The global broaching tools market was valued at US$ 148.89 million in 2020 and is projected to reach US$ 216.90 million by 2028; it is expected to grow at a CAGR of 5.3% during 2021-2028.

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

Impact of COVID-19 Pandemic on Broaching Tools Market

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 overall broaching tools market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the broaching tools market with respect to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the broaching tools market. A few major players operating in the market are 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.; and The Broach Masters, Inc.