Broaching Tools Market to Witness Significant Growth Owing to Growing Demand from Automotive Industry
Broaching Tools Market to Witness Significant Growth Owing to Growing Demand from Automotive Industry
Blog Article
Broaching tools have various advantages over other machining processes such as better dimensional accuracy, closer tolerances, superior surface finishes, lower production cost per component, and ability to produce complex shapes. Broaching finds applications in machining gears, splines, keyways, and other complex shapes. In the automotive industry, broaching tools are used to cut splines, teeth, and keyways in transmission components. Broaching is also used for machining internal and external surfaces in the aerospace industry.
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 2024 To 2031.
Key Takeaways
Key players operating in the broaching tools market are Biotronik, Inc., Livanova Plc, NuVasive, Inc., and Institut Straumann AG, among others. Broaching tools help in manufacturing complex automotive components with high precision and quality. The growing automotive production is fueling the demand for broaching tools. Technological advancements such as multi-axis broaching, high-speed broaching, and electrochemical broaching are improving the productivity of broaching tools.
The Broaching Tools Market Growth production has been increasing over the past few years with emerging economies witnessing high growth. This is creating a high demand for broaching tools from automotive OEMs and component manufacturers for machining complex components. Additionally, stringent regulations regarding vehicular emissions are prompting automakers to manufacture lightweight vehicles with improved fuel efficiency. This is augmenting the production of lightweight alloy transmission components, which requires broaching tools for machining.
Technological advancements are supporting the growth of the broaching tools market. Multi-axis broaching allows machining complex contours and profiles. High-speed broaching improves productivity. Electrochemical broaching reduces tooling cost and improves surface finish compared to conventional broaching. CNC-controlled broaching centers enable automation of broaching process, thereby improving consistency and precision of broached components.
Market Trends
Focus on green manufacturing: With growing environmental concerns, manufacturers are focusing on environmental-friendly or green manufacturing processes to reduce energy usage and wastage. Broaching techniques such as electrical discharge machining and electrochemical machining assist in green manufacturing.
Automation and digitization: Broaching tool and machine manufacturers are automating broaching lines and integrating them with advanced robotics, digital controls, sensors, and software for smart manufacturing. This improves productivity, reduces human errors and downtime.
Market Opportunities
Aerospace industry offers opportunities: The aerospace industry is moving from alloys to composites, which requires compatible machining techniques like broaching. Additionally, demand for aircraft components is growing with increasing passenger and freight traffic. This offers opportunities for broaching tool suppliers.
Electric vehicles: Growing sales of electric vehicles will augment the demand for transmission components like gears and splines that are made with broaching. This present an opportunity for broaching tool and machine developers to cater to EV manufacturers.
Impact of COVID-19 on Broaching Tools Market Growth
The COVID-19 pandemic has significantly impacted the growth of the broaching tools market. During the initial months of the pandemic, most manufacturing facilities and production units were temporarily shut down to curb the spread of the virus. This led to a decline in the demand for broaching tools from end-use industries such as automotive, industrial machinery, aerospace & defense, etc. However, with lifting of lockdowns and relaxations on business activities, production volumes and demand started improving gradually.
The broaching tools market experienced sluggish growth in 2020 compared to the pre-pandemic levels in 2019. However, with rapid vaccination drives and economies opening up globally, the market is expected to witness steady recovery from 2021 onwards. The demand is being driven by pent-up demand from various delayed/deferred projects as well as replacement of aging broaching tools inventory from key end-use sectors.
Going forward, the market players need to focus on optimizing their supply chain operations, enhancing production efficiencies, and ramping up capacities to cater to the increasing demand. Adopting advanced automation technologies can help manufacturers improve productivity while maintaining social distancing norms. Collaboration with OEMs and forging long-term partnerships will be another key strategy for broaching tool suppliers to sustain profitable growth in the post-COVID period.
Geographical Regions
The broaching tools market in North America region accounted for the largest share in terms of value in the global market as of 2024. This can be attributed to well-established automotive and aerospace industries in countries like the US and copyright. The aerospace industry is one of the major consumers of broaching tools in machining critical engine components requiring high accuracy and finish.
Similarly, Asia Pacific region has emerged as the second largest and fastest growing regional market for broaching tools driven by China, India, and other Southeast Asian countries. The rising automotive production and presence of automotive hub in China has been a key factor driving the APAC broaching tools market growth.
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