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Broaching Tools Market is Estimated to Witness High Growth Owing to Rising Automotive Production
The broaching tools market involves tools that are used to mechanically cut or shape objects by linearly pushing or pulling against them. Broaching is commonly used to cut internal keyways, holes, and slots and external gear teeth, splines, and flats. Broaching offers high accuracy and surface finish to machined metal components. The automotive industry extensively uses broaching tools to manufacture engine blocks, brake calipers, transmissions, and other metal components that require holes, slots and gears. The rising automotive production around the world is expected to drive the demand for broaching tools over the forecast period.
The Global broaching tools market is estimated to be valued at US$ 1.46 Bn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the broaching tools market are Sara Swati Engineering Limited, Schoeller Arca TIME Material Handling Solution, Mekins Group, Swift Technoplast Private limited. These players are focusing on portfolio expansion and geographical expansion to meet the growing demand.
The rising need for lightweight components in the automotive and aerospace industries presents significant growth opportunities for broaching tool manufacturers. Broaching Tools Market enable manufacturers to machined complex internal features in metal parts with high accuracy and less material removal compared to other machining processes.
The increasing automotive production in Asia Pacific and Latin America is expected to drive the demand for broaching tools in these regions. Key broaching tool manufacturers are expanding their presence in developing Asian countries to leverage growth opportunities. Manufacturers are also focusing on developing advanced broaching tools with greater wear resistance and productivity.
Market drivers
The rising automotive production around the globe, especially in developing countries such as China, India, Brazil, Mexico etc. is one of the major drivers for the broaching tools market. As per Statista, the global motor vehicle production is estimated to surpass 115 million units by 2024. This rising automotive output will greatly increase the demand for broached metal components and associated broaching tools. Additionally, favorable government policies supporting the automotive sector in emerging nations will continue aiding the broaching tools market growth over the forecast period.
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