North America EDM Wire Market Forecast to 2028 – COVID

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)

Report Code : BMIRE00027361 | Region : North America | Industry : Electronics and Semiconductor | Published Date : 08/Nov/2022

The EDM wire market in North America is expected to grow from US$ 240.76 million in 2022 to US$ 340.93 million by 2028. It is estimated to grow at a CAGR of 6.0% from 2022 to 2028.

Rise in Government Support for Strengthening Manufacturing Sector

Government bodies are taking necessary steps to strengthen their industrial sector. Countries are experiencing government support in the form of investment for strengthening the manufacturing sector. For instance:

• The US government aims to revitalize American manufacturing and secure critical supply chains in 2022. Since the government is committed to increasing domestic industrial revitalization, the US companies are working on the same and therefore in 2021, few companies declared investing approximately US$ 200 billion in electric vehicle, semiconductor, and battery manufacturing in the US. The factors mentioned above related to government investment and deals inked for strengthening the manufacturing sector are projected to create a demand for products used in the component fabrication process. This will fuel the need for EDM wires.

Market Overview

The US, Canada, and Mexico are the key contributors to the EDM wire market in the North America. The automotive industry is steadily growing in the region, 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 automotive 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 automotive sector. Various military and commercial aircraft manufacturers have significant presence in North America, which makes it the world’s largest aerospace market. According to AIA, the aerospace industry represented 1.8% of the total US GDP, contributing US$ 382 billion to the GDP. The North American aerospace industry has flourished on the back of the positive outlook toward adopting new technologies, the presence of a skilled workforce, and favorable economic policies and high GDP per capita in major economies in the region. In April 2021, the US Space and Missile Systems Center announced the investments of US$ 191 million, US$ 240 million, and US$ 253 million in Boeing, Lockheed Martin Corporation, and Northrop Grumman Corporation, respectively, for designing prototype payloads for the Protected Tactical Satcom program of the US Space Force. Thus, the growing aerospace industry has the potential to generate a high demand for EDM wires in North America in the coming years.

North America EDM Wire Market Segmentation

The North America EDM wire market is segmented into wire type, industry, and country.

Based on wire type, the market is segmented into brass, zinc-coated, and non-coated. The brass segment registered the largest market share in 2022.

Based on industry, the market is segmented into aerospace, industrial & general mechanics, automotive, healthcare, electronics, and others. The automotive segment held the largest market share in 2022.

Based on country, the market is segmented into the US, Canada, and Mexico. The US dominated the market share in 2022.

Berkenhoff GmbH; Hitachi Metals Ltd; Sumitomo Electric Industries, Ltd; Novotec; Opecmade, Inc; OKI Electric Cable Co., Ltd; Thermo Compact; boway Group and Yuang Hsian Metal Industrial Corporation are the leading companies operating in the EDM wire market in the region.

At 6.0% CAGR, the North America EDM Wire Market is speculated to be worth US$ 340.93 million by 2028, says The Insight Partners

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 the US, Canada, and Mexico. Our regional analysis states that the 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, Ltd; Novotec; Opecmade, Inc; OKI Electric Cable Co., Ltd; Thermo Compact; boway Group and Yuang Hsian Metal Industrial Corporation, among others.

