The 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.

Market Overview

Broaching tools are used for machining non-ferrous and ferrous metals by cutting material from the workpiece to produce a smooth, precise finish. There are several types of broaching such as inner broaches, cluster broaches, and pull broaches among others. Broaching tools are used for manufacturing various components in automotive, aerospace, bearings and other industries.

Market Dynamics

Growing automotive industry: The expanding automotive industry is one of the key factors driving the demand for broaching tools. Broaching tools find numerous applications in manufacturing engine components, transmission parts, brake components and other components requiring high precision and smooth finish. According to OICA, global automobile production increased by around 4% in 2021.
Rising adoption in aerospace industry: Broaching tools are widely used in the aerospace industry for manufacturing landing gears, aircraft engine components, hydraulic pumps, aircraft rims and other critical components. The increasing commercial and military aircraft production is expected to boost the demand for broaching tools over the forecast period.

SWOT Analysis

Strength: Broaching Tools are commonly used in mass production and provide high precision, surface finish and dimensional accuracy in a single pass. Broaching Tools have long tool life and can machine hard materials with improved productivity. Broaching process eliminates the need for multiple setups and operations.
Weakness: Broaching Tools requires substantial investment in setup and tooling. Broaching machines have low productivity for small batch production. Dimensional accuracy of Broaching Tools can be affected due to tool wear over long production runs.
Opportunity: Increasing usage of Broaching Tools in automotive and aerospace industries for machining gears, splines, keysways etc. Rising demand for broaching solid carbide tools from developing nations provide new growth opportunities.
Threats: Availability of alternative metal cutting tools like milling, turning, grinding etc. that perform similar operations. Economic slowdowns can reduce capital expenditure on machine tools limiting broaching machine purchases.

Key Takeaways
The Global Broaching Tools Market Size is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing demand from automotive industry. Broaching Tools are commonly used for machining transmission components, engine parts and other complex shapes in the automotive industry resulting in mass production of vehicles.

Regional analysis: North America dominates the global Broaching Tools market with over 30% share, followed by Europe and Asia Pacific. The U.S and Germany are major markets due to presence of leading automotive manufacturers. Asia Pacific exhibits fastest growth for Broaching Tools led by China and India due to rising automotive production, low cost of production and presence of key tool makers in the region.

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.

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