BROACHING TOOLS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Broaching Tools Market Size and Trends

The Global Broaching Tools Market size was valued at US$ 1.26 bn in 2023 and is expected to reach US$ 1.75 bn by 2030, grow at a compound annual growth rate (CAGR) of 4.8% from 2023 to 2030. Broaching is a machining process used to cut precise, angular, internal or external forms on metal workpieces. Broaching tools consist of a specialized cutting tool called a broach which has graduated cutting teeth. The process involves pulling or pushing the broach over the surface to remove material and mold the object in desired shape. Broaching is ideal for high volume production, accurate finishes, tight tolerances and complex geometries. It is commonly used in the automotive, aerospace and manufacturing sectors. The growth of broaching tools market is driven by the rising production in end-user industries such as automotive and aerospace.

The broaching tools market is segmented by type, end-user industry region. By type, the market is segmented into internal, external, surface, continuous, keyway, rotary and other broaches. Internal broaching is one of the most common types and used to machine precision holes and internal shapes like squares, hexagons, splines etc. The growth of internal broaching segment is driven by rising automotive production and demand from various industries for high precision internal machining.