BROACHING TOOLS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

The Global Broaching Tools Market size was valued at US$ 1.26 bn in 2023 and is expected to reach US$ 1.75 bn by 2030, grow at a compound annual growth rate (CAGR) of 4.8% from 2023 to 2030. Broaching is a machining process used to cut precise, angular, internal or external forms on metal workpieces. Broaching tools consist of a specialized cutting tool called a broach which has graduated cutting teeth. The process involves pulling or pushing the broach over the surface to remove material and mold the object in desired shape. Broaching is ideal for high volume production, accurate finishes, tight tolerances and complex geometries. It is commonly used in the automotive, aerospace and manufacturing sectors. The growth of broaching tools market is driven by the rising production in end-user industries such as automotive and aerospace.

The broaching tools market is segmented by type, end-user industry region. By type, the market is segmented into internal, external, surface, continuous, keyway, rotary and other broaches. Internal broaching is one of the most common types and used to machine precision holes and internal shapes like squares, hexagons, splines etc. The growth of internal broaching segment is driven by rising automotive production and demand from various industries for high precision internal machining.

Broaching Tools Market Regional Insights

• North America is expected to be the largest market for broaching tools market during the forecast period, accounting for over 35% of the market share in 2022. The growth of the market in North America is attributed to the well-established machine manufacturing sector and presence of leading aerospace companies in the region.
• The Asia Pacific market is expected to be the second-largest market for broaching tools market, accounting for over 25% of the market share in 2022. The growth of the market in is attributed to the rapidly expanding manufacturing sector and increasing adoption of broaching tools by automotive companies in emerging economies such as China and India.
• Europe also has a well-established manufacturing industry, including automotive, aerospace, and general engineering. Countries like Germany, Italy, and the U.K. have played a pivotal role in driving the demand for broaching tools in this region. The emphasis on precision engineering and high-quality manufacturing processes has contributed to the adoption of advanced broaching technologies.

Figure 1. Global Broaching Tools Market Share (%), by Region, 2023

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Broaching Tools Analyst View Point:

• The broaching tools market is expected to witness steady growth over the forecast period driven by increasing automotive production globally. Broaching tools find wide application in manufacturing engine and transmission components in automobiles. As urbanization increases worldwide, demand for personal vehicles is growing which will spur automobile sales. This will create robust demand for broaching tools from the automotive industry. Additionally, recovery of economic conditions in developed markets is likely to boost industrial productivity and benefit the market.
• However, increasing adoption of hybrid and electric vehicles may deter the market to some extent as they require fewer mechanical components compared to traditional vehicles. Rising labor costs in developed markets is another challenge as it increases production costs for broaching tool manufacturers. Fluctuating raw material prices can also impact the costs.

Broaching Tools Market Drivers:

• Increased demand from the automotive industry: The automotive industry is one of the major end-users of broaching tools. The rising production of vehicles globally is driving the demand for broaching tools for machining various automotive components such as gear shafts, valves, connectors, bearings, pistons and engine parts. Broaching provides high precision machining and is ideal for mass production in the automotive industry. The growth in automotive manufacturing is thus fuelling the adoption of broaching tools.
• Rapid growth of the aerospace industry: The aerospace industry relies heavily on precision parts produced through broaching tools. Aircraft components such as wings, turbines, landing gears, valves, connectors and engine parts are machined using broaches as they require complex shapes and tight tolerances. For example, spline broaches are used to produce turbine shafts and broaches with serrated edges are utilized for manufacturing critical airframe structures
• Increased need for precision parts in various applications: Broaching excels at producing accurate, smooth surface finishes on parts with tight tolerances. Precision engineering is vital across industries such as automotive, aerospace, defence, electronics etc. Precision parts are also used in industrial machines, medical devices, watches, optics and other equipment. The rising demand for high precision components is driving the need for quality broaching tools.

Broaching Tools Market Opportunities:

• Adoption of broaching in emerging economies: Developing economies such as China, India, Mexico, Brazil, South Korea, etc. are expected to drive the future growth of the broaching tools market. These countries are witnessing rapid industrialization and economic growth. Their manufacturing sectors are evolving and adopting advanced machining technologies like broaching. Moreover, the automotive and aerospace production in emerging economies is also on the rise, further supplementing the demand for broaching tools.
• Development of advanced broaching machines: Technological advancements in broaching machines such as servo electric broaching machines, CNC broaching machines with better controls and precision are anticipated to enhance the adoption of broaching processes. Automation and integration of broaching machines with other technologies can improve productivity and consistency. This can expand the application areas of broaching tools.
• Rising need for high speed machining: Broaching tools manufacturers are developing high speed broaches and machines to cater to the growing industry demand for faster machining and higher productivity. High speed broaching with advanced machine controls can produce parts in a single stroke, reducing cycle times. This can help manufacturers achieve faster production. The trend towards high speed precision broaching is presenting lucrative opportunities for market players.

