Industrials and Manufacturing

Editorial summary. Qualitative drivers are general industry context written by Invest Global, last reviewed 2026-10-08. They are not forecasts. Figures elsewhere on this page are sourced and dated.

• Power reliability and input cost
• Trade policy shifts and tariff exposure
• Skills shortages
• Thin domestic supplier ecosystems
• Currency volatility on imported components

Investing in frontier and emerging markets carries significant risk, including total loss. This list is illustrative and not exhaustive.

1. Raw materials and components
2. Fabrication and assembly
3. Quality control and certification
4. Distribution and export
5. Aftermarket and services

Ranked by exposure score, a weighted percentile of sourced indicators. Select Sources on any row to see each input, its period, source and as-of date.

Top countries by Industrials and Manufacturing exposure score

#	Country	Score	Band	Why
01	Puerto Rico	98	High	Manufacturing is 44.0% of GDP; industry is 47.0% of GDP (2025). Sources
02	Ireland	96	High	Manufacturing is 33.9% of GDP; manufactures are 91.4% of merchandise exports (2025). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.01
03	Liechtenstein	95	High	Manufacturing is 34.2% of GDP; industry is 39.1% of GDP (2023). Sources
04	Cambodia	93	High	Manufacturing is 29.0% of GDP; manufactures are 78.0% of merchandise exports (2024, 2025). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.10
05	China	93	High	Manufactures are 90.5% of merchandise exports; manufacturing is 24.7% of GDP (2025). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.23
06	Equatorial Guinea	93	High	Manufacturing is 22.3% of GDP; industry is 41.4% of GDP (2025). Sources
07	San Marino	93	High	Manufacturing is 31.8% of GDP; industry is 35.8% of GDP (2023). Sources
08	Vietnam	93	High	Manufacturing is 24.5% of GDP; manufactures are 85.0% of merchandise exports (2023, 2025). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.22
09	Bangladesh	92	High	Manufactures are 94.5% of merchandise exports; manufacturing is 22.4% of GDP (2018, 2025). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.09
10	South Korea	92	High	Manufacturing is 27.4% of GDP; manufactures are 88.0% of merchandise exports (2025). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.10
11	Czechia	86	High	Manufactures are 90.0% of merchandise exports; manufacturing is 19.4% of GDP (2025). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.01
12	Malaysia	86	High	Manufacturing is 22.1% of GDP; manufactures are 72.8% of merchandise exports (2025). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.32

Exposure scores describe how large and relevant a sector is in a country's economy and opportunity set relative to other countries. They are not a measure of attractiveness, expected return or risk. Educational content only, not investment advice.

Exposure scores show relative weight. This ranking shows absolute size on one sourced measure: manufacturing value added. World Bank manufacturing share of GDP times GDP of the same year.

Largest countries by Manufacturing value added

#	Country	Manufacturing value added	Period
01	China	$4.82 trillion	2025
02	United States of America	$2.50 trillion	2021
03	Germany	$890 billion	2025
04	Japan	$788 billion	2024
05	India	$533 billion	2025
06	South Korea	$514 billion	2025
07	Italy	$383 billion	2025
08	Mexico	$366 billion	2025
09	Russia	$350 billion	2025
10	France	$319 billion	2025
11	United Kingdom	$307 billion	2025
12	Indonesia	$276 billion	2025

Derived from the cited sources as described above. A larger economy ranks higher on absolute measures even when the sector is a smaller share of its output.

Largest listed companies tagged to this sector in the Invest Global capital markets dataset, ranked by market capitalisation in US dollars. Coverage is the markets in that dataset, so it is not a global census.

Largest listed companies in Industrials and Manufacturing

#	Company	Country	Market cap	Basis
01	Siemens SIE	Germany	$247 billion	Invest Global sector tag
02	Linde LIN	United Kingdom	$217 billion	Invest Global sector tag
03	Schneider Electric SU	France	$187 billion	Invest Global sector tag
04	ABB ABBN	Switzerland	$175 billion	Invest Global sector tag
05	Airbus AIR	Netherlands	$174 billion	Invest Global sector tag
06	Eaton ETN	Ireland	$171 billion	Invest Global sector tag
07	Rolls-Royce Holdings RR	United Kingdom	$162 billion	Invest Global sector tag
08	Safran SAF	France	$159 billion	Invest Global sector tag
09	Hitachi 6501	Japan	$157 billion	Invest Global sector tag
10	Siemens Energy ENR	Germany	$140 billion	Invest Global sector tag
11	Air Liquide AI	France	$122 billion	Invest Global sector tag
12	Trane Technologies TT	Ireland	$100.0 billion	Invest Global sector tag
13	Johnson Controls JCI	Ireland	$91.0 billion	Invest Global sector tag
14	Atlas Copco ATCO.A	Sweden	$87.5 billion	Invest Global sector tag
15	Volvo Group VOLV-A	Sweden	$66.7 billion	Invest Global sector tag

Not recommendations. A list of the largest companies is not a list of suggested investments. Sector tags marked Invest Global are an editorial classification of each company's main business. Market capitalisation is a snapshot, not a live quote.

Regulatory summaries are general and change often. Confirm current rules with local counsel. Not legal advice.

• Listed manufacturers and building materials firms
• Industrials sector funds
• Greenfield investment in industrial zones
• Supplier and contract manufacturing partnerships

• XLI
  State Street Industrial Select Sector SPDR ETF
  SELECT SECTOR SPDR TRUST
• VIS
  Vanguard Industrials Index Fund
  VANGUARD WORLD FUND

Examples, not recommendations. Each fund is confirmed in the SEC series and class file. These are US-listed funds whose holdings are mostly developed-market issuers; check each prospectus for current holdings, fees and domicile. No prices, yields or fees are shown because none are verified here.

Charts show historical data from the cited sources. Past levels do not indicate future results. Commodity series are World Bank nominal US dollar monthly benchmarks.

Each score is a weighted average of percentile ranks. For every indicator, a country's latest observation (not older than 2014) is ranked against all other countries with data (mid-rank percentile, 0 to 1). Where a lower raw value signals more headroom (for example electricity access), the rank is inverted. The weighted average of the available percentiles is scaled to 0 to 100. A cell is published only if indicators holding at least 60 percent of the weight are available; otherwise the country is omitted for that sector.

The score describes how large and relevant a sector is in a country's economy and opportunity set, relative to other countries. It is not a measure of attractiveness, return or risk, and it is not investment advice.

• World Bank, World Development Indicators CC BY 4.0
• U.S. SEC, Investment Company Series and Class Information U.S. Government work, public domain
• companiesmarketcap.com (via the Invest Global capital markets dataset) Third-party data carried over from the existing Invest Global capital markets dataset; reuse licence to be confirmed
• OECD FDI Regulatory Restrictiveness Index CC BY 4.0 (OECD content published from 1 July 2024)
• World Bank, Commodity Price Data (The Pink Sheet) CC BY 4.0

Data version 2026-10-09. Every datapoint carries its source and as-of date; hover or tap a dotted value to see them.