New York, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Broaching Tools Market: Key Insights
According to our new research study on “Broaching Tools Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, End-User, and Geography,” the Broaching Tools Market is expected to reach US$ 216.90 million by 2028 from US$ 150.82 million in 2021; it is estimated to grow at a CAGR of 5.3% from 2021 to 2028.
Broaching Tools Market: Competitive Landscape and Key Developments
American Broach & Machine Company; Arthur Klink GmbH; Colonial Tool Group Inc.; Ekin S coop; Blohm Jung GmbH; Messer Räumtechnik GmbH & Co. KG; Mitsubishi Heavy Industries Machine Tool Co., Ltd.; Nachi-Fujikoshi Corp.; and The Broach Masters, Inc. are among the key players profiled in this market study. These companies collectively hold a significant share of the broaching tools market.
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 combines four grinding technologies—reciprocate, creep feed, CD, and speed stroke grinding—in one machine.
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In 2018, The Blohm Jung GmbH launched the PROFIMAT XT in World Premiere at IMTS, thereby expanding its grinding machine portfolio.
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. Furthermore, growing automotive sales is another factor fueling the adoption of broaching tools. Moreover, the booming defense industry with increasing defense spending in different countries worldwide is creating ample opportunities for the growth of the market players. Despite these growth enablers, the fluctuating prices of raw materials are hampering the broaching tools market growth.
In 2020, APAC led the global market with a substantial revenue share, followed by Europe and North America, respectively. The presence of a large automotive sector , coupled with surge in the number of passenger car and commercial vehicle manufacturers, is one of the major factors fueling the broaching tools market in APAC. The rapidly developing economies of China and India, and the high disposable income of population in countries such as South Korea and Japan are supporting the growth of the automotive sector in the region. Developments in terms of infrastructure projects such as bridges and highways, communications, sanitation, and energy help reduce poverty in developing countries. Public and private investors will benefit from their capital investments through these projects.
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The US is the worst-hit North American country due to the COVID-19 outbreak. The increasing number of infected individuals led governments of North American countries to shut down the national 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 demand for high-end automotive has increased enormously in the recent years, resulting in increased vehicle production, mainly in the developed regions such as North America and Europe. Moreover, the demand for commercial vehicles and passenger cars is increasing, primarily, in developing nations. Broaching tools are widely utilized in the automotive sector to manufacture gears, transmission shafts, steering wheel hubs, steering yokes, etc. According to the Center for Automotive Research, a nonprofit organization, in 2018, automakers such as FCA, GM, Ford, Hyundai, Nissan, Volkswagen, and Toyota collectively invested US$ 4.8 billion in the automotive industry. In addition, the annual investments in the automotive research and development (R&D) in Europe have increased by 6.7% to reach US$ 67.09 billion annually. Thus, rising demand for high-end vehicles and increasing production of vehicles are the chief factors boosting the adoption of broaching tools in the automotive sector.
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Broaching Tools Market: Type Overview
Based on type, the broaching tools market is segmented into internal broaches, external broaches, and special broaches. The internal broaches segment held the largest market share in 2020, and it is likely to continue to be the largest shareholder during the forecast period. Internal broaching is a process of sharping the interior surface of the workpiece. Internal broaching consists of two techniques: rotary broaching and vertical broaching. The rotary broaching technique uses rotating broach tools for sharping the internal surface of workpiece, while vertical broaching uses push or pull-down applications to serve the purpose. The internal broaching technique is widely used for producing various precision components, such as automobile and machinery gears, firearm components, and fasteners.
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