The global business industry is a comprehensive collection of businesses of different scales, engaged in varied commercial activities for earning a profit. Particular business industries may be classified by the main activity they are involved in.The size of a business is typically defined by the number of employees and the volume of annual sales. Among the major business industries across the world are coal, petroleum, airlines, pharmaceuticals and insurance industries.
Here are some of the largest business industries in the world:
- Coal: From the 1980s to the early 21st century, the global coal industry has succeeded in increasing hard coal production by 97%. As per the findings of the World Coal Institute, coal reserves are expected to last for a period of 133 years at the current production rate. The world’s largest coal reserves are in the USA, Russia, Australia, China, India and South Africa.
- Petroleum: It is the single most popular source of energy available, which makes Petroleum Refining Industry the heart of the economy. It generates fuel, plastic, chemicals used for agricultural purposes, etc. There are about 150 refineries present in USA which are capable of producing petroleum somewhere between 5000 barrels to 50,000 barrels on a daily basis. Petroleum is not a domestic product and any kind of shortage in the same has serious ramifications on all possible industries along with the economies all over the world.
- Airlines: The international airline industry provides service to virtually every corner of the globe, and is an integral part of the creation of a global economy. The industry consists of over 2000 airlines operating more than 23,000 aircraft, providing service to over 3700 airports.
The pharmaceutical industry develops, produces, and markets drugs licensed for use as medications. Pfizer's cholesterol pill Lipitor remains the best-selling drug world wide with annual sales of $12.9 billion.
The US accounts for almost half of the global pharmaceutical market, with $289 billion in annual sales followed by the EU and Japan. Emerging markets such as China, Russia, South Korea and Mexico outpaced that market, growing a huge 81 percent.
- Insurance: Property casualty insurance companies play a vital role in protecting people, making sure protection is in place specific also to legal liability. For instance, a vehicle insurance would typically cover both the property risk (theft or damage to the vehicle) and the liability risk (legal claims arising from an accident).