The expenditure on R&D in the manufacture of basic iron and steel, and the casting of iron and steel in the UK is projected to grow from £81.5 million in 2024 to £89.1 million in 2028. Compared to 2023, this marks a significant upward trend in investment, with a steady year-on-year increase averaging approximately 2% per year. This forecast indicates a commitment to innovation and process improvements in the steel sector, likely driven by technological advancements and sustainability efforts.
Key future trends to watch for include:
- Increased adoption of smart manufacturing technologies, potentially boosting efficiency and reducing costs.
- Emphasis on environmentally-friendly practices and materials, driven by regulatory requirements and customer demand.
- Potential global market uncertainties influencing domestic R&D investment priorities.