edm wire Market

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.

EDM wires find applications in various automotive, aerospace, and manufacturing industries. They are used for fabricating parts and components, creating prototypes or molds, manufacturing extrusion dies and blanking punches, and drilling small holes on soft and hard metals. Production of spare parts that require low residual stress and manufacturing complex shapes from hard alloys such as stainless steel, tool steel, and titanium also rely on EDM wires. The demand for EDM wires is increasing due to the growing need to manufacture small or intricate components, complex shapes, and parts requiring narrow slots.

Advancements in technology have led to improvements in various sectors, including healthcare and automotive. The healthcare industry, for example, is experiencing a surge in personal and intelligent medical devices, driving the adoption of robots. This, in turn, is leading to the development of cutting-edge medical solutions such as wearable and implantable technologies. The growing demand for components and parts used in implantable medical devices is expected to create lucrative growth opportunities for the EDM wire market during the forecast period. Countries such as the UAE and Israel are investing in robotic clinical robots and medical equipment to strengthen their healthcare industries. Similarly, the automotive industry is revolutionizing with the introduction of electric vehicles. The use of EDM wires in producing large auto parts, such as dual rigid linear motor axis drives and plastic dashboards, is increasing. The demand for EDM wires in the industry has been high and is expected to rise further with the increasing adoption of electric vehicles, as it enables precise drilling and molding of small and large parts.

Impact of COVID-19 Pandemic on Asia Pacific EDM Wire Market
The COVID-19 pandemic had a severe impact on the economies of several countries in Asia Pacific, such as China and India, leading to a significant decline in their gross domestic product (GDP) in 2020. According to the Organization for Economic Co-operation and Development (OECD), countries such as India, Australia, China, and Japan were severely affected by the pandemic. The limited availability of the workforce, due to the restrictions imposed by governments to contain the spread of SARS-CoV-2 infection, disrupted the production process in these countries, negatively affecting industries like automobiles, manufacturing, and electronics. However, the healthcare industry in the region witnessed positive growth since Q1 of 2020, leading to a surge in demand for EDM wires for medical machinery in the region.

The EDM wire market analysis in North America includes the US, Canada, and Mexico, with the US being the dominant country, followed by Canada. As the population in Canada increases, there will be a surge in demand for housing units, from single-family homes to high-rise condominiums, which will subsequently increase the need for household electronic goods in the coming years. This is expected to drive the demand for EDM wire to manufacture components for electronic goods. Moreover, the demand for consumer electronic devices in Canada is on the rise, including smartphones, tablets, televisions, personal computers, and other devices. The manufacturing industry is also one of the leading contributors to Canada's GDP, and with its growth, the demand for related products, such as EDM wires, is expected to increase during the forecast period.

During the forecast period, the EDM wire market in Asia Pacific is anticipated to record the highest compound annual growth rate (CAGR). The market in Asia Pacific is further divided into several countries, including Australia, China, India, Japan, South Korea, and the rest of Asia Pacific. China is projected to dominate the market with the largest market share in 2022, while Japan is expected to hold the second-largest market share in the region.

Japan is a leading country in the automotive industry, renowned worldwide for its innovative ideas and advanced technologies. The manufacturing sector in Japan is dominated by the automotive industry, which constitutes 89% of the sector. The increased demand for electric and hybrid vehicles in the global and domestic markets has fueled the growth of the automotive industry in Japan. In 2019, the sales of next-generation vehicles accounted for 40% of all new vehicle sales in the country. This surge in automotive demand is driving the growth of the EDM wire market in Japan. Furthermore, the government is promoting the establishment of a strong supply chain by encouraging the return of manufacturing bases to the country. For example, the METI program is designed to encourage investments in Japan to strengthen the supply chain and facilitate the production of electronic devices, products, and components. As a result, government support and the thriving automotive industry in Japan are expected to drive the growth of the EDM wire market in the country in the forecast period.

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 players operating in the global EDM wire market and profiled in the report study.

The EDM wire market size has been determined through a comprehensive research approach involving both primary and secondary sources. The research process began with extensive secondary research using internal and external sources to obtain qualitative and quantitative information about the market. This was followed by conducting multiple primary interviews with industry experts, including VPs, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders who specialize in the EDM wire market. This research aimed to validate the data and gain more analytical insights into the topic. The research process aimed to provide an overview and forecast of the EDM wire market growth for all market segments.