According to the new research report titled “Broaching Tools Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 216.90 million by 2028, registering a CAGR of 5.3% from 2021 to 2028.

Bolstering manufacturing sector in APAC is boosting the broaching tools market. Owing to the global economic growth, the manufacturing sector has gained significant traction over the last two decades, especially in emerging economies of Asia Pacific. Broaching tools are widely used for producing various industrial components and sub-assembly parts. The rising demand for high speed and accurate finishing process from the end-use sectors such as automotive, aerospace & defense, and construction is encouraging broaching tools manufacturers to introduce advanced tools in the market. The manufacturing sector is one of the key economic growth drivers in APAC.

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Mitsubishi Heavy Industries Machine Tool Co., Ltd.; Nachi-Fujikoshi Corp.; and The Broach Masters, Inc. - PROMINENT MARKET PARTICIPANTS IN BROACHING TOOLS MARKET

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

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, North America accounted for the significant share in the global market.

Mitsubishi Heavy Industries Machine Tool Co., Ltd.; Nachi-Fujikoshi Corp.; and The Broach Masters, Inc. are some of the key market players operating in the global broaching tools market. The listing of key players is derived by considering multiple factors such as overall revenue, current broaching tools product portfolio, geographical reach, new product launches, market initiatives, investment in technology upgradation, partnerships, and other market related activities. In addition to these players, there are several other important players operating in the broaching tools ecosystems which were studies analyzed during the course of this market research study, such as, American Broach & Machine Company; Arthur Klink GmbH; Colonial Tool Group Inc.; Ekin S coop; Blohm Jung GmbH; Messer Räumtechnik GmbH & Co. KG; and others.

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.

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