EDM Wire Market Size, Global Trends, Latest Techniques, Key Segments and Geography Forecasts Till 2028

According to the new research report published by The Insight Partners on "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)" consists of the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.

The EDM wire market size is expected to grow from US$ 1,497.50 million in 2022, it is estimated to grow at a CAGR of 7.6% from 2022 to 2028.

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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 automotive industry is steadily growing in North America, and it has an immense impact on the domestic economy. This industry accounts for ~3% of the national GDP in the US. Such a well-positioned industry is continuously in the need of supplies and components for cars' engines, chassis, and other metal fixtures, which indicates the high demand for machine tool makers. EDM wires are used for various metal mold applications, such as molding steel headlights, in this industry. Manufacturers prefer employing EDM procedures for the molding and drilling of large automotive parts. Further, government initiatives to encourage investments in the automotive industry are expected to raise the demand for EDM wires in the coming years.

According to The Frontier Hub, foreign direct investment (FDI) in the US automotive industry reached US$ 114.6 billion in 2018. Also, in August 2021, the US government signed an executive order that sets a new target of 50% Electric Vehicle Sales Share by 2030. The government has also allotted US$3 billion to bolster the domestic electric vehicle industry. In line with this plan, GM announced an investment of US$ 35 billion and Ford of US$ 30 billion in 2025 to boost the automotive sector. In addition, a rise in the demand for furnishing; household appliances; and consumer electronics, including smart and efficient kitchen appliances, with many people moving to developing and evolving suburbs, fuels the EDM wire market growth in the region.

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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