The global broaching machines market was valued at US$ 0.8 billion in 2021 and it is anticipated to grow up to US$ 1.2 billion by 2031, at a CAGR of 4.0% during the forecast period.
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A broaching machine is used to finish a surface by pulling or pushing a cutting tool called a brooch over the entire surface. The brooch has a series of cut teeth arranged side by side, with a gradual change in height from the first cut tooth to the last cut tooth. Broaching is especially useful for inner surfaces such as holes and internal gears, but it can also form external gears and planes. Broaching tools are usually hydraulically operated. Broaching tools are the simplest of all machine tools. The broaching tool consists of a broach device, a work holder, a drive mechanism, and an appropriate support frame.
Broaching machines perform several operations in the automotive, aerospace & defense, and metal industries, among other heavy industries. It is employed in manufacturing automotive and industrial components and subassembly parts such as gears, shafts, and splines. Broaching is one of the most effective and efficient metal removal techniques developed for heavy industries.
Market Drivers and Trends
The rising need for high-precision systems and fabricated metal products drives the broaching machines market. These machinery and tools are designed for manufacturing precise custom parts at high speed. They provide several benefits to end users, such as savings in power, cost savings, and high efficiency for high-precision mechanical systems. Using CNC broaching machines for key, gear, and metal cutting benefits manufacturers through energy savings and excellent precision. Electromechanical actuators are progressively replacing hydraulic drives owing to increased overall equipment efficiency by providing better quality products. In recent years, cutting tools such as broaching machines and CNC controls have flagged the way to eliminate hydraulics and replace these broaching machines in many applications.
The elevating demand for items made from fabricated metal and large industrial machinery and improvements in manufacturing techniques are further boosting the broaching machines market. The market for metal fabrication may be less prone to the extreme volatility of raw material prices than the construction or automotive sectors, allowing broaching machines market to expand steadily. The machine tool-cutting industry 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.
Market Restraints and Challenges
Increasing overall maintenance and repair cost of broaching machines and likely restraining market revenue growth in the forecast period. Further, increasing volatility in raw material prices and the high maintenance cost of broaching machines are anticipated to hinder market growth during the forecast period. Growing volatility in raw material prices negatively influences the ability of manufacturers to produce broaching machines based on specific requirements.
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Major Players in the Global Broaching Machines Market
The key players studied in the global broaching machines market are Federal Broach & Machine Company (U.S.), General Broach Company (U.S.), Hoffmann Räumtechnik GmbH (Germany), MTE Industries Pvt. Ltd. (India), NACHI-FUJIKOSHI CORP. (Japan), Pilot Precision Products (U.S.), Stenhøj Hydraulik A/S (Denmark), Suntech Landriani Machine Tools Pvt Ltd. (India), The Ohio Broach & Machine Co. (U.S.), and YEOSHE HYDRAULICS GROUP (Taiwan).
COVID-19 Impact
In 2020, the COVID-19 pandemic resulted in economic challenges owing to subsequent lockdowns. In 2020, the manufacturing industry was severely affected due to a drastic decrease in product demand, falling prices, and storage shortages. A swift decline in manufacturing revenues due to virtually nonexistent manufacturing demand and slow production capabilities had limited the expenditure on the production of broaching machines worldwide. Thus, the COVID-19 pandemic negatively affected the global broaching machines market in 2020.
However, in 2021, the manufacturing industry started recovering from the significant labor and supply chain challenges that triggered the production of broaching machines.
Global Broaching Machines Market Segmentation
By Type
- Horizontal Broaching Machine
- Vertical Broaching Machine
- Surface Broaching Machine
- Others
By End User
- Automotive
- Metal Fabrication
- Aerospace & Defense
- Oil & Gas
- Others
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