TABLE OF CONTENTS

1. Introduction

1.1 Study Scope

1.2 The Insight Partners Research Report Guidance

1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology

3.1 Coverage

3.2 Secondary Research

3.3 Primary Research

4. North America EDM Wire Market Landscape

4.1 Market Overview

4.2 North America PEST Analysis

4.3 Ecosystem Analysis

4.4 Expert Opinions

5. North America EDM Wire Market – Key Market Dynamics

5.1.1 Increase in Production of Components and Parts

5.1.2 Rise in Government Support for Strengthening Manufacturing Sector

5.2 Market Restraints

5.2.1 Drawbacks Associated with Using EDM Wire

5.3 Market Opportunities

5.3.1 Growth Prospects in Healthcare, Automotive, and Aerospace Industries

5.4 Future Trends

5.4.1 Increasing Adoption of Miniature Pneumatics in Electronics

5.5 Impact Analysis of Drivers and Restraints

6. EDM Wire Market – North America Market Analysis

6.1 North America EDM Wire Market Overview

6.2 North America EDM Wire Market Revenue Forecast and Analysis

7. North America EDM Wire Market Revenue and Forecast to 2028 – Wire Type

7.1 Overview

7.2 North America EDM Wire Market, By Wire Type (2021 And 2028)

7.3 Brass

7.3.1 Overview

7.3.2 Brass: EDM Wire Market Revenue and Forecast To 2028 (US$ Million)

7.4 Zinc-coated

7.4.1 Overview

7.4.2 Zinc-coated: EDM Wire Market Revenue and Forecast To 2028 (US$ Million)

7.5 Non-coated

7.5.1 Overview

7.5.2 Non-coated: EDM Wire Market Revenue and Forecast To 2028 (US$ Million)

8. North America EDM Wire Market Revenue and Forecast to 2028 – Industry

8.1 Overview

8.2 North America EDM Wire Market, By Industry (2021 And 2028)

8.3 Aerospace

8.3.1 Overview

8.3.2 Aerospace: EDM Wire Market Revenue and Forecast To 2028 (US$ Million)

8.4 Industrial and General Mechanics

8.4.1 Overview

8.4.2 Industrial and General Mechanics: EDM Wire Market Revenue and Forecast To 2028 (US$ Million)

8.5 Automotive

8.5.1 Overview

8.5.2 Automotive: EDM Wire Market Revenue and Forecast To 2028 (US$ Million)

8.6 Healthcare

8.6.1 Overview

8.6.2 Healthcare: EDM Wire Market Revenue and Forecast To 2028 (US$ Million)

8.7 Electronics

8.7.1 Overview

8.7.2 Electronics: EDM Wire Market Revenue and Forecast To 2028 (US$ Million)

8.8 Others

8.8.1 Overview

8.8.2 Others: EDM Wire Market Revenue and Forecast To 2028 (US$ Million)

9. North America EDM Wire Market – Country Analysis

9.1 Overview

9.1.1 North America: EDM Wire Market, by Key Country

9.1.1.1 US: EDM Wire Market – Revenue and Forecast to 2028 (US$ Million)

9.1.1.1.1 US: EDM Wire Market, by Wire Type

9.1.1.1.2 US: EDM Wire Market, by Industry

9.1.1.2 Canada: EDM Wire Market – Revenue and Forecast to 2028 (US$ Million)

9.1.1.2.1 Canada: EDM Wire Market, by Wire Type

9.1.1.2.2 Canada: EDM Wire Market, by Industry

9.1.1.3 Mexico: EDM Wire Market – Revenue and Forecast to 2028 (US$ Million)

9.1.1.3.1 Mexico: EDM Wire Market, by Wire Type

9.1.1.3.2 Mexico: EDM Wire Market, by Industry

10. Industry Landscape

10.1 Overview

10.2 Market Initiative

10.3 Mergers and Acquisition

10.4 New Product Development

11. Company Profiles

11.1 Berkenhoff GmbH

11.1.1 Key Facts

11.1.2 Business Description

11.1.3 Products and Services

11.1.4 Financial Overview

11.1.5 SWOT Analysis

11.1.6 Key Developments

11.2 boway Group

11.2.1 Key Facts

11.2.2 Business Description

11.2.3 Products and Services

11.2.4 Financial Overview

11.2.5 SWOT Analysis

11.2.6 Key Developments

11.3 Hitachi Metals Ltd.

11.3.1 Key Facts

11.3.2 Business Description

11.3.3 Products and Services

11.3.4 Financial Overview

11.3.5 SWOT Analysis

11.3.6 Key Developments

11.4 Sumitomo Electric Industries, Ltd.

11.4.1 Key Facts

11.4.2 Business Description

11.4.3 Products and Services

11.4.4 Financial Overview

11.4.5 SWOT Analysis

11.4.6 Key Developments

11.5 Novotec

11.5.1 Key Facts

11.5.2 Business Description

11.5.3 Products and Services

11.5.4 Financial Overview

11.5.5 SWOT Analysis

11.5.6 Key Developments

11.6 Opecmade, Inc.

11.6.1 Key Facts

11.6.2 Business Description

11.6.3 Products and Services

11.6.4 Financial Overview

11.6.5 SWOT Analysis

11.6.6 Key Developments

11.7 Oki Electric Cable Co., Ltd.

11.7.1 Key Facts

11.7.2 Business Description

11.7.3 Products and Services

11.7.4 Financial Overview

11.7.5 SWOT Analysis

11.7.6 Key Developments

11.8 Thermo Compact

11.8.1 Key Facts

11.8.2 Business Description

11.8.3 Products and Services

11.8.4 Financial Overview

11.8.5 SWOT Analysis

11.8.6 Key Developments

11.9 Yuang Hsian Metal Industrial Corporation

11.9.1 Key Facts

11.9.2 Business Description

11.9.3 Products and Services

11.9.4 Financial Overview

11.9.5 SWOT Analysis

11.9.6 Key Developments

12. Appendix

12.1 About The Insight Partners

12.2 Word Index

LIST OF TABLES.

