Broaching Tools Market Size, Trends and Growth Analysis by 2027

The global market for broaching tools was valued at approximately US$ 148.89 million in 2020 and is anticipated to grow to US$ 216.90 million by 2028, reflecting a compound annual growth rate (CAGR) of 5.3% from 2021 to 2028.

Broaching tools are essential for shaping workpieces into high-precision components. Typically constructed from steel, these tools come in various designs tailored for specific applications. They feature multi-tooth configurations that allow for rapid successive cuts on the workpiece. The materials commonly processed with broaching tools include metals such as aluminum, copper, steel, brass, and bronze, as well as graphite and wood. Broaching techniques can be categorized into two main types: internal broaching and external broaching. Internal broaching focuses on refining the internal surfaces of a workpiece, while external broaching is aimed at enhancing the external surfaces. The broaching tools market is witnessing robust growth, primarily driven by increasing industrialization globally, particularly in the Asia-Pacific region. The region's steady economic development and supportive government initiatives are encouraging companies to establish manufacturing operations in various Asian nations.

Impact of the COVID-19 Pandemic on the Broaching Tools Market

The COVID-19 pandemic has had a profound negative impact on industries worldwide, and this adverse effect has persisted into 2021. The pandemic caused significant disruptions across key sectors, including manufacturing, healthcare, energy and power, electronics and semiconductors, aerospace and defense, and construction. The decline in activity within these sectors has adversely affected the performance of the broaching tools market. The reintroduction of containment measures, such as travel restrictions, trade bans, and limitations on workforce presence at workplaces, has disrupted the manufacturing, supply, and sales processes of various businesses, including those involved in industrial equipment like broaching tools.

The overall size of the broaching tools market has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. This approach also aimed to provide a comprehensive overview and forecast of the broaching tools market across all segments. Furthermore, the analysis includes forecasts based on various segments across five major regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.

In addition to secondary research, primary interviews were conducted with industry participants and experts to validate the data and gain deeper analytical insights into the market. The interviewees included industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the broaching tools sector.

Several prominent players in the broaching tools market include:

• American Broach & Machine Company


• Arthur Klink GmbH


• Colonial Tool Group Inc.


• Ekin S coop


• Blohm Jung GmbH


• Messer R?umtechnik GmbH & Co. KG


• Mitsubishi Heavy Industries Machine Tool Co., Ltd.


• Nachi-Fujikoshi Corp.


• The Broach Masters, Inc.

In conclusion, the broaching tools market is poised for significant growth in the coming years, driven by industrial advancements and increasing demand for precision machining. However, the ongoing effects of the COVID-19 pandemic continue to pose challenges that may impact market dynamics.