In 2023, China led the R&D expenditure in the wood manufacturing sector, with a substantial investment of 2.1 billion USD PPP. The United States followed, albeit with a much smaller investment. The highest annual growth rates were noted in Estonia, China, and Portugal, while Taiwan and Mexico experienced significant declines. The five-year CAGR highlights China's strong growth, alongside Portugal and South Korea, indicating ongoing robust investment in these regions.
Future trends to watch include escalating R&D efforts in renewable materials, driven by global sustainability goals. Additionally, advancements in technology for efficient processing and novel products will likely stimulate further investment, particularly in high-growth regions such as China and Portugal.
Top countries in Business Enterprise R&D Expenditure in Manufacture of Wood and of Products of Wood and Cork (Except Furniture; Manufacture of Articles of Straw and Plaiting Materials) by Country
| # | 10 Countries | Million US Dollars PPP | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 2,100 | 2023 | +6.26% | +10.2% | View data |
| 2 | 2 United States | 257 | 2023 | -5% | -1.31% | View data |
| 3 | 3 Canada | 112.68 | 2023 | +1.78% | +3.77% | View data |
| 4 | 4 Japan | 83.75 | 2023 | +2.52% | +2.85% | View data |
| 5 | 5 Italy | 71.77 | 2023 | +10.81% | +6.41% | View data |
| 6 | 6 Poland | 67.67 | 2023 | +12.42% | +6.26% | View data |
| 7 | 7 South Korea | 48.44 | 2023 | +7.75% | +9.47% | View data |
| 8 | 8 Portugal | 47.06 | 2023 | +2.54% | +8.45% | View data |
| 9 | 9 Germany | 34.48 | 2023 | +1.81% | +3.35% | View data |
| 10 | 10 Spain | 28.91 | 2023 | +6.66% | +5.46% | View data |
