In 2023, China's business enterprise R&D expenditure in the manufacture of basic iron and steel; casting of iron and steel stood at a key milestone as the sector sought technological advancements. From 2024 onwards, forecasts indicate a steady year-on-year growth starting at $22.77 billion in 2024, rising progressively to $25.19 billion by 2028. This indicates a moderated cumulative annual growth rate (CAGR) over the five-year forecast period, underscoring a consistent investment trajectory aimed at innovation and efficiency enhancements.
Future trends to watch include:
- Continued emphasis on sustainable steel production technologies.
- Increased adoption of digitalization and smart manufacturing processes.
- Potential geopolitical factors impacting raw material supply chains.
- Government policies supporting environmental compliance and sectoral competitiveness.
