Broaching Machine Market

Broaching Machine Market Growth and Forecast (2023-2028):

The Global Broaching Machine Market size is expected to reach USD 1.05 billion by 2028 from USD 0.85 billion in 2022, registering a CAGR of 3.94 % from 2023 to 2028.

Market Overview:

Broaching is a process that uses a sharp-toothed tool that removes unwanted material from the workpiece and creates a specific shape. The broaching machine can create required shapes in metal or other materials such as gears, bearings, and engine blocks. The cutting tool used is called a broach; it has different sizes of the tooth that can cut the material into the required shape. It also consists of a motor, hydraulic drive, ram, draw the head, follower, broach tool supporter, bed, and pulling head. The machines are used for large quantity production, as they will produce accurate and superior quality products in low time. They are employed in industries such as aerospace, automotive, defense, and medical.

Recent Developments in the Broaching Machine Industry:

• In 2022, Nidec launched two new robot cameras for hobbing and broaching machines. This helps in automating the visual inspection of cutting tools that process gears and other components.
• In 2022, Pioneer Broach company added five new machines for manufacturing Aero-engine components such as turbine blades and nozzles. These machines improve the capability of manufacturing the components.

BROACHING MACHINE MARKET REPORT COVERAGE:

Drivers:

Demand for high-precision machines

Broaching is an efficient cutting process widely used in heavy industries. Further, the machinery industry's rising demand for accurate and high-finishing processes is driving the market growth. The machines also provide several benefits such as saving power, low operation cost, and highly efficient systems for end-user industries such as aerospace, defense, automotive and heavy machinery. Moreover, the broaching machines are used for large quantity production; they are designed in such a way that they can produce precise and superior quality products. In addition, the rise in demand from the fabricated metal and heavy machinery industry is boosting the broaching machine market growth. Furthermore, meeting the demand of end-user industries and increasing advancement in technologies is fuelling market growth.

Restraints

High purchase and maintenance cost

The increasing uncertainty of raw material prices negatively impacts manufacturers in producing broaching machines. Further, a misconfiguration in the shaping of metals can impede growth. Moreover, normally medium and small-scale companies purchase second-hand broaching machines to avoid initial high capital expenditure on their projects, and the presence of a market for used machines can hamper the growth of the broaching machine market.

Opportunities

The surge in the automotive and industrial machinery sector offers a lucrative opportunity for the broaching machine market. The advancement in technologies and demand for efficient broaching machines to produce a superior quality product is fuelling the growth of broaching machine market in coming years. Even an increase in several new technologies such as automation, CNC, CAD system, and boxzy are anticipated to provide new opportunities for market growth during the forecast period.

COVID-19 Impact on the Broaching Machine Market:

COVID-19 was a significant viral infection that has spread to almost 200 countries at an alarming pace. The pandemic has resulted in severe economic and political losses. A severe humanitarian loss is witnessed around the world. U.N. declared COVID-19 a global pandemic and urged every nation to vaccinate their citizen as a top priority. Many countries, such as China, Italy, Japan, Korea, Iran, Spain, Germany, and the U.S., are the worst affected due to COVID-19. The global pandemic has limited traveling, caused an economic crisis, and disrupted a number of businesses around the world. Further, the supply and demand mismatches have created havoc for interconnected economies globally. This outbreak has an economic impact and implications on all global markets. Several processing and non-processing industries have delayed or scraped off their projects, attributing to partial or complete shutdown. The decline in product demand, fluctuating prices, and limited production capabilities have affected the broaching machine market. However, several manufacturing companies have resumed their production facilities. This can increase the market growth of broaching machine market post-COVID.

Broaching Machine Market Segmentation Analysis:

By Type:

• Horizontal
• Vertical

The Vertical broaching machine segment is expected to make the largest market revenue in broaching machine market during the forecast period. The vertical broaching machine has a high rate of production. The broaching can be done on an external surface or on an internal surface with a good amount of accuracy compared to a horizontal broaching machine. Further, the rise in demand from the defence, automotive, and aerospace industries is driving the growth of the market.

By End-user:

• Automotive
• Industrial Machinery
• Precision engineering machine
• Others

The Automotive segment is observed to record the highest market share in broaching machine market during the forecast period. With a growing population, a surge in demand for automobiles has increased drastically in the forecasted period. Further growth for the broaching process of automotive components such as manufacture gears, steering wheel hubs, steering yokes, and transmission shifts are driving market growth in the automotive industry. Moreover, hybrid and electrical vehicles use internal gear, which is produced by broaching tools is fuelling the growth of the market.

Region Analysis:

The Asia- Pacific region is anticipated to generate the largest market revenue for broaching machine market during the forecast period. China is a manufacturing hub in the Asia-Pacific region. It is expected to hold the maximum regional share during the period. Normally the operating costs will be lower in Asia-Pacific countries than compared to other regions. This factor is driving the market growth in the region. A further surge in automotive and manufacturing industries in countries such as India, China, Japan, and Korea is fuelling the market share of the region. Further government investments in automating the industries and growing demand for broaching tools for industrial machinery manufacturing are driving the growth of broaching machine market in the region. Following market growth is observed in the North American region during the forecast period. The countries such as Mexico, the U.S., and Canada have well-established machinery manufacturing companies. This is driving the market growth in the region.

Key Players in the Market:

Major Key Players in the Global Broaching Machine Market are

• Gaccu-cut diamond tool co.
• American Broach & machine company
• Arthur klink gmbh
• Axisco precision machinery co., ltd.
• Broaching machine specialities co.
• General broach company
• Mitsubishi heavy industries, ltd. (federal broach & machine company)
• Nachi-fujoshi corp.
• Pioneer broach company
• V.w. broaching service inc.
• General Electric Company
• Man Diesel & Turbo SE
• Ebara Corporation
• Mitsubishi Heavy Industries Compressor Corporation
• Atlas Copco Energas GmbH
• Solar Turbine Inc.
• Hitachi. Ltd