Broaching Tools Market Trends:

• Adoption of carbide broaches: Conventional high speed steel (HSS) broaches are being replaced by more advanced carbide broaches in modern broaching operations. Carbide allows faster broaching speeds and feeds. It has high wear resistance resulting in longer tool life. Carbide broaches are ideal for challenging materials such as super alloys, hardened steels and titanium. Major aerospace companies are increasingly using solid carbide broaches.
• Integration with other machining processes: Manufacturers are combining broaching with other machining operations like milling, drilling, turning etc. on a single machine platform. Hybrid machines enable complete machining of parts in one setup. For instance, Doosan Machine Tools, a manufacturer of CNC and broaching tools offers the Puma Twin with combined turning and broaching capabilities. Integrated machines improve productivity and precision. This trend is gaining prominence in the broaching tools market.
• Use of digital technology and automation: Digital technologies are being increasingly incorporated in broaching tools and machines. For example, digital readouts help achieve precise tool adjustment. Automation solutions like robotic part handling and tool loading/unloading boost repeatability and minimize human errors. Digital twin modelling helps optimize broaching operations. Use of sensors makes remote broach monitoring possible. Adoption of such digital technologies is on the rise.
• Development of special application broaches: Broaching tool manufacturers are introducing special designs tailored to specific component requirements in industries such as aerospace, medical, electronics etc. Such application-specific broaching tools are gaining increased adoption among manufacturers.

Broaching Tools Market Restraints:

• High initial investment requirements: Broaching machines and tools are complex in design and manufacturing. Establishing broaching capabilities necessitates heavy initial investments in machines, accessories, tools, worker training etc. This limits technology adoption for many smaller manufacturers with budget constraints. The pandemic has further weakened the financial situation of players. This dynamic creates a counterbalance in the broaching industry, favoring larger enterprises with the financial capacity to weather economic challenges and make the necessary investments in technology and training, further solidifying their position in the market.
• Limitations in design flexibility: Broaching tools are application-specific and custom-designed for each component. Designing specialized broaches for new parts can be an expensive and time-consuming process. New tooling is needed for design changes. Broaching also has geometric constraints. This can limit design flexibility for manufacturers compared to other processes like machining. The constraints imposed by broaching's specialized nature may lead some manufacturers to opt for more versatile machining methods, offering a broader range of design possibilities without the need for extensive custom tooling. Thus, while broaching excels in precision, manufacturers must carefully weigh its benefits against the inherent challenges, considering factors such as cost, time, and design constraints in their production decision-making.
• Emergence of alternative technologies: Advancements in competitive technologies like precision machining and metal additive manufacturing are challenging the applications of broaching tools. Precision CNC machining offers higher flexibility. Additive manufacturing enables direct production of complex, net-shape components. Such alternative technologies are restricting the adoption of broaching tools for certain applications. Broaching tools excel in scenarios where precision and efficiency are paramount, offering a specialized approach that might outperform other methods for certain tasks. Additionally, the long-standing expertise in broaching technology, coupled with continuous innovations, ensures that broaching remains a reliable choice for manufacturers seeking optimal efficiency in certain applications.

Recent Developments

New product launches

• In December 2022, Nidec Corporation, a manufacturer for electric motors announced the launch of two new visual inspection products, Robot Camera SPEED and Robot Camera MAX, designed for monitoring the cutting edges of tools used in gear-hobbing machines and broaching machines, respectively. These Robot Cameras deploy a digital camera to capture precise, high-speed images of the tool edges and record the image data. Users can input the specifications of a tool into the robot camera system, allowing it to adapt to various tool shapes, detect any missing sections or coating flaws on the edges, and assess the overall condition and wear of the tool. Both devices, aimed at automating the inspection processes in Nidec's manufacturing and resharpening of cutting tools, have the potential to significantly enhance quality control while reducing inspection durations by up to 90%.
• In September 2022, CNC Broach Tool LLC, a supplier of broaching tools announced the launch of offers a range of indexable carbide spline cutting inserts that are compatible with their current assortment of tool holders. These inserts facilitate the broaching of both internal and external involute splines using a CNC lathe or mill. Each spline insert comes with a pair of cutting edges and is constructed from TiN-coated carbide, which is consistent with their established range of standard keyway insert products.
• In March 2021, CNC Broach Tool LLC, a supplier of broaching tools announced the launch of 7proprietary push broach tool that can be utilized for broaching internal keyways on both CNC lathes and mills. Until now, devising the programming for the broaching process adaptable to diverse machine tool brands posed a significant challenge. To address this, CNC Broach Tool has developed a complimentary platform featuring a collection of CNC Broach programming templates, simplifying the programming task for machine operators.

Figure 2. Global Broaching Tools Market Share (%), by Type, 2023

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Top companies in Broaching Tools Market

• 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’

Definition: Broaching is a unique machining process used for cutting internal or external forms with precise angular and flat surfaces on metal work pieces. It involves a specialized multi-tooth cutting tool called a broach which is pushed or pulled over the work surface to systematically remove material and generate the desired shape.