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Broaching Machines Market

Market Study on Broaching Machines - Sales of Vertical Broaching Machines to Value at US$ 12.3 Million

Broaching Machines Market Segmentation By Product Type - Vertical Broaching Machine | Horizontal Broaching Machine

Broaching Machines Market Outlook (2022-2032)

The global broaching machines market is anticipated to be worth US$ 865.34 Million in 2022 and is expected to grow at a CAGR of 4.3% to surpass US$ 1,318.35 Million by 2032. With the increasing demand from several end-user industries such as automotive, aerospace and others, across the globe, and rise in the technological advancements and automation, the demand for broaching machines is predicted to grow during the forecast period.

“Broaching machines market is driven by the factors such as growing demand for the fabricated metal products, development of heavy industrial equipment, and advancement in the manufacturing processes.”

In the forecast period, the sales of broaching machines are likely to be largely driven by the growth in the automotive and industrial machinery sector, which has developed a better base for market growth, as it attracts enormous attention from foreign investors.

In addition, major factors such as the rise in the automotive industry, and increase in defense expenditure on the global level, are expected to augment the demand for a variety of broaching machine. For instance, government regulations such as FDI Policy of China and India, encourages the participation of the private sector in the production related to the defense industry.

Additionally, in November 2018, the Government of China invested $55.6 million in private sector companies, in order to develop military equipment and applications. Also, the automotive industry in China and India is ranked as one of the largest industries in the world and domestic sales of passenger cars recorded a growth of 8-10% in the last 2-3 years.

However, the medium to small scale industries purchase secondhand machines, to keep the initial capital investment low for small projects. In addition, there are large number of sellers and suppliers of used machines, which is hinders the sale of new broaching machines. This is a major factor that limits the growth of the broaching machine market.

Technology such as Advanced CAM, is increasingly being used in automation of manufacturing and engineering processes. This offers process planning, and execution of the manufacturing process. The increase in demand for efficient and superior-quality broaching machines has propelled competitors to undertake automation in manufacturing. Technological innovations such as CNC, automation, CAD system, boxzy software, and koFAKTORlab, are expected to fuel the growth of the broaching machine market in the future.

Attributes

Details

Broaching Machines Market CAGR (2022-2032)

4.3%

Broaching Machines Market Size (2022)

US$ 865.34 Million

Broaching Machines Market (2032)

US$ 1,318.35 Million

Key Companies Profiled

  • Mitsubishi Materials Corporation
  • Accu-Cut Diamond Tool Co
  • American Broach & Machine Company
  • Arthur Klink GmbH
  • Forst Technologie GmbH & Co. KG
  • General Broach Company
  • Hoffmann Rumtechnik GmbH
  • Nachi-Fujikoshi Corp.
  • Pioneer Broach Company
  • The Ohio Broach & Machine Co.
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What is driving Sales of Broaching Machines?

Rapid Growth in Heavy Industry Production to Fuel Market Expansion

Broaching machines are used to perform several operations in heavy industries. It helps to manufacture industrial components and sub-assembly parts such as shafts, gears, and splines. Rapid growth in the heavy industrial sector (automotive, marine, shipbuilding, aeronautics, machinery making) that require broaching operations is fostering the demand for broaching machines.

Moreover, increase in investments by private firms and government bodies to operate heavy industries are also expected to drive demand for broaching machines in the near future.

Increasing Demand for CNC-Incorporated Machine Tools to Create Lucrative Opportunities for the Market

The increasing demand for CNC-incorporated machine tools is one of the major factors that is expected to propel the growth of the broaching machines market. CNC machines adhere to design specifications efficiently. The efficiency of CNC broaching machines has improved, with the use of CNC, software, and servo technology.

These machines also provide advantages such as energy savings and high precision during metal cutting, key formation, and gear making, which has helped in automating the entire metal fabrication and metal cutting process. The use of CNC broaching machinery helps in reducing operational costs. All these factors have increased the demand for CNC broaching machines for the metal cutting process.

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What are the Factors Hampering the Global Broaching Machines Market?

High Cost of Machines may hinder the Market Development

Broaching machines considered to be ideal for mass production, as they are rather expensive. It requires a special design tool to perform each process. Broaching machines are less suitable for a surface that has an obstruction. This results in limited usage of the machine in batch-wise operation. Also, risks during the handling of broaching machines are also a restraining factor for the growth of the market.

