EDM Wire Market Size, Industry Growth, Business Revenue, Trends & Forecast till 2028

According to The Insight Partners' research, the EDM Wire Market Forecast to 2028 -Global Analysis - by Wire Type and Industry," the market is expected to grow from US$ 2,356.92 million in 2022 to reach US$ 3,450.17million by 2028; it is anticipated to grow at a CAGR of 6.6% from 2022 to 2028.

The Middle East & Africa EDM wire market size is further segmented into South Africa, Saudi Arabia, and the UAE. The EDM wire market growth in this region is attributed to the proliferating automotive industry. The Gulf region is home to more than 2 million vehicles, consisting of light, medium, and heavy commercial vehicles. The increasing domestic demand for high-end cars and a robust logistics sector in Dubai are the key contributors to the EDM wire market growth in Middle East & Africa. According to the Dubai Chamber of Commerce and Industry, Dubai's value of export and re-export of vehicles surged by 21.8% year-on-year in 2021, reaching US$ 40.10 billion.

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The ongoing growth in the medical industry in Saudi Arabia also has the potential to positively influence the EDM wires market share during the forecast period. The country accounts for around 60% of the total healthcare expenditure of the Gulf Cooperation Council (GCC) countries. According to the International Trade Administration of the US Department of Commerce, in 2022, Saudi Arabia announced the spending of US$ 36.8 billion on healthcare and social development, which is 14.4% of its 2022 budget. In addition, the Saudi Arabian Government is planning on investing nearly US$ 65 billion to have a well-developed healthcare infrastructure by 2030. South Africa is seeing growth in the automotive industry in the country. Substantial investments have been made for the growth of the automotive industry. In 2021, according to South Africa's automotive business council, NAAMSA, major vehicle manufacturers invested US$ 534.3 million (ZAR 8.8 billion) in the sector. Thus, the growth in the automotive sector will boost the growth of the EDM wire market in South Africa.

Saudi Arabia EDM wire market size is positively influenced by the country's growing healthcare sector. The country accounts for about 60% of the Gulf Cooperation Council (GCC) countries' healthcare expenditure. The country's government is planning to invest over US$ 65 billion to develop the country's healthcare infrastructure by 2030. Moreover, Saudi Arabia already have 897 military aircraft to date and with this government is also planning to increase the investment in aerospace sector. In March 2022, Saudi Arabia's Ministry of Investment signed twelve agreements with national and international investors to increase investment in the aerospace and defense sector to develop the region's military aerospace manufacturing industry. Thus, all the above factors are propelling the EDM wire market growth in the country.

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Key Findings of Market Study:

As per the market analysis, the leaders such as Oki Electric Cable Co., Ltd.; Sumitomo Electric; Hitachi Metals; and Novotec BV have a good market share. The above-mentioned leaders are engaged in the business of providing broad portfolio of data converters for varied applications including aerospace, automotive, healthcare and many more. These leaders have a leverage of well-maintained brand image spread across the globe, vast product line, and positive word of mouth, as well as strong portion of revenue generation from Brass, Zinc-coated, and any other EDM wires. Such parameters have positioned the said EDM wire players within leader's quadrant.

The EDM wire market is experiencing footprints of new businesses to cater the demand rising from manufacturing, healthcare, automotive, aerospace, and electronics sector. Companies such as Excetek is exploring the dynamic industrial sector using EDM wires. This will help new startups to gain more customers and generate revenue. The EDM Wire market analysis has been carried out on the basis of wire type and industry. Based on wire, the EDM wire market is segmented into brass, zinc-coated and non-coated. On the basis of industry, the global EDM wire market is segmented into aerospace, industrial & general mechanics, automotive, healthcare, electronics and others.

Therefore, key attributing factors such as adoption of less-invasive micro medical devices and the demand for latest micro devices is boosting the growth of EDM wire in healthcare industry. Also, production of new components and parts for automotive industry is another factor expected to generate more revenues for EDM wire market analysis.

The List of Companies - EDM wire Market

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. 

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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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