Broaching Tools Market Analysis and Forecast to 2031: By Type (Internal Broaches, External Broaches, Special Broaches), End User (Manufacturing, Automotive, Aerospace & Defence, Construction, Others), and Region

Broaching Tools Market Analysis and Forecast to 2031: By Type (Internal Broaches, External Broaches, Special Broaches), End User (Manufacturing, Automotive, Aerospace & Defence, Construction, Others), and Region

The global broaching tools market was valued at US$ 0.2 billion in 2021 and it is anticipated to grow up to US$ 0.2 billion by 2031, at a CAGR of 4.4% during the forecast period.

Broaching tools are used for sharpening the workpiece into a high-precision component. Broaching tools are made of steel and are available in a wide range of styles for different applications. These tools have multi-tooth designs for creating successive cuts over the workpiece at high speeds. The workpieces are made from metals such as aluminum, copper, steel, brass, bronze, graphite, and wood. Broaching can be of two types: internal broaching and external broaching. The internal broaching technique is used for sharpening the internal surfaces of the workpiece, while external broaching is used for sharpening the external surface of the workpiece.

Market Drivers and Trends

The rising need for high-precision systems and fabricated metal products drives the broaching tools 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 tools 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 tools and CNC controls have flagged the way to eliminate hydraulics and replace these broaching tools 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 tools 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 tools 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 tools and likely restraining market revenue growth in the forecast period. Further, increasing volatility in raw material prices and the high maintenance cost of broaching tools 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 tools based on specific requirements.

Global Broaching Tools Market Segmental Overview

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

Global Broaching Tools Market by Type

Based on type, it is segmented into internal broaches, external broaches, and special broaches. The internal broaches segment is expected to be the largest segment in the broaching tools market in 2021 owing to the increasing demand for vertical broaching machines. The internal broaching technique is widely used to produce precision components, such as automobile and machinery gears, firearm components, and fasteners. Due to above mentioned factors, the internal broaches segment is expected to hold a major market share in 2021.

Global Broaching Tools Market by End User

Based on end user, it is segmented into manufacturing, automotive, aerospace & defence, construction, and others. The automotive segment is expected to be the largest segment in the broaching tools market in 2021. Rising automotive production is driving the demand for broaching tools. In recent years, there has been an increase in demand for high-end automobiles, resulting in increased vehicle production, mainly in developed regions such as North America and Europe. Moreover, the demand for commercial vehicles and passenger cars, primarily in developing nations, is increasing. Broaching tools are widely utilized in the automotive sector to manufacture gears, transmission shafts, steering wheel hubs, steering yokes, and others. Thus, the automotive segment is expected to hold a major market share in 2021.Geographical Analysis of Global Broaching Tools 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 tools market growth. The automotive, manufacturing, and construction industries in the Asia Pacific receive significant investments owing to cheaper production and labor costs. Further, the growing demand for broaching 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 tools market in Asia Pacific.Major Players in the Global Broaching Tools Market

The key players studied in the global broaching tools 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 tools worldwide. Thus, the COVID-19 pandemic negatively affected the global broaching tools 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 tools.

Recent Developments

March 2019, Suntech Landriani displays its Broaching Tools and Tools at IMTEX 2019. Suntech Landriani showcased its Broaching Tools 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 tools market?Ans. The global broaching tools market size was US$ 0.2 billion in 2021 and is anticipated to reach US$ 0.2 billion in 2031, growing at a rate of 4.4% from 2022 to 2031.Q2. What is the broaching tools market growth rate?Ans. The growth rate of the broaching tools market is 4.4% from 2022 to 2031.Q3. Which region holds a major market share for the broaching tools market?Ans. Asia Pacific holds a major market share of the broaching tools market in 2021.Q4. Which segment accounted for the largest broaching tools market share?Ans. Based on type, it is segmented into internal broaches, external broaches, and special broaches. The internal broaches segment is expected to be the largest segment in the broaching tools market in 2021.Q5. Who are the key players in the broaching tools market?Ans. The global broaching tools market report includes players such as Q6. What are the factors driving the broaching tools 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 tools market players?Ans. The key growth strategies of broaching tools market players are product launch, partnerships, and government initiatives.Q8. Which region will provide more business opportunities for the broaching tools market during the forecast period?Ans. The Asia Pacific region will provide more business opportunities for the broaching tools market during the forecast period.

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