EDM Wire Market
Dublin, Dec. 09, 2022 (GLOBE NEWSWIRE) -- The "EDM Wire Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Wire Type and Industry" report has been added to ResearchAndMarkets.com's offering.
The EDM Wire market size is expected to reach US$ 3,450.17 million by 2028; it is estimated to grow at a CAGR of 6.6% from 2022 to 2028.
Fabrication of components and parts used in the automotive and aerospace industries, manufacturing of extrusion dies and blanking punches, small hole drilling on soft/hard metals, and prototypes or molds of concept builds are a few prominent applications of EDM wires.
In addition, areas demanding low residual stress and requiring the volume production of components, such as spare parts, use EDM wire. The use of the wire enables manufacturers to develop complex shapes from stainless, titanium, tool steel, steels, and other hard alloys. Therefore, the rising manufacturing of small or intricate components, complex shapes, or parts demanding narrow slots is creating the demand for EDM wires.
In the wave of technological developments, automotive, healthcare, and many sectors are improving. For instance, in the healthcare industry, penetration of personal and intelligent medical devices will lead to personalized medical technologies and implantable medical devices.
Also, adopting robots in the industry is projected to enable the rollout of state-of-the-art medical solutions, such as wearable and implantable technologies. The mentioned development in the healthcare industry is projected to create lucrative growth opportunities during the forecast period for developing components and parts used in implantable medical devices.
This opportunity is predicted to fuel the EDM wire market growth in the coming years. Countries, such as the UAE and Israel, are working on reinforcing their healthcare industry by investing in robotic clinical robots and medical devices/equipment. Similarly, the automotive industry is also witnessing a revolution.
For producing large auto parts, including dual rigid linear motor axis drives and plastic dashboards, the adoption of the wires is rising. Also, with the introduction of electric vehicles, the automotive industry is transforming rapidly. The demand for EDM wires in the industry was high from earlier times and has gone up with the introduction of electric vehicles, as it ensures precise drilling and molding of small and larger parts.
The North America is sub segmented into the US, Canada, and Mexico where the US is dominating country and Canada accounted for the second-largest country in the EDM wire market analysis. With rise in Canadian populous, the demand for housing units, from single-family homes to high-rise condominiums, will also rise, which is expected to boost the need for household electronic goods in the coming years.
Therefore, the demand of EDM wire would grow in the future for making components in electronic goods. In addition, rising demand for consumer electronic devices in Canada is boosting the growth of EDM wire market. The use of smartphones, tablets, television, personal computers, and other devices is increasing tremendously.
Also, the industrial sector in Canada is growing at a massive rate. Manufacturing is one of a prominent and leading industries in Canada contributing heavily toward the GDP. With rising manufacturing business in Canada, demand for relatable products, such as EDM wires, would also rise during the forecast period.
Asia Pacific is expected to register the highest CAGR in the EDM wire market during the forecast period. Based on country, the market in Asia Pacific is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. In 2022, China is the dominating country with largest market share and Japan holds the second-largest EDM wire market share in Asia Pacific.
Japan is one of the leading countries across the world in the automotive industry. The country is known for its cutting-edge technologies and invigorating ideas worldwide. Automotive manufacturing takes up 89% of the country's largest manufacturing sector.
The rising demand for hybrid and electric vehicles in the domestic and global markets is driving the growth of the automotive industry in Japan. In 2019, the next-generation vehicles accounted for 40% of domestic new vehicle sales. This increasing demand for automotive is boosting the growth of the EDM wire market.
Moreover, Japan's government is supporting the establishment of a robust supply chain through the return of manufacturing bases to the country. For instance, METI's is a program by government for promoting investments in Japan to strengthen their supply chains.
The program is designed to support the return of production bases to Japan to produce products, parts, and materials of electronic devices. Thus, government support and the growing automotive industry in Japan would propel the growth of the EDM wire market in the country during the forecast period.
No. of Pages
2022 - 2028
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2028
Compound Annual Growth Rate
Key Market Dynamics
Increase in Production of Components and Parts
Rise in Government Support for Strengthening Manufacturing Sector
Drawbacks Associated with Using EDM Wire
Growth Prospects in Healthcare, Automotive, and Aerospace Industries
Increasing Adoption of Miniature Pneumatics in Electronics
Hitachi Metals Ltd-
Sumitomo Electric Industries, Ltd-
Oki Electric Cable Co. Ltd
Yuang Hsian Metal Industrial Corporation
Ningbo Kangqiang Micro-Electronics Technology Co. Ltd
JIA BAO Metal Co. Ltd
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