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Asia Pacific Broaching Tools Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type and End User

Asia Pacific Broaching Tools Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type and End User

  • June 2021
  • 95 pages
  • ID: 6134567
  • Format: PDF
  • The Insight Partners


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The APAC broaching tools market is expected to grow from US$ 73.64 million in 2021 to US$ 111.58 million by 2028; it is estimated to grow at a CAGR of 6.1% from 2021 to 2028. The growth of industrial automation across APAC drives the market growth. Owing to the growing need for optimization of resources, manufacturers are exploring various options to streamline their manufacturing and distribution operations. Manufacturers are getting inclined toward the adoption of automation solutions for the optimization of business resources. Industrial automation uses various robots and advanced information technologies to carry out various manufacturing and distribution processes. High productivity, output quality, flexibility, information accuracy, and safety are among the major advantages of industrial automation. The rise of industrial automation coupled with the advent of new technologies such as computer numerical control (CNC), computer-aided manufacturing (CAM), automation using servo drive technology, and rapid prototyping is subsequently fueling the adoption of broaching tools. Also, with the increasing deployment of automation solution in the manufacturing sector, the adoption of broaching tools is projected to increase in APAC during the forecast period .
Countries in APAC, especially India, are highly affected due to the COVID-19 outbreak.The outbreak has created significant disruptions in primary industries such as manufacturing, healthcare, energy & power, electronics & semiconductor, aerospace & defense, and construction.

A significant decline in the growth of mentioned industrial activities is impacting the performance of the APAC broaching tools market.APAC is characterized by the presence of several developing countries, positive economic outlook, and huge industrial sector, in addition to the largest share of global population.

These factors make APAC a major region for the growth of the broaching tools market.The lockdown of various plants and factories in many economies in the region is restricting the global supply chains and negatively impacting the manufacturing processes, delivery schedules, and product and service sales.

APAC is a global manufacturing hub with countries such as China, Japan, and South Korea leading the global manufacturing sector. Disruptions in supply chains and manufacturing activities have led to the discontinuation of the production of new broaching tools, which is hindering the market growth. Meanwhile, the recent onset of the second wave of COVID-19 outbreak in India is expected to hamper the growth of the broaching tool manufacturers in the coming quarters of 2021.
Based on type, the internal broaches segment led the APAC broaching tools market in 2020.Internal broaching is a process of sharping the inside surface of the workpiece.

Internal broaching consists of two techniques: rotary broaching and vertical broaching.A rotating broach tool is used in rotary broaching technique for sharping the internal surface of workpiece, while vertical broaching uses push or pull-down applications for sharping the internal surface of workpiece.

The internal broaching technique is widely used for producing various precision components, such as automobile and machinery gears, firearm components, and fasteners. With the steady growth of industrialization, the APAC broaching tools market is expected to witness a significant growth during the forecast period.
The overall APAC 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 APAC broaching tools market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to 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 APAC broaching tools market.American Broach & Machine Company; Blohm Jung Gmbh; Ekin S.

Coop; Mitsubishi Heavy Industries Machine Tool Co., Ltd.; and Nachi-Fujikoshi Corp are among the players operating in the market.

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