It can be difficult to understand because the noun is omitted. It is omitted because is the same as the plural noun after "of". Consider this: "The smartest of the girls stood up". (literary, but fine) Compare to: "The smartest girl of the girls stood up" (sounds bad to me) Simplistic: "The smartest girl stood up" (unknown if there are other girls - maybe?) In your sentence - read it like this: "It remains one of the most fragmented [industry] of the great global industries." With "among", it sounds better to me, but it is still literary. "It remains one of the most fragmented among the great global industries." Like Lance wrote, you can rephrase it, but personally I dislike his (1) and (2) compared to my example using "among". However, that is just style - there is no difference in meaning. ~ "Should it be missed out?" is not a grammatical sentence. I think you mean "left out". "Should it be left out?" And to that question - "yes".

Hi David, "It remains one of the most fragmented of the great global industries." The adjective "fragmented" does refer to a noun phrase: the great global industries. Personally, I find the sentence superfluous; it can be re-written as: (1) "It remains one of the most fragmented great global industries." OR (2) "It remains one of the great global industries which is fragmented." Just as a side discussion, in the case of sentence (2), "which is fragmented" is a relative clause, which provides more information about one of the great global industries. Therefore, it is also an adjectival clause. Hope this helps. Cheers, Lance