Report : Asia Pacific EDM Wire Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Wire Type (Brass, Zinc-coated, and Non-coated) and Industry (Aerospace, Industrial & General Mechanics, Automotive, Healthcare, Electronics, and Others)
At 8.9% CAGR, the Asia Pacific EDM Wire Marketis speculated to be worth US$ 1,289.30 million by 2028, says Business Market Insights
According to the Insight Partners’ research, the Asia Pacific EDM wire market was valued at US$ 772.23 million in 2022 and is expected to reach US$ 1,289.30 million by 2028, registering an annual growth rate of 8.9% from 2022 to 2028.Increasing adoption of miniature pneumatics in electronics and rise in government support for strengthening manufacturing sector are the critical factors attributed to the market expansion.
Miniature components offer technical benefits such as improved efficiency, reliability, customization, and smooth machine function, which is expected to increase their adoption by various industries. The adoption of EDM wire has increased across numerous industrial applications, owing to the advantages such as lightweight, greater equipment design flexibility, and scope of customization. Further, they enhance the system's overall functioning and advance manufacturing developments, thereby offering boulevards for market growth. The wave of electronics miniaturization is booming at an exponential rate. In current times, the production of electronic products integrated with high-tech feature is making demand for connectors high. Due to such huge requirement, connector mold companies are looking ahead for products which can make mold making of connectors easy and quick. With the uprising wave of high data transmission rates and miniaturization of connector interfaces spreading, the demand for connector molds is predicted to become more prevalent. Owing to the increase in demand for connectors, requirements for connector molds will also rise. Also, the punching speed utilized by the mold has touched 500–3000 rpm, a technical challenge faced by mold companies. Therefore, to acquire a position in the connector industry, the connector mold companies are seeking forward for making industrial adjustment. These steps taken by connector mold companies are projected to create the demand for high-performance connectors, which would also fuel the need for new EDM wires with a smaller diameter. The era of ultraprecise machining of miniaturized components is projected to receive high attention from end-use industries due to dynamic industrial needs and customer preferences. Owing to the rise in demand for less-invasive micro products, the requirement for EDM wire continues to grow regionally. In industries such as medical devices, the demand for the latest, smaller, innovative, and state-of-the-art micro devices is growing massively, which is paving the path for EDM wire machines with small cutting diameters for fabricating components.
On the contrary,drawbacks associated with using edm wire hurdles the growth of Asia Pacific EDM wire market.
- Based on wire type, the Asia Pacific EDM wire market is segmented into brass, zinc-coated, and non-coated. The brass segment held 61.2% market share in 2022, amassing US$ 472.44 million. It is projected to garner US$ 812.23 million by 2028 to expand at 9.5% CAGR during 2022–2028.
- Based on industry, the Asia Pacific EDM wire marketis segmented into aerospace, industrial & general mechanics, automotive, healthcare, electronics, and others. The automotive segment held 34.0% market share in 2022, amassing US$ 262.56 million. It is projected to garner US$ 471.09 million by 2028 to expand at 10.2% CAGR during 2022–2028.
- Based on country, the Asia Pacific EDM wire markethas been categorized into Australia,China, India, Japan, South Korea,and rest of APAC. Our regional analysis states that China captured 30.5% market share in 2022. It was assessed at US$ 235.56 million in 2022 and is likely to hit US$ 400.97 million by 2028, exhibiting a CAGR of 9.3% during the forecast period.
Key players dominating the Asia Pacific EDM wire market are Berkenhoff GmbH; Hitachi Metals Ltd; SUMITOMO ELECTRIC INDUSTRIES; NOVOTECH; OPECMADE, Inc; JIA BAO Metal Co., Ltd ;Ningbo kangqiang Micro-Electronics Technology Co., Ltd ; Oki Electric Cable Co., Ltd; Thermo Compact; boway groupe; and Yuang Hsian Metal Industrial Corporation among others.
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