New York, Sept. 29, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "EDM Wire Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Wire Type and Industry" - https://www.reportlinker.com/p06321034/?utm_source=GNW
In addition, areas demanding low residual stress and requiring the volume production of components, such as spare parts, use EDM wire.
The use of the wire enables manufacturers to develop complex shapes from 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.
In the wave of technological developments, automotive, healthcare, and many sectors are improving.For instance, in the healthcare industry, penetration of personal and intelligent medical devices will lead to personalized medical technologies and implantable medical devices.
Also, adopting robots in the industry is projected to enable the rollout of state-of-the-art medical solutions, such as wearable and implantable technologies.The mentioned development in the healthcare industry is projected to create lucrative growth opportunities during the forecast period for developing components and parts used in implantable medical devices.
This opportunity is predicted to fuel the EDM wire market growth in the coming years.Countries, such as the UAE and Israel, are working on reinforcing their healthcare industry by investing in robotic clinical robots and medical devices/equipment.
Similarly, the automotive industry is also witnessing a revolution. For producing large auto parts, including dual rigid linear motor axis drives and plastic dashboards, the adoption of the wires is rising. Also, with the introduction of electric vehicles, the automotive industry is transforming rapidly. The demand for EDM wires in the industry was high from earlier times and has gone up with the introduction of electric vehicles, as it ensures precise drilling and molding of small and larger parts.
Impact of COVID-19 Pandemic on Asia Pacific EDM Wire Market
Various economies in Asia Pacific, such as China and India, witnessed a sharp decline in their gross domestic product (GDP) in 2020 due to the sudden pause in many economic activities across the region.According to the Organization for Economic Co-operation and Development (OECD), the pandemic severely affected countries, such as India, Australia, China, and Japan.
India was the worst-hit country by the pandemic in this region.Limitations imposed by governments to control the spread of SARS-CoV-2 infection during the initial time stages of the crisis affected the production process in these countries due to the limited workforce availability, which hampered the growth of the EDM wire market in 2020.
Automobile, manufacturing, electronics, many industries were negatively affected due to the COVID-19 pandemic.However, the healthcare industry in the region has been positively growing since Q1 of 2020.
Moreover, the requirement for medical machinery increased, which led to a rise in demand for EDM wires in the healthcare industry in the region.
The North America is sub segmented into the US, Canada, and Mexico where the US is dominating country and Canada accounted for the second-largest country in the EDM wire market analysis.With rise in Canadian populous, the demand for housing units, from single-family homes to high-rise condominiums, will also rise, which is expected to boost the need for household electronic goods in the coming years.
Therefore, the demand of EDM wire would grow in the future for making components in electronic goods.In addition, rising demand for consumer electronic devices in Canada is boosting the growth of EDM wire market.
The use of smartphones, tablets, television, personal computers, and other devices is increasing tremendously.Also, the industrial sector in Canada is growing at a massive rate.
Manufacturing is one of a prominent and leading industries in Canada contributing heavily toward the GDP. With rising manufacturing business in Canada, demand for relatable products, such as EDM wires, would also rise during the forecast period.
Asia Pacific is expected to register the highest CAGR in the EDM wire market during the forecast period.Based on country, the market in Asia Pacific is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific.
In 2022, China is the dominating country with largest market share and Japan holds the second-largest EDM wire market share in Asia Pacific.
Japan is one of the leading countries across the world in the automotive industry.The country is known for its cutting-edge technologies and invigorating ideas worldwide.
Automotive manufacturing takes up 89% of the country’s largest manufacturing sector.The rising demand for hybrid and electric vehicles in the domestic and global markets is driving the growth of the automotive industry in Japan.
In 2019, the next-generation vehicles accounted for 40% of domestic new vehicle sales.This increasing demand for automotive is boosting the growth of the EDM wire market.
Moreover, Japan’s government is supporting the establishment of a robust supply chain through the return of manufacturing bases to the country. For instance, METI’s is a program by government for promoting investments in Japan to strengthen their supply chains. The program is designed to support the return of production bases to Japan to produce products, parts, and materials of electronic devices. Thus, government support and the growing automotive industry in Japan would propel the growth of the EDM wire market in the country during the forecast period.
Berkenhoff GmbH; Hitachi Metals, Ltd.; Novotec BV; Opecmade Inc.; Oki Electric Cable Co., Ltd.; Sumitomo Electric Industries, Ltd.; Thermo Compact; Yuang Hsian Metal Industrial Corp.; Ningbo Kangqiang Micro-Electronics Technology Co., Ltd; and JIA BAO Metal Co., Ltd. are among the players operating in the global EDM wire market and profiled in the report study.
The overall EDM wire market size has been derived using both primary and secondary sources.To begin the EDM wire market analysis research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the EDM wire market.
The process also serves the purpose of obtaining an overview and market forecast of the EDM wire market growth with respect to all market segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights about the topic.
Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the EDM wire market.
Read the full report: https://www.reportlinker.com/p06321034/?utm_source=GNW
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