Table 1. North America EDM Wire Market Revenue and Forecast to 2028 (US$ Million)

Table 2. US: EDM Wire Market, by Wire Type–Revenue and Forecast to 2028 (US$ Million)

Table 3. US: EDM Wire Market, by Industry–Revenue and Forecast to 2028 (US$ Million)

Table 4. Canada: EDM Wire Market, by Wire Type– Revenue and Forecast to 2028 (US$ Million)

Table 5. Canada: EDM Wire Market, by Industry – Revenue and Forecast to 2028 (US$ Million)

Table 6. Mexico: EDM Wire Market, by Wire Type– Revenue and Forecast to 2028 (US$ Million)

Table 7. Mexico: EDM Wire Market, by Industry – Revenue and Forecast to 2028 (US$ Million)

Table 8. List of Abbreviation

LIST OF FIGURES.

Figure 1. North America EDM Wire Market Segmentation

Figure 2. North America EDM Wire Market Segmentation – By Country

Figure 3. North America EDM Wire Market Overview

Figure 4. North America EDM Wire Market, by Wire Type

Figure 5. North America EDM Wire Market, By Industry

Figure 6. North America EDM Wire Market, By Country

Figure 7. North America – PEST Analysis

Figure 8. North America EDM Wire Market- Ecosystem Analysis

Figure 9. Expert Opinions

Figure 10. North America EDM Wire Market: Impact Analysis of Drivers and Restraints

Figure 11. North America EDM Wire Market Revenue Forecast and Analysis (US$ Million)

Figure 12. North America EDM Wire Market, By Wire Type (2021 and 2028)

Figure 13. North America Brass: EDM Wire Market Revenue and Forecast to 2028 (US$ Million)

Figure 14. North America Zinc-coated: EDM Wire Market Revenue and Forecast to 2028 (US$ Million)

Figure 15. North America Non-coated: EDM Wire Market Revenue and Forecast to 2028 (US$ Million)

Figure 16. North America EDM Wire Market, By Industry (2021 and 2028)

Figure 17. North America Aerospace: EDM Wire Market Revenue and Forecast to 2028 (US$ Million)

Figure 18. North America Industrial and General Mechanics: EDM Wire Market Revenue and Forecast to 2028 (US$ Million)

Figure 19. North America Automotive: EDM Wire Market Revenue and Forecast to 2028 (US$ Million)

Figure 20. North America Healthcare: EDM Wire Market Revenue and Forecast to 2028 (US$ Million)

Figure 21. North America Electronics: EDM Wire Market Revenue and Forecast to 2028 (US$ Million)

Figure 22. North America Others: EDM Wire Market Revenue and Forecast to 2028 (US$ Million)

Figure 23. North America: EDM Wire Market Revenue Share, by Key Country- Revenue (2021) (US$ Million)

Figure 24. North America: EDM Wire Market Revenue Share, by Key Country (2021 and 2028)

Figure 25. US: EDM Wire Market – Revenue and Forecast to 2028 (US$ Million)

Figure 26. Canada: EDM Wire Market – Revenue and Forecast to 2028 (US$ Million)

Figure 27. Mexico: EDM Wire Market – Revenue and Forecast to 2028 (US$ Million)

The List of Companies - North America EDM Wire Market

● Berkenhoff GmbH

● boway Group

● Hitachi Metals Ltd.

● Sumitomo Electric Industries, Ltd

● Novotec

● Opecmade, Inc.

● OKI Electric Cable Co., Ltd.

● Thermo Compact

● Yuang Hsian Metal Industrial Corporation

● Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America EDM wire market.

● Highlights key business priorities in order to assist companies to realign their business strategies

● The key findings and recommendations highlight crucial progressive industry trends in the North America EDM wire market, thereby allowing players across the value chain to develop effective long-term strategies

● Develop/modify business expansion plans by using substantial growth offering developed and emerging markets

● Scrutinize in-depth North America market trends and outlook coupled with the factors driving the EDM wire market, as well as those hindering it

● Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution

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