In 2023, business enterprise R&D expenditure in the manufacture of coke and refined petroleum products in Canada was approximately 116 million Canadian dollars. The forecasts indicate steady year-on-year growth: 9.4% in 2024, 9.4% in 2025, 8.6% in 2026, 7.9% in 2027, and 7.3% in 2028, with a compound annual growth rate (CAGR) of about 8.5% over the five-year period.
Future trends to watch for:
- Emergence of sustainable technologies and R&D investment in green alternatives.
- Impact of regulatory changes on R&D funding and strategies.
- Strategic partnerships and collaborations aiming at innovation and efficiency.
