EDM Wire Market Worth $2300+ Mn, Globally, by 2028 at 7.6% CAGR, Major Market Share - Oki Electric Cable, Sumitomo Electric, Hitachi Metals, Berkenhoff GmbH, Novotec BV | The Insight Partners

NEW YORK, Oct. 13, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "EDM Wire Market Size, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Wire Type, Industry and Geography," the global EDM wire market size is projected to reach USD 2,323.98 million by 2028 from USD 1,497.50 million in 2022. It is expected to grow at a CAGR of 7.6% during 2022–2028.

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Global EDM Wire Market Report Scope, Segmentations, Regional & Country Scope:

Browse key market insights spread across 142 pages with 60 list of tables & 78 list of figures from the report, "EDM Wire Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Wire Type (Brass, Zinc-Coated, and Non-Coated) and Industry (Aerospace, Industrial & General Mechanics, Automotive, Healthcare, Electronics, and Others)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/edm-wire-market

Global EDM Wire Market Analysis: Competitive Landscape and Key Developments

Berkenhoff GmbH; Hitachi Metals, Ltd.; Novotec BV; Opecmade Inc.; Oki Electric Cable Co., Ltd.; Sumitomo Electric Industries, Ltd.; Thermo Compact; Yuang Hsian Metal Industrial Corp.; Ningbo Kangqiang Micro-Electronics Technology Co., Ltd; and JIA BAO Metal Co., Ltd.  are among the key players profiled during this market study. In addition, several other essential EDM wire market players were studied and analyzed to get a holistic view of the market size and its ecosystem.

In 2022, Sodick put a new spin on the ALP, ALN, ALC EDM wire line that has new functions which reduces that consumption of wire by 25%

In 2022, MC Machinery Systems India Private Limited (MMSI) was established in India for sales and service of advanced EDMs and Laser Cutting Machines (LASER). These products are developed by Mitsubishi-Japan.

The EDM Wire market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South & Central America. Asia Pacific dominated the EDM wire market in 2021 and is also expected to continue its dominance throughout the forecast period. The demand for smartphones, tablets, PCs, laptops, and other consumer electronics in Asian countries favors the growth of the Asia Pacific EDM wire market. Hitachi Metals, Ltd., Sumitomo Electric Industries, Ltd., YUANG HSIAN METAL INDUSTRIAL CORP., and Ningbo Kangqiang Micro-Electronics Technology Co., Ltd are among the major players considered during the EDM wire market analysis.

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Australia has seen strong demand for high-tech products in the healthcare sector. Also, with increased funding for Australia's healthcare sector will boost the EDM wire market in the country. For instance, according to The Department of Health and Aged Care, the Australian government is investing US$132 billion in 2022–23 to strengthen the healthcare system this investment will increase to US$140 billion in 2025–26, with a total commitment of US$537 billion over the next four years. Thus, this growth in the Australia's medical sector will further propel the EDM wire market player's businesses in the country. Industries such as automobile, manufacturing, and electronics were negatively affected due to the COVID-19 pandemic. However, the healthcare industry in the region has been positively growing since Q1 of 2020. Moreover, the requirement for medical machinery increased, which led to a rise in demand for EDM wires in the healthcare industry in the region.

Moreover, the countries operating in the EDM wire market, such as Makino and Oki Electric Cable Co., Ltd., implemented various strategies in 2020 to remain competitive. For instance, in 2020, Oki Electric Cable Co., Ltd. launched new series of EDM Wires, electrode wires for wire-cut electrical discharge machines (WEDMs), that features a roundness of 0.25 microns for all its products. As economies reopened and industries began their operations in 2021, the demand for EDM wires from various end users rose gradually, which is expected to grow more during the forecast period.

Global EDM Wire Market Study: Industry Overview

The EDM wire market, by industry, has been segmented as aerospace, industrial & general mechanics, automotive, healthcare, electronics and others. The aerospace segment in the EDM wire market is expected grow at a faster pace during the forecast period. In the aerospace industry, extreme precision is required to be considered to minimize errors as the slightest miscalculation can cause a series of catastrophic disasters which is the major factor for the rising EDM wire market growth. The wire is used to create fuel systems, engine systems, turbine blades, advanced weapon systems, and even various landing gear components. Also, due to continuous advancement in EDM wire technology the aerospace component manufacturers have risen the demand for EDM wire as it provides more accuracy and can easily help in manufacturing of various components. Thus, all the above factors rise the demand of EDM wire in aerospace industry.

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EDM wires is used for various industrial and general mechanics applications. The wire is used in the mass production parts, such as the production of measuring instruments, gears, scales, parts of gearboxes for the automobile, hinges for cupboards, and many others. These EDM wires are also used to cut extremely small parts, which have high quality and precision. For example, EDM wire is used in manufacturing cogs serrated for luxury watches. Thus, this raises the demand for EDM wire in the market.

The production of medical devices needs to be done with limited component errors and high machining accuracy, which can be easily acquired using EDM wire technology. Also, EDM wire is used for the production of high-precision components in the orthopaedics department. The wire is used for the production of high-quality artificial joints, teeth, micro-pumps and other implant components, clinical instruments, and brain treatment components. It is mainly used for making injection molds of various medical equipment, disposable syringes, cell culture dishes, plastic test tubes, culture bottles, pipette tips, applicators, nebulizers, breathing masks and many more. In addition, the trend of miniaturization and precision in the medical industry is driving the demand for EDM wire technology in the industry. Thus, the growing use of EDM wire for various medical devices manufacturing will drive the EDM wire market growth.

In recent years, the demand for high-tech, miniaturization, and high-performance electronic products is rising in the market. This has increased the demand for connectors in the industry for which a high mold design is required. For a good electronic connector, mold requires a perfect combination of design, equipment, and technology. In addition, this also requires high equipment compatibility and relatively high technical barriers. All these things are obtained by EDM wire technology. With high accuracy and speed, the EDM wire can produce electronic connectors for various electronic devices.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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