Broaching Tools Market Growing at 5.3% CAGR to be Worth US$ 216.90 Million by 2028, Says The Insight Partners
The Broaching Tools Market report by “The Insight Partners” entails detailed information regarding the market valuation over the analysis period.
NEW YORK, UNITED STATES, March 7, 2023 /EINPresswire.com/ -- According to our latest market study on “Broaching Tools Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Internal Broaches, External Broaches, and Special Broaches) and End-User (Manufacturing, Automotive, Aerospace and Defense, Construction, and Others); and Geography,” The global broaching tools market was valued at US$ 148.89 million in 2020 and is projected to reach US$ 216.90 million by 2028; it is expected to grow at a CAGR of 5.3% during 2021–2028.
Broaching tools are used for sharping the workpiece into a high precision component. Broaching tools are made of steel and are available in a wide range of styles for different applications. These tools have multi-tooth designs for creating successive cuts over the workpiece at high speeds. The workpieces are made from metals such as aluminum, copper, steel, brass, and bronze; graphite; and wood. Broaching can be of two types: internal broaching and external broaching. The internal broaching technique is used for sharping the internal surfaces of the workpiece, while the external broaching is used for sharping the external surface of the workpiece. 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
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Companies Profiled in this report includes: 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.
The broaching tools market is segmented on the bases of type, end-user, and geography. Based on type, the market is segmented into internal broaches, external broaches, and special broaches. The internal broaches segment held the largest market share in 2020. Based on end-user, the broaching tools market is segmented into manufacturing, automotive, aerospace and defense, construction, and others. The automotive segment is projected to register the highest CAGR during the forecast period. Geographically, the global broaching tools market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for the significant share in the global market.
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The COVID-19 outbreak is adversely affecting the industries worldwide and this devastating effect is continuing in 2021 as well. The outbreak created significant disruptions in primary industries such as manufacturing, healthcare, energy & power, electronics & semiconductor, aerospace & defense, and construction. A significant decline in activities in the mentioned industries is impacting the performance of the broaching tools market negatively. The reimplementation of containment measures such travel restrictions, trade bans, and workforce limitation at workplaces has disrupted the manufacturing, supply, and sales of various businesses, including industrial equipment such as broaching tools.
Key Findings of Study:
Several players operating in the global broaching tools market are adopting significant strategic initiatives . For instance, in 2020, The Blohm Jung GmbH launched the PROFIMAT XT with tool changer. The tool enables a automatic change of grinding wheels. This flexible PROFIMAT XT merges four grinding technologies in one machine: reciprocate, creep feed, CD, and speed stroke grinding.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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