Europe 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)
The EDM wire market in Europe is expected to grow from US$ 291.19 million in 2022 to US$ 444.55 million by 2028. It is estimated to grow at a CAGR of 7.3% from 2022 to 2028.
Increasing Adoption of Miniature Pneumatics in Electronics
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.
Germany, France, the UK, Italy, and Russia, and rest of Europe are the key contributors to the EDM wire market in the Europe. The presence of a robust aerospace sector boosts the demand for EDM wires across Europe. The European aircraft OEMs and defense equipment manufacturers develop and procure various civil aircraft, radar systems, and flight management systems. For example, Airbus is one of the biggest aircraft manufacturers, and it is also a notable contributor to the European economy. With the continuously rising demand for air transport, the aviation industry is among the most significant sectors contributing to the overall GDP of Europe. The automotive industry—which represents ~7% of the regional GDP—is another enabler of the Europe EDM wire market growth in Europe. The ongoing developments and sales of electric vehicles, and the presence of established car manufacturers’ as well as suppliers’ base with strong brand value, and technological and financial capabilities are likely to boost the growth of the Europe EDM wire market in the region in the coming years. In 2020, the UK government awarded US$ 57.87 million for funding various low-carbon automotive projects, including the manufacturing of electric vehicles. Such government initiatives are favoring the growth of the progress of the electric vehicle manufacturing industry, thereby contributing to the Europe EDM wire market growth.
Europe EDM Wire Market Segmentation
The Europe 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 Germany, France, Italy, the UK, Russia, and rest of Europe. Germany 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.
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