The global 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.
Broaching tools are precision tools used for chip removal in mass production applications. Broaching tools remove material by means of many cutting edges on a tool that progressively scrape away material. Broaching improves the accuracy and surface finishing of machined parts. Broaching tools are mainly used for gear cutting or cutting key slots. The mass production capabilities and quality of parts achieved with broaching tools is driving the growth of the broaching tools market.
Broaching tools are precision cutting tools used for the production of features with high accuracy and smooth surface finish. Broaching tools remove material through a single-point cutting action with multiple teeth. Broaching produces components in high volumes with close tolerances.
Market key trends:
The Global Broaching Tools Market Size is witnessing positive growth owing to increasing demand from the automotive industry. Broaching tools find wide application in the manufacturing of transmission components, engine parts, and other mechanical components. Rising automotive production worldwide is driving the demand for broaching tools. Furthermore, broaching tools offer benefits such as high productivity and quality of finished parts. Broaching tools produce components with close dimensional tolerances, smooth surfaces, and high accuracy. These advantages of broaching tools compared to conventional machining methods are augmenting their demand.
The global broaching tools market is segmented into types such as solid broaches, insert broaches and riding-type broaches. Among these, solid broaches dominate the market and is expected to continue its dominance over the forecast period. Solid broaches are suitable for various applications like automobile transmission gears, pump impeller, valve rotors, turbine blades etc. owing to their high strength and durability.
The global broaching tools market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing demand from automotive & transportation industry.
North America dominates the global broaching tools market. The region holds around 35% share of the overall market owing to rise in demands from aviation industry in the US. Asia Pacific is the fastest growing region in broaching tools market. Countries like China and India are expected to drive the growth in the region attributed to increasing automotive production.
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. Broaching Tools Market size for 2023 is US$ 1.26 Bn.
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