North America Broaching Tools Market is expected to reach US$ 42.13 million by 2028

Internal Broaches Segment to Dominate North America Broaching Tools Market during 2021–2028

According to The Insight Partners market research study on “North America Broaching Tools Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and End User” is expected to reach US$ 42.13 million by 2028 from US$ 29.16 million in 2021. The market is estimated to grow at a CAGR of 5.4% from 2021 to 2028. The report provides trends prevailing in the North America broaching tools market along with the drivers and restraints pertaining to the market growth. Accentuating manufacturing sector and growing automotive production are the major factor driving the growth of the North America broaching tools market. However, differences in the prices of raw materials hinders the growth of North America broaching tools market.

In case of COVID-19, the US is the worst-hit country in North America due to the outbreak. 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 North America broaching tools market. The increasing number of infected individuals has led governments of North American countries to shut down nation’s borders during Q2 of 2021. Most of the manufacturing plants are either temporarily shut or are operating with minimum staff strength; moreover, the supply chains of components and parts are disrupted. The US is one of the largest markets for broaching tools, especially due to its technologically advanced aerospace & defense and manufacturing sectors. However, the outbreak has severely affected the production and revenue generation due to lowered production volumes. Thus, the COVID-19 pandemic continues to have a negative impact on the growth of the broaching tools market in North America.

The North America broaching tools market is segmented on the basis of type, end user, and country. Based on type, the market is segmented into internal broaches, external broaches, and special broaches. The internal broaches segment dominated the North America broaching tools market in 2020 and is also expected to be fastest growing segment during forecast period. Further, based on end user, the market is segmented into manufacturing, automotive, aerospace and defense, construction, and others. The automotive segment dominated the North America broaching tools market in 2020 and is also expected to be fastest growing segment during forecast period.

American Broach & Machine Company; Blohm Jung Gmbh; Colonial Tool Group Inc.; Ekin S. Coop; Messer Räumtechnik Gmbh & Co. KG; Miller Broach; Mitsubishi Heavy Industries Machine Tool Co., Ltd.; Nachi-Fujikoshi Corp; and The Broach Masters, Inc. are among the leading companies in the North America broaching tools market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, The Blohm Jung GmbH launched the PROFIMAT XT with tool changer. the tool enables an automatic change of grinding wheels. This flexible PROFIMAT XT merges four grinding technologies in one machine: reciprocate, creep feed, CD, and speed stroke grinding.

The Report Segments the North America Broaching Tools Market as Follows:

North America Broaching Tools Market – By Type

• Internal Broaches
• External Broaches
• Special Broaches

North America Broaching Tools Market – By End User

• Manufacturing  
• Automotive
• Aerospace and Defense
• Construction
• Others

North America Broaching Tools Market – By Country

• US
• Canada   
• Mexico