Report : North America 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 6.0% CAGR, the North America EDM Wire Market is speculated to be worth US$ 340.93 million by 2028, says Business Market Insights
According to the Insight Partners’ research, the North America EDM wire market was valued at US$ 240.76 million in 2022 and is expected to reach US$ 340.93 million by 2028, registering an annual growth rate of 6.0% from 2022 to 2028.Increase in production of components and parts and rise in government support for strengthening manufacturing sector are the critical factors attributed to the market expansion.
The EDM wire is suitable for producing small parts/components, and therefore, it is widely used. Fabrication of components and parts used in automotive and aerospace industries, manufacturing of extrusion dies and blanking punches, small hole drilling on soft/hard metals, and prototypes or molds of concept builds are a few prominent applications of EDM wires. In addition to mentioned applications, areas demanding low residual stress and requiring volume production of components such as spare parts also use EDM wire. EDM wire has been an ideal solution for machining delicate, rare, expensive, or complex materials and parts for several decades. Using EDM wire is one of the cost-effective and highly efficient manufacturing methods as it provides remarkable accuracy level and high precision. Because EDM wire works on components/parts/materials which are electrically conductive irrespective of their hardness, it is used in the mass production of components such as gearboxes, hinges for cupboards, turbine blades, hydraulic distributors, measuring instruments, toy cubes, scales, and plastic dashboards. The use of EDM wire enables manufacturers to develop complex shapes from materials such as stainless, titanium, tool steel, steels, and other hard alloys. Therefore, the rising manufacturing of small or intricate components, complex shapes, or parts demanding narrow slots is creating the demand for EDM wires. Thus, an increase in the production of small parts in industries is driving the North America EDM wire market.
On the contrary, drawbacks associated with using EDM wire hurdles the growth of North America EDM wire market.
- Based on wire type, the North America EDM wire market is segmented into brass, zinc-coated, and non-coated. The brass segment held 61.2% market share in 2022, amassing US$ 147.35 million. It is projected to garner US$ 215.00 million by 2028 to expand at 6.5% CAGR during 2022–2028.
- Based on industry, the North America EDM wire market is segmented into aerospace, industrial & general mechanics, automotive, healthcare, electronics, and others. The automotive segment held 32.4% market share in 2022, amassing US$ 78.08 million. It is projected to garner US$ 118.71 million by 2028 to expand at 7.2% CAGR during 2022–2028.
- Based on country, the North America EDM wire market has been categorized into US, Canada, and Mexico. Our regional analysis states that US captured 75.3% market share in 2022. It was assessed at US$ 181.27 million in 2022 and is likely to hit US$ 262.18 million by 2028, exhibiting a CAGR of 6.3% during the forecast period.
Key players dominating the North America EDM wire market are Berkenhoff GmbH; Hitachi Metals Ltd; SUMITOMO ELECTRIC INDUSTRIES; NOVOTECH; OPECMADE, Inc; OKI Electric Cable Co., Ltd; THERMO COMPACT; boway group and Yuang Hsian Metal Industrial Corporation among others.
Contact Person: Sameer Joshi
Phone: +1- 646- 491- 9876
Email id: firstname.lastname@example.org