EDM Wire Market Analysis by Industry Perspective, Comprehensive Analysis, Growth and Forecast 2021-2028

The EDM wire market size is expected to reach US$ 2,323.98 million by 2028, registering at a CAGR of 7.6% from 2022 to 2028, according to a new research study conducted by The Insight Partners.

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With a rise in disposable income and an improved standard of living, the demand for electronics and automobiles is increasing gradually. Due to this, the production of appliances and automobiles is increasing rapidly, fueling the demand for electrical discharge machining (EDM) wires. The companies are adopting various growth strategies due to intense competition in the EDM wire market. For instance, in June 2022, Yuang Hsian Metal Industrial Corporation participated in the "2022 Wire & Tube Düsseldorf" exhibition. Similarly, in July 2021, Mitsubishi EDM/Laser announced the sales agency of Oki Electric Cable EDM wire. Such growth strategies are not only bringing opportunities for the company but also positively influencing the market growth.

Several government initiatives to increase semiconductor production are expected to contribute to the EDM wire market growth. For instance, in August 2022, the US House of Representatives announced to fund US$ 52 billion to boost the manufacturing of semiconductors in the US and improve the country's competitiveness with China. Similarly, in April 2020, The Ministry of Electronics and Information Technology (MeitY), an Indian government organization, passed the "Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS)." This scheme will provide 25% of financial incentives on capital expenditure for electronic goods, including semiconductor/display fabrication units, electronic products, specialized sub-assemblies, and all the high value-added manufacturing. This initiative is available for investments made within five years from the application's acknowledgment date. Such government initiatives are expected to propel the global EDM wire market growth during the forecast period.

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The Europe EDM wire market is subsegmented into Germany, France, the UK, Italy, and Russia. The presence of a robust aerospace sector boosts the demand for EDM wires across Europe. The European aircraft OEMs and defense equipment manufacturers develop and procure various civil aircraft, radar systems, and flight management systems. For example, Airbus is one of the biggest aircraft manufacturers, and it is also a notable contributor to the European economy. With the continuously rising demand for air transport, the aviation industry is among the most significant sectors contributing to the overall GDP of Europe.
The automotive industry which represents ~7% of the regional GDP is another enabler of the EDM wire market growth in Europe. The ongoing developments and sales of electric vehicles, and the presence of established car manufacturers' as well as suppliers' base with strong brand value, and technological and financial capabilities are likely to boost the growth of the EDM wire market in the region in the coming years. In 2020, the UK government awarded US$ 57.87 million for funding various low-carbon automotive projects, including the manufacturing of electric vehicles. Such government initiatives are favoring the growth of the progress of the electric vehicle manufacturing industry, thereby contributing to the EDM wire market share.

The List of Companies - EDM wire Market
• Berkenhoff GmbH
• Hitachi Metals Ltd.
• Sumitomo Electric Industries, Ltd.
• Novotec
• Opecmade, Inc.
• Oki Electric Cable Co., Ltd.
• Thermo Compact
• Yuang Hsian Metal Industrial Corporation
• Ningbo Kangqiang Micro-Electronics Technology Co., Ltd
• 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 Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, and Chemicals and Materials.

This release was published on openPR.