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Category-wise Insights

Which is the Most Popular Product Type of Broaching Machines?

By 2032, the market for vertical broaching machines is expected to reach more than US$ 12.3 Million. The segment’s growth is attributed to the increase in demand from the metal industry aerospace, defense, and automotive industries, which is one of the major factors that is expected to escalate the growth of the Broaching Machine Market over the analysis period.

The vertical segment grasps innumerable offers in the market due to the expansion sought after from the metal business aviation, safeguard, and car enterprises, which is the variable that aids the market growth of the Broaching Machine Market. The recent boom in the aviation and automobile industry, has proven to be a booster for the vertical type broaching machine market.

Which End User Segment Dominates the Broaching Machines Market?

One of the major factors that is accelerating the growth of broaching machines includes the increasing demand from the automotive industry. Broaching machines have a significant share in the automotive industry, and are used for several operations to manufacture transmission shafts, gears, steering wheel hubs, steering yokes, among others. Automotive gear manufacturers have been implementing significant improvements in external planetary gear manufacturing.

The demand for quieter gears continues to rise, as hybrid and electric vehicles are widely adopted. Broaching is widely used method for cutting internal gear. Internal helical broaching is regarded as an economical choice for the highest volume mass production with minimal product mix. The advent of electromechanical broach machines allows helical broaching without the need for the specific mechanical guides.

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Comparative View of Adjacent Broaching Machines Market

Attributes

Broaching Machines Market

CAGR

4.3%

Market Value (2022)

US$ 865.34 Million

Growth Factor

The growing demand for high-speed and precise finishing processes in the end-use sector puts pressure on broaching machine manufacturers and increases the adoption of advanced technology and automation.

Future Opportunities

An increase in investments by private firms and government bodies to operate heavy industries are also expected to create lucrative opportunities for broaching machines in the near future.

Market Trends

The growing demand from the automotive industry is a major factor that is anticipated to drive the global market further.

Comparative View of Adjacent CNC Metal Cutting Machine Market

Attributes

CNC Metal Cutting Machine Market

CAGR

5.9%

Market Value (2022)

US$ 53,069.1 Million

Growth Factor

The rise in industrialization has significantly increased the use of metals, thereby creating demand for the CNC metal cutting market.

Future Opportunities

The rise in purchasing power of masses is expected to increase the demand for automobiles and electronic products. This increase will further boost the use of CNC metal cutting machine manufacturing industry.

Market Trends

Surge in demand for electronics and other products fuelled by rise in population and increased purchasing capacity of masses are anticipated to boost the global manufacturing industry.

Comparative View of Adjacent Gear Measuring Machines Market

Attributes

Gear Measuring Machines Market

CAGR

3.1%

Market Value (2022)

US$ 369.3 Million

Growth Factor

The constant innovations and advancements in technology are expected to boost the market growth.

Future Opportunities

The gear measuring machines market will witness an increase in demand during the forecast period due to the increasing number of manufacturers and increasing focus of manufacturers on producing precise and fast measuring machines.

Market Trends

The expanding middle-class population in emerging economies is most likely to increase the demand for gear products from the customer's end, thereby spurring the sales of the gear measuring machine market.

Country-wise Insights

How United States Shape Broaching Machines Market Growth?

The elevating demand for items made from fabricated metal as well as large industrial machinery, and enhancements in the manufacturing techniques are some major factors that are bolstering the growth of the broaching machine market in the US. The market for metal fabrication may be less prone to extreme volatility than construction or automotive sectors, allowing broaching machining methods to expand steadily.

The machine tool cutting industry in the US accounts for a significant share of metal manufacturing volume compared to the forming technology. Lathes, broaching, drilling, milling, and boring are among the key tools used in machine tool cutting. With the new features and technologies, the machine vendors in the country, are attracting new customers and expanding their footprints in emerging market. These factors are anticipated to fuel the US broaching machines market in the near future.

What Prospects are in Store for the Broaching Machines Market in Europe?

Broaching machines market became popular and highly successful in Europe. after the machines’ implementation in the automobile and metal fabrication industries. These machines ensure reliability and precision in daily production operations. In addition, the machines help lower overall operating costs and enhance productivity. These benefits of broaching machines are encouraging their adoption in the oil & gas sector. Thus, this factor is expected to boost the market growth in Europe.

