Author: Vikas Kumar
14 January 2023
The EDM Wire Market is expected to grow at a strong CAGR of around 7% owing to increasing demand for mold and manufacturing processes with a high degree of security and safety specifically for extrusion dies and blanking punches. Moreover, the unique advantages offered by the EDM wire such as high precision, high-quality finishes, cost-effectiveness, time-efficiency, and others are substantially contributing to the market growth. In addition, the high growth of the automotive, aerospace, and electronics industries is also influencing the growth of the market.
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Based on wire type, the market is segmented into non-coated wire, coated wire, and hybrid. The coated EDM wire catered to a significant share of the EDM Wire market in 2020. This is because coated EDM wire performs better mechanically. Zinc-coated brass has a rougher outer finish than plain brass wires. Coated wire provides manufacturers with a consistent surface finish, improved flushing, and increased speed. Moreover, 10 to 15% speed improvement can be achieved with the help of coated EDM wires, compared to uncoated or hybrid wires.
Based on application, the market is divided into manufacturing, automotive, aerospace, energy & power, and others. The manufacturing segment held a prominent share of the global EDM wire market and is expected to grow at a substantial CAGR during the forecasted period. The growth of the manufacturing segment can be attributed to the growing use of EDM in manufacturing and the growth of the manufacturing industry. For instance, according to the United Nations Industrial Development Organization, In the second quarter of 2022, world manufacturing production continued growing at a stable pace with a year-over-year growth rate of 3.1 percent.
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For a better understanding of the market adoption of the EDM wire industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The Asia-Pacific region is expected to grow at a strong CAGR during the forecast period. This is mainly due to rapid urbanization and industrialization, development in transmission and distribution networks, large automobile production, and the rapidly growing consumer electronics industry. For instance, according to the India Brand Equity Foundation (IBEF), India has grown its domestic electronics production from USD 29 Bn in 2014-15 to USD 67 Bn in 2020-21. In addition, the Ministry of Electronics & Information Technology released the second volume of the Vision document on Electronics Manufacturing in India, which stated that the electronics manufacturing industry will grow from the current USD 75 Bn in 2021-22 to USD 300 Bn by 2025-26.
Some of the major players operating in the market are Boway Group, Oki Electric Industry Co. Ltd., Thermo Technologies Group, Sumitomo Electric Industries Ltd., Tamra Dhatu, Senor Metals Pvt. Ltd., Yuang Hsian Metal Industrial Corp. Novotec BV, Opecmade Inc., and Hitachi Metals Ltd.
Global EDM Wire Market Segmentation
Market Insight, by Wire Type
Market Insights, by Application
Market Insight, by Region
Top Company Profiles
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