue to expand, Germany is the only big European player to gaining market share
ChinaGermany
Italy
United States
Japan
South Korea
UK
India
France
Canada
Taiwan
Spain
Singapore
Czech Republic
Netherlands
Denmark
-30.0
-20.0
-10.0
0.0
10.0
20.0
30.0
40.0
-1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0
EX
PO
RT
% c
ha
ng
e2016-’1
7
ABSOLUTE CHANGES IN MARKET SHARES OF WORLD EXPORTS (2016-’17)
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 34
Next updateSee you in 2019
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Confidentiality
Any partial or total reproduction of its content is prohibited without written
consent by Prometeia and Confindustria Bergamo
Copyright © 2018 Prometeia / IVS-Confindustria Bergamo
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The oil & gas valve industry in Italy | Edition 2018 | IVS-Conffndustria Bergamo 36
Contacts
Giuseppe Schirone
Manager
giuseppe.schirone@prometeia.com
Mobile 3351436883
Phone 0516480911
Department Strategie Industriali Territoriali
Location Bologna
Giampaolo Morittu
Senior economist
giampaolo.morittu@prometeia.com
Mobile 3442760227
Phone 0516480911
Department Strategie Industriali Territoriali
Location Bologna
Massimo Longhi
Resp. Studi e Internazionalizzazione
m.longhi@confindustriabergamo.it
Phone 035275284
Location Bergamo
l.pandolfi@confindustriabergamo.it
Phone 035275381
Location Bergamo
Luca Pandolfi
Project Manager
Prometeia
Confindustria Bergamo IVS
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Prometeia
Bologna
Via Guglielmo Marconi,43
+39 051 6480911
italy@prometeia.com
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+39 02 80505845
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2nd floor, Chebli Building,
669 Ashrafieh
+961 1 425206
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River Plaza, Kat 19
Büyükdere Caddesi Bahar Sokak
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| Levent | Istanbul | Turkey
+ 90 212 709 02 80 – 81 – 82
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Dashwood House 69 Old Broad Street
EC2M 1QS
+44 (0) 207 786 3525
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ul. Ilyinka, 4
Capital Business Center Office 308
+7 (916) 215 0692
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Via Tirso, 26
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