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.

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

Mitsubishi Heavy Industries Machine Tool Co., Ltd.; Nachi-Fujikoshi Corp.; and The Broach Masters, Inc. - PROMINENT MARKET PARTICIPANTS IN BROACHING TOOLS 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.

The rising demand for high speed and accurate finishing process from the end-use sectors such as automotive, aerospace & defense, and construction is encouraging broaching tools manufacturers to introduce advanced tools in the market. The manufacturing sector is one of the key economic growth drivers in APAC. Factors such as low labor cost, increased young population, and government benefits in the form of subsidiaries and tax incentives attract organizations to set up larger manufacturing bases in APAC. Further, government initiatives such as Made in China 2025 and Make in India are propelling the growth of the manufacturing sector in Asia Pacific. Also, the growing disposable income among the masses is leading to the increasing adoption of the modern lifestyle in the region, which is fueling the demand for consumer electronics and automobiles. This factor is bolstering the manufacturing sector. Therefore, the growing manufacturing sector is driving the growth of the broaching tools market in APAC.

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