The global Broaching Tools Market is estimated to be valued at US$ 1.26 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Broaching tools are used in manufacturing processes for applications requiring high precision dimensions. Broaching tools are used to shape metal or other work pieces by scraping away metal as the cutting tool moves linearly across the work piece. Their teeth are specially arranged and formed to efficiently remove a small amount of material with each stroke.
Market key trends:
One of the key trends in the Global Broaching Tools Market Size is the demand from the automotive industry. Broaching tools find key application in the manufacturing of precision automobile components such as pins and splined shafts that require extreme surface quality and tight tolerance levels. With the projected growth of the global automotive production, the demand for broaching tools from this industry is also expected to rise substantially over the forecast period. Furthermore, advancements in material removing technologies have widened the applications of broaching tools in manufacturing complex geometries or profiles which was previously a challenge. This has further aided the market growth of broaching tools.
Strength: Broaching tools have high precision and surface finish. They can generate complex shapes in hard materials like gears and splines.
Weakness: Broaching tools have high initial costs and require skilled operators. Their setup times are also longer.
Opportunity: Growing automotive industry worldwide is driving the demand for precise broaching of engine and transmission components. Adoption of broaching in the aerospace industry is another growth opportunity.
Threats: Availability of alternatives like hobbing, shaving and milling poses a threat. Economic slowdowns can negatively impact the automotive and industrial sectors which are major consumers of broaching tools.
The global broaching tools market is expected to witness high growth, exhibiting a CAGR of 4.8% over the forecast period, due to increasing adoption in automotive and precision engineering industries. Broaching finds application in manufacturing of gears, splines, serrations and other complex profiles precisely and in high volumes.
Regional analysis: North America dominates the broaching tools market currently due to large automotive production bases and presence of major automakers. Asia Pacific is expected to witness the fastest growth owing to expanding automotive sector and rising machining/tooling requirements from industries in China and India. Countries like Germany, Italy, France are also major contributors to the European broaching tools market.
Key players operating in the broaching tools market are Mitsubishi Heavy Industries, Nachi-Fujikoshi, LMT Tools, Vermont Tap & Tool, Pioneer Broach Company, Hoffman Broach, Accu-Cut Diamond Tool, Forst Technologie, Axisco Precision Machinery, Arthur Klink GmbH, Maheen Broaches, Apex Broaching Systems, Techcellence India, Lakshmi Machine Works, Skyline Broach Company, Colonial Tool Group, Broaching Machine Specialties, Steelmans Broaches, American Broach & Machine Company, Galway Tool & Gage. Expansion of manufacturing capacities and new product development are key strategies being adopted by these players.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it