Moreover, in the European agricultural sector, broaching machines reduce downtime and improve productivity. Broaching tools are easy to swap out in heavy equipment, which allows for a forward motion with minimum downtime. However, currently, broaching machines are being prominently adopted in various sectors in Europe. The rising adoption of broaching machines in agriculture and oil & gas sectors is leading to new growth trends in the European broaching machines market growth.

What are the Future Growth Prospects for China's Broaching Machines Market?

According to PMR’s analysis, broaching machines market in China is expected to grow significantly, attributed to its vast manufacturing sector. In addition, automotive is one of China's pillar industries, and it continues to be the largest vehicles market in the world. China has seen rising wages and tighter regulations, which has led to an increase in operating costs as it shifts towards the higher value manufacturing.

In order to replace the role that PRC once played, companies are looking to the ASEAN region for lower-value production networks which have also been largely integrated into global manufacturing value chains. As per the analysis, broaching machine manufacturers should align their distribution channels to focus on the growing markets by serving the emerging manufacturing sectors to increase their sales.

Companies to Concentrate on the Launch of Innovative Products and Mergers & Acquisitions

Prominent players in the Broaching Machines Industry are taking advantage of the rapidly increasing demand for the Broaching Machines in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale vendors. Some prominent market developments are as follows:

  • In January 2022, Pioneer Broach Company’s machining division added five new machines to further its capabilities in the manufacturing of Aero Engine components, specifically Turbine Blades and Nozzle Segments. The new machines include Magerle MFP30 – 5-axis grinding machine, Makino BX3 – 5-axis EDM hole drilling machine, Makino U3 – Wire EDM, Makino Edge 3 – Sinker EDM, Renishaw Agility L 9158 5-axis CMM + Revo Scanning Head, and Renishaw Equator Shop Floor Gaging System.
  • In September 2022, CNC Broach Tool LLC announced to offer indexable carbide spline cutting inserts, which fit their existing line of tool holders. These spline inserts can be used to punch broach both internal & external involute splines in a CNC lathe or mill. Each spline insert has 2 cutting edges and are TiN coated carbide just like their stock standard keyway insert product line.

Report Scope

Attributes

Details

Forecast Period

2022 to 2032

Historical Data Available For

2017 to 2021

Market Analysis

US$ Million for Value

Key Countries Covered

  • U.S.
  • Canada
  • Mexico
  • Brazil
  • Germany
  • Italy
  • France
  • U.K.
  • Spain
  • India
  • Thailand
  • Malaysia
  • Singapore
  • GCC
  • South Africa
  • Israel

By Market Segments

  • Type
  • End User
  • Region

Key Companies Profiled

  • Mitsubishi Materials Corporation
  • Accu-Cut Diamond Tool Co
  • American Broach & Machine Company
  • Arthur Klink GmbH
  • Forst Technologie GmbH & Co. KG
  • General Broach Company
  • Hoffmann Rumtechnik GmbH
  • Nachi-Fujikoshi Corp.
  • Pioneer Broach Company
  • The Ohio Broach & Machine Co.

Pricing

Available Upon Request

Key Segments Covered in the Broaching Machines Industry Report

By Product Type

  • Vertical Broaching Machine
  • Horizontal Broaching Machine
  • Others

By End User

  • Automotive
  • Fabrication and Industrial Machinery Manufacturing
  • Aerospace & Defense
  • Oil and Gas
  • Others

By Region

  • Asia-Pacific
  • North America
  • Europe
  • Latin America
  • Middle East and Africa

- Companies Covered in This Report -

  • Mitsubishi Materials Corporation
  • Accu-Cut Diamond Tool Co
  • American Broach & Machine Company
  • Arthur Klink GmbH
  • Forst Technologie GmbH & Co. KG
  • General Broach Company
  • Hoffmann Rumtechnik GmbH
  • Nachi-Fujikoshi Corp.
  • Pioneer Broach Company
  • The Ohio Broach & Machine Co

- Frequently Asked Questions -

The global broaching machines market is estimated at a 4.3% growth rate during the forecast period of 2022-2032

The global broaching machines market is expected to garner US$ 1,318.35 Million by 2032

U.S. is projected to register a CAGR of 4.0% for broaching machines market in the forecast period 2022-2032.

Europe is expected to register a market share of 38% for broaching machines market in the forecast period 2022-2032.

Vertical broaching machines are expected to register considerable revenue in 2022 and is expected to depict a growth rate of nearly 4.5% through 2032.

Automotive sector is expected to possess 4.4% market share for broaching machines market.

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