Broaching Tools Market is anticipated to Witness High Growth Owing to Increasing Demand from Automotive industry
Broaching tools are machining tools used to produce linear surfaces referred to as broached surfaces. Broaching tools are specifically designed to cut metal to very precise tolerances and finish surfaces in hard materials. Broaching tools are known for obtaining very fine tolerances and improving surface finishes. These tools are commonly used in the automotive, aircraft, machine tool, and gear industries for gear and spline cutting, keyways and shoulders on shafts, flat surfaces and slots. The increasing demand for machined components from the automotive industry with stringent quality standards is one of the major factor driving the demand for broaching tools.
The global broaching tools market is estimated to be valued at US$ 13.35 Bn in 2024 and is expected to exhibit a CAGR of 10. % over the forecast period from 2024 to 2031.
Broaching Tools Market Growth are advantageous as they can machine complex shapes quickly and cost-effectively. Broaching leaves surfaces that require little or no secondary machining, reducing machining costs. They offer high throughput, making them suitable for mass production applications.
Key Takeaways
Key players operating in the broaching tools are Biotronik, Inc., Livanova Plc, NuVasive, Inc., and Institut Straumann AG, among others. Biotronik, Inc. is a leading manufacturer of cardiovascular devices globally and is known for its innovation and technology.
The increasing demand from emerging economies due to rapid industrialization offers huge growth opportunities for players in the broaching tools market. The automotive industry in China, India and other Asian countries is flourishing which will propel the demand for broaching tools in coming years.
Players in the market are focusing on expanding their global footprint by setting up manufacturing facilities at strategic global locations. For instance, Livanova Plc has manufacturing plants in Canada, Brazil and Italy to cater to the demand from North America, Latin America and European regions. Collaborating with regional distributors is another strategy that players are adopting to strengthen their presence internationally.
Market drivers:
- Increasing automotive production globally- Broaching tools finds major application in automotive industry for manufacturing transmission gears, engine parts etc. The rising vehicle output will augment the broaching tools demand.
- Growth of machine tool industry- Machine tool industry utilizes broaching tools for critical manufacturing operations. The expansion of machine tool sector is forecast to drive the broaching tools consumption.
Market restraints:
- High overall costs involved- Broaching tools are associated with high setup and machining costs which may restrict its adoption in price sensitive industries.
- Requirement of skilled labor- Broaching process requires experienced manpower to handle complex operations which adds to the production expenses.
Segment Analysis
The solid broaching segment accounts for the largest market share and will continue to dominate the broaching tools market during the forecast period. Solid broaching tools are durable and withstand high impact forces during machining. They are used to cut internal and external surfaces in non-ferrous metals and alloys. Solid broaching cutters offer precision machining and are suitable for high-volume production runs. Their solid, carbide construction makes them highly durable for continuous heavy-duty applications.
Global Analysis
The North American region holds the major share of the broaching tools market and will witness the highest growth during the forecast period. The presence of key players, availability of advanced manufacturing technologies, growing automotive industry, increased machinery demand from various end-use industries drive the market in this region.
The rising automotive, industrial machinery, and aerospace industries create significant demand for broaching tools in North America. Europe holds the second-largest share of the market due to high demand from automotive OEMs and presence of manufacturers of broaching machines. Rapid industrialization and increased foreign investment in manufacturing are factors expected to boost the Asia Pacific broaching tools market.
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