Report : Broaching Tools Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Internal Broaches, External Broaches, and Special Broaches) and End-User (Manufacturing, Automotive, Aerospace and Defense, Construction, and Others); and Geography
Booming Industrialization to Provide Growth Opportunities for Broaching Tools Market during 2021–2028
According to our latest market study on “Broaching Tools Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and End-User,” the market was valued at US$ 148.89 million in 2020 and it is projected to reach US$ 216.90 million by 2028; it is expected to grow at a CAGR of 5.3% from 2021 to 2028.
Broaching tools are used for sharping 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, and bronze; graphite; and wood. Broaching can be of two types: internal broaching and external broaching. The internal broaching technique is used for sharping the internal surfaces of the workpiece, while the external broaching is used for sharping the external surface of the workpiece.
The broaching tools market is experiencing significant growth owing to escalating industrialization across the world, especially in Asia-Pacific. Steady economic growth and favorable government policies are attracting companies to set up manufacturing facilities in Asian countries. Furthermore, growing automotive sales is another factor fueling the adoption of broaching tools. Moreover, the booming defense industry, with increasing defense spending in different countries worldwide, is creating ample opportunities for the growth of the market players. Despite these growth enablers, the fluctuating prices of raw materials are hampering the broaching tools market growth.
The broaching tools market is segmented on the bases of type, end-user, and geography. Based on type, the market is segmented into internal broaches, external broaches, and special broaches. The internal broaches segment held the largest market share in 2020. Based on end-user, the broaching tools market is segmented into manufacturing, automotive, aerospace and defense, construction, and others. The automotive segment is projected to register the highest CAGR during the forecast period. Geographically, the global broaching tools market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, APAC accounted for the significant share in the global market.
Impact of COVID-19 Pandemic on Broaching Tools Market
The COVID-19 outbreak is adversely affecting the industries worldwide and this devastating effect is continuing in 2021 as well. The outbreak created significant disruptions in primary industries such as manufacturing, healthcare, energy & power, electronics & semiconductor, aerospace & defense, and construction. A significant decline in activities in the mentioned industries is impacting the performance of the broaching tools market negatively. The reimplementation of containment measures such travel restrictions, trade bans, and workforce limitation at workplaces has disrupted the manufacturing, supply, and sales of various businesses, including industrial equipment such as broaching tools.
American Broach & Machine Company; Arthur Klink GmbH; Colonial Tool Group Inc.; Ekin S coop; Blohm Jung GmbH; Messer Räumtechnik GmbH & Co. KG; Mitsubishi Heavy Industries Machine Tool Co., Ltd.; Nachi-Fujikoshi Corp.; and The Broach Masters, Inc are among the major companies operating in the broaching tools market.
The report segments the global broaching tools market as follows: