Market Size –
The edm wire market size has grown strongly in recent years. It will grow from <b>$2.36 billion in 2023 to $2.51 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. </b> The growth in the historic period can be attributed to advancements in manufacturing processes, increased demand for precision machining, growing aerospace and automotive industries, tool and die production, increased complexity in component design, material innovations, demand for high-quality surface finishes, tool wear challenges.
The edm wire market size is expected to see strong growth in the next few years. It will grow to <b>$3.27 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. </b> The growth in the forecast period can be attributed to advancements in edm wire machinery, biomedical implant production, demand for micro-manufacturing, increasing applications in electronics packaging, efforts to reduce environmental impact, global expansion of semiconductor industry, customization in automotive manufacturing. Major trends in the forecast period include nano edm wire technology, wire edm for 3d printing post-processing, high-speed edm wire cutting, smart manufacturing integration, hybrid machining solutions, integration with advanced materials, computer-aided design (cad).
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Scope Of EDM Wire Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
EDM Wire Market Overview
Market Drivers –
The proliferating automotive industry is driving the growth of the EDM wire market. The automotive industry comprises all enterprises and activities involved in manufacturing automobiles, including many components, such as their bodies and engines, but omitting their tires, batteries, and gasoline. The automobile industry, especially the electric vehicle, is booming due to increased fuel prices. EDM wire is an efficient and inventive method for producing intricately machined metal parts tailored to particular requirements. For instance, according to a study released by the European Automobile Manufacturers Association in April 2022, 79.1 million automobiles were produced globally in 2021, rising 1.3% from the previous year. Therefore, proliferating automobiles is expected to propel the growth of the EDM wire market.
Market Trends –
Major companies operating in the EDM wire market are innovating new products such as wire electrical discharge machining (EDM) systems to increase their profitability in the market. Wire Electrical Discharge Machining (EDM) systems are very sophisticated machining instruments that are used to accurately carve cavities or complex shapes in pre-hardened steel and other conductive materials. For instance, in April 2023, GF Machining Solutions, a Switzerland-based machining company launched Cut F series of wire electrical discharge machining (EDM) system. The workpiece is immersed in a dielectric fluid tank, typically containing deionized water, and the wire is run through it. Due to its capacity to create high accuracy and complicated forms, this non-contact method is extensively utilized in numerous sectors and can mill components regardless of their hardness. As with other wire EDM systems, the Cut F series is made to cut precisely and efficiently, which makes it ideal for uses in aerospace, medical equipment, high-grade dies, and other fields.
The edm wire market covered in this report is segmented –
1) By Wire Type: Brass, Zinc-Coated, Non-Coated
2) By Industry: Aerospace, Industrial And General Mechanics, Automotive, Healthcare, Electronics, Other Industries
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Regional Insights –
Asia-Pacific was the largest region in the EDM wire market in 2023. The regions covered in the edm wire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the edm wire market report are Berkenhoff GmbH, Hitachi Metals Ltd., Sumitomo Electric Industries Ltd., Novotec BV, Opecmade Inc., Oki Electric Cable Co. Ltd., Thermo Compact SA, Yuang Hsian Metal Industrial Corporation, Ningbo Kangqiang Micro-Electronics Technology Co. Ltd., JIA BAO Metal Co. Ltd., Xact Wire EDM Corporation, Wire Cut Company Inc., Makino Milling Machine Co. Ltd., Powerway Group Co. Ltd., Tamra Dhatu Udyog Pvt. Ltd., Senor Metals Pvt. Ltd, YUANG HSIAN METAL INDUSTRIAL CORP., J. G. Dahmen GmbH & Co. KG, Mitsubishi Electric Corporation, Sodick Co. Ltd., GF Machining Solutions LLC, ONA EDM USA Inc., Accutex Technologies Co. Ltd., Excetek Technologies Co. Ltd., CHING HUNG MACHINERY & ELECTRIC INDUSTRIAL CO. LTD., Kent Industrial USA Inc., MC Machinery Systems Inc., Absolute Machine Tools Inc., Belmont Equipment & Technologies, EDM Network Inc.
Table of Contents
1. Executive Summary
2. EDM Wire Market Report Structure
3. EDM Wire Market Trends And Strategies
4. EDM Wire Market – Macro Economic Scenario
5. EDM Wire Market Size And Growth
…..
27. EDM Wire Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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