Broaching Machines Market Analysis and Forecast to 2031: By Type (Horizontal Broaching Machine, Vertical Broaching Machine, Surface Broaching Machine, Others), End User (Automotive, Metal Fabrication, Aerospace & Defense, Oil & Gas, Others), and Region

Broaching Machines Market Analysis and Forecast to 2031: By Type (Horizontal Broaching Machine, Vertical Broaching Machine, Surface Broaching Machine, Others), End User (Automotive, Metal Fabrication, Aerospace & Defense, Oil & Gas, Others), and Region

The global broaching machines market was valued at US$ 0.8 billion in 2021 and it is anticipated to grow up to US$ 1.2 billion by 2031, at a CAGR of 4.0% during the forecast period.

A broaching machine is used to finish a surface by pulling or pushing a cutting tool called a brooch over the entire surface. The brooch has a series of cut teeth arranged side by side, with a gradual change in height from the first cut tooth to the last cut tooth. Broaching is especially useful for inner surfaces such as holes and internal gears, but it can also form external gears and planes. Broaching tools are usually hydraulically operated. Broaching tools are the simplest of all machine tools. The broaching tool consists of a broach device, a work holder, a drive mechanism, and an appropriate support frame.

Broaching machines perform several operations in the automotive, aerospace & defense, and metal industries, among other heavy industries. It is employed in manufacturing automotive and industrial components and subassembly parts such as gears, shafts, and splines. Broaching is one of the most effective and efficient metal removal techniques developed for heavy industries.

Market Drivers and Trends

The rising need for high-precision systems and fabricated metal products drives the broaching machines market. These machinery and tools are designed for manufacturing precise custom parts at high speed. They provide several benefits to end users, such as savings in power, cost savings, and high efficiency for high-precision mechanical systems. Using CNC broaching machines for key, gear, and metal cutting benefits manufacturers through energy savings and excellent precision. Electromechanical actuators are progressively replacing hydraulic drives owing to increased overall equipment efficiency by providing better quality products. In recent years, cutting tools such as broaching machines and CNC controls have flagged the way to eliminate hydraulics and replace these broaching machines in many applications.

The elevating demand for items made from fabricated metal and large industrial machinery and improvements in manufacturing techniques are further boosting the broaching machines market. The market for metal fabrication may be less prone to the extreme volatility of raw material prices than the construction or automotive sectors, allowing broaching machines market to expand steadily. The machine tool-cutting industry accounts for a significant share of metal manufacturing volume compared to the forming technology. Lathes, broaching, drilling, milling, and boring are among the key tools used in machine tool cutting.

Market Restraints and Challenges

Increasing overall maintenance and repair cost of broaching machines and likely restraining market revenue growth in the forecast period. Further, increasing volatility in raw material prices and the high maintenance cost of broaching machines are anticipated to hinder market growth during the forecast period. Growing volatility in raw material prices negatively influences the ability of manufacturers to produce broaching machines based on specific requirements.

Global Broaching Machines Market Segmental Overview

The report analyses the global broaching machines market based on type, end user, and region.

Global Broaching Machines Market by Type

Based on type, it is segmented into horizontal broaching machine, vertical broaching machine, surface broaching machine, and others. The surface broaching machine segment is expected to be the largest segment in the broaching machines market in 2021. The surface broaching process is fast and considered as more effective than milling. Surface broaching is easily adapted to high-speed or vertical broaching machines, which allows cutting concurrently in multiple dimensions and complex configurations. Surface broaching machines are used to eliminate materials from the surface of work pieces. Due to above mentioned factors, the surface broaching machine segment is expected to hold a major market share in 2021.

Global Broaching Machines Market by End User Based on end user, it is segmented into automotive, metal fabrication, aerospace & defense, oil & gas, and others. The automotive segment is expected to be the largest segment in the broaching machines market in 2021. The market growth of this segment attributed to continuous flourishment of the automotive industry and rise in demand for passenger cars across the world. Thus, the automotive segment is expected to hold a major market share in 2021.

Geographical Analysis of Global Broaching Machines Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific market is expected to hold the majority of the market share in 2021. Asian countries are contributing significantly to the overall broaching machines market growth. The automotive, oil & gas, and railways industries in the Asia Pacific receive significant investments owing to cheaper production and labor costs. Further, the growing demand for broaching machine tools is also attributed to the need for accurate engineering operations, transportation equipment, and industrial machinery manufacturing in the Asia Pacific. Thus, it propels the growth of the broaching machines market in Asia Pacific.Major Players in the Global Broaching Machines Market

The key players studied in the global broaching machines market are

COVID-19 Impact

In 2020, the COVID-19 pandemic resulted in economic challenges owing to subsequent lockdowns. In 2020, the manufacturing industry was severely affected due to a drastic decrease in product demand, falling prices, and storage shortages. A swift decline in manufacturing revenues due to virtually nonexistent manufacturing demand and slow production capabilities had limited the expenditure on the production of broaching machines worldwide. Thus, the COVID-19 pandemic negatively affected the global broaching machines market in 2020.

However, in 2021, the manufacturing industry started recovering from the significant labor and supply chain challenges that triggered the production of broaching machines.

Recent Developments

March 2019, Suntech Landriani displays its Broaching Machines and Tools at IMTEX 2019. Suntech Landriani showcased its broaching machines and broaching tools. They displayed their state-of-the-art MEGA t6, 10 Ton x 1250 mm stroke, 3 station Table-up Broaching machine and the MEGA s7, 12 Ton x 1250 mm stroke, surface broaching machine.Frequently Asked QuestionsQ1. How big is the broaching machines market?Ans. The global broaching machines market size was US$ 0.8 billion in 2021 and is anticipated to reach US$ 1.2 billion in 2031, growing at a rate of 4.0% from 2022 to 2031.Q2. What is the broaching machines market growth rate?Ans. The growth rate of the broaching machines market is 4.0% from 2022 to 2031.Q3. Which region holds a major market share for the broaching machines market?Ans. Asia Pacific holds a major market share of the broaching machines market in 2021.Q4. Which segment accounted for the largest broaching machines market share?Ans. Based on type, it is segmented into horizontal broaching machine, vertical broaching machine, surface broaching machine, and others.Q5. Who are the key players in the broaching machines market?Ans. The global broaching machines market report includes players such as Q6. What are the factors driving the broaching machines market growth?Ans. The major factor driving the growth of the market is increasing need for high-precision systems and fabricated metal products.Q7. What are the key growth strategies of broaching machines market players?Ans. The key growth strategies of broaching machines market players are product launch, partnerships, and government initiatives.Q8. Which region will provide more business opportunities for the broaching machines market during the forecast period?Ans. The Asia Pacific region will provide more business opportunities for the broaching machines market during the forecast period.

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