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 billion in 2023 and is expected to reach US$ 1.75 billion 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 worksurface to remove material and generate the desired shape. Broaching is ideal for high volume production and excels at providing 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, material type, operation and region. By type, the market is segmented into internal, external, surface, continuous, 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 45% 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. Accounting for over 20% of the market share in 2022. Countries like Germany, Italy, and the United Kingdom 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

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
• Rising demand from various industrial sectors: In addition to automotive and aerospace, broaching tools find applications across several industrial sectors such as medical, semiconductor, construction, packaging, electronics etc. Broaches are used to manufacture precise medical instruments and implants.
• 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.
• Growth of end-use industries: The major end-use industries for broaching tools are the automotive, aerospace and medical device sectors. The continued growth of these industries globally is expected to fuel the demand for broaching tools in the coming years
• 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 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. For instance, razor tooth broaches efficiently machine small, precise holes in aircraft turbine components. 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.
• 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.
• 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.

Recent Developments

New product launches

• In July 2022, Nachi America launched its N-H Series hydraulic broaching machines for the North American market. The new series aims to provide improved precision and accuracy in broaching complex shapes and splines.
• In May 2021, Forst Technologie introduced its GT 400 E broaching machine featuring linear motor, digital servo drive technology and operating speeds up to 10 m/min for high productivity.
• In June 2020, Mitsubishi Heavy Industries Machine Tool launched the MSF-532H horizontal internal broaching machine capable of broaching various automotive transmission parts.

Acquisition and partnerships

• In January 2022, Hardinge Inc. acquired L.K. Machinery, a manufacturer of high-precision broaching machines, to expand its machining solutions portfolio.
• In June 2021, The Lincoln Electric Company partnered with Lumenium, a broaching tools manufacturer, to develop advanced robotic broaching solutions for electric vehicle gearbox manufacturing.
• In April 2020, Pioneer Broach Company acquired Skinner Broaching Machine Company to enhance its broaching tooling and machine capabilities.

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

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 workpieces. It involves a specialized multi-tooth cutting tool called a broach which is pushed or pulled over the worksurface to systematically remove material and generate the desired shape.

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