Asia-Pacific Broaching Tools Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Internal Broaches, External Broaches, and Special Broaches) and End User (Manufacturing, Automotive, Aerospace and Defense, Construction, and Others)
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The APAC broaching tools market is expected to grow from US$ 73.64 million in 2021 to US$ 111.58 million by 2028; it is estimated to grow at a CAGR of 6.1% from 2021 to 2028.
China, India, Japan, South Korea, and Australia are major economies in APAC. Flourishing defense sector across APAC region is expected to surge the market growth. The rapid change in modern warfare has been urging the governments to allocate higher funds toward respective military forces. The higher military budget allocation enables the military forces to engage themselves in the development of robust arms and ammunition, indigenous technologies, rugged devices, and various other technologies. At present, the soldier and military vehicle modernization practices are peaking among most military forces to keep the personnel and vehicles ready for mission. With an objective to modernize armed forces, ministries across the APAC region are investing substantial amounts. Countries across APAC region are increasing their defense budgets year-on-year. The broaching tools are widely used in manufacturing various components of arms and ammunition, armed vehicles, military aircrafts, battle tanks, IFVs, and communication and computing devices. Thus, increasing defense budget will subsequently create growth opportunities for market players across APAC region.
In case of COVID-19, APAC is highly affected specially India. The outbreak has created significant disruptions in primary industries such as manufacturing, healthcare, energy & power, electronics & semiconductor, aerospace & defense, and construction. A significant decline in the growth of mentioned industrial activities is impacting the performance of the APAC broaching tools market. APAC is characterized by the presence of several developing countries, positive economic outlook, and huge industrial sector, in addition to the largest share of global population. These factors make APAC a major region for the growth of the broaching tools market. The lockdown of various plants and factories in many economies in the region is affecting the global supply chains and negatively impacting the manufacturing processes, delivery schedules, and product and service sales. APAC is a global manufacturing hub with countries such as China, Japan, and South Korea leading the global manufacturing sector. Disruptions in supply chains and manufacturing activities have led to the discontinuation of the production of new broaching tools, which is hindering the market growth. Meanwhile, the recent onset of the second wave of COVID-19 in India is expected further hamper the performance of the broaching tool manufacturers in the coming quarters of 2021.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC broaching tools market. The APAC broaching tools market is expected to grow at a good CAGR during the forecast period.
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APAC Broaching Tools Market Segmentation
APAC Broaching Tools Market – By Type
- Internal Broaches
- External Broaches
- Special Broaches
APAC Broaching Tools Market – By End User
- Manufacturing
- Automotive
- Aerospace and Defense
- Construction
- Others
APAC Broaching Tools Market, by Country
- China
- Japan
- India
- South Korea
- Australia
- Rest of APAC
APAC Broaching Tools Market -Companies Mentioned
- American Broach & Machine Company
- Blohm Jung Gmbh
- Ekin S. Coop
- Mitsubishi Heavy Industries Machine Tool Co., Ltd.
- Nachi-Fujikoshi Corp
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the APAC broaching tools market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the APAC broaching tools market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth APAC market trends and outlook coupled with the factors driving the broaching tools market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution