In 2023, the business enterprise R&D expenditure in China's manufacture of basic iron and steel, as well as the casting of iron and steel, stood at 95.5 billion Yuan Renminbi. The forecasted expenditure shows a steady growth from 2024 to 2028, indicating a positive annual compound growth rate (CAGR). For instance, from 2024 to 2025, there's an increase of 3.37%, while from 2025 to 2026, the growth is 3.20%. This trend continues with slight variations, leading to a CAGR of approximately 3.77% over the forecasted period.
Future trends to watch for include technological advancements in the steel industry, national policies favoring innovation, and the potential impacts of global economic conditions. Moreover, the increasing emphasis on sustainable practices may drive R&D expenditures even further.
