In 2023, China led global R&D expenditure in the manufacture of basic metals, reaching a significant $35.08 billion (PPP), with a 5.24% annual growth rate. Japan, the U.S., and South Korea followed, with Japan seeing a decrease of 4.28% and the U.S. experiencing a 6.6% increase. Germany's expenditures shrank by 2.4%, while Taiwan saw an 8.08% growth. Other European countries, along with Israel and Iceland, demonstrated varied trends, with notable declines in Spain and Romania at -5.96% and -21.36%, respectively.
Future trends to watch include:
- China's continued dominance in R&D expenditures and potential growth impact on global steel innovation.
- Focus on eco-friendly metal production technologies by countries with rising R&D investments like Taiwan and the U.S.
- Europe's potential strategic pivot towards sustainable metal manufacturing driven by incremental R&D spending in countries like Finland and Portugal.
- Adaptation challenges for Japan and Germany to reverse declining trends and enhance competitiveness.
Top countries in Business Enterprise R&D Expenditure in Manufacture of Basic Metals by Country
| # | 10 Countries | Million US Dollars PPP | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 35,080 | 2023 | +6.03% | +5.24% | View data |
| 2 | 2 Japan | 1,800 | 2023 | -5.35% | -4.28% | View data |
| 3 | 3 United States | 1,160 | 2023 | +8.35% | +6.6% | View data |
| 4 | 4 South Korea | 857.73 | 2023 | +0.9% | +0.33% | View data |
| 5 | 5 Germany | 689.92 | 2023 | +0.34% | -2.4% | View data |
| 6 | 6 Taiwan | 257.43 | 2023 | +3.35% | +8.08% | View data |
| 7 | 7 Spain | 94.29 | 2023 | +4.44% | -5.96% | View data |
| 8 | 8 Norway | 55.66 | 2023 | +5.24% | +1.51% | View data |
| 9 | 9 Israel | 54.82 | 2023 | -0.63% | -3.54% | View data |
| 10 | 10 Finland | 32.35 | 2023 | +0.11% | -1.96% | View data |
