Broaching Machines Market Growing at 4.3% CAGR to be Worth $ 1,113.24 Million by 2028

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NEW YORK, UNITED STATES, February 1, 2023 /EINPresswire.com/ -- According to our latest market study on “Broaching Machines Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Horizontal Broaching Machine, Vertical Broaching Machine, Surface Broaching Machine and Others), End-user (Automotive, Metal Fabrication, Aerospace and Defense, Oil and Gas, and Others) and Geography the market is expected to grow from US$ 865.34 million in 2022 to US$ 1,113.24 million by 2028; it is estimated to grow at a CAGR of 4.3% from 2022 to 2028.

Broaching Machines Market: End-User Overview

Based on end-user , the broaching machines market is segmented into automotive, metal fabrication, aerospace and defense, oil and gas, and others. The automotive segment is expected to dominate the market during the forecast period. Continuous growth in the automotive industry and a rise in demand for passenger cars across the world are bolstering the broaching machines market growth.

Broaching Machines Market: Competitive Landscape and Key Developments

Nachi-Fujikoshi Corp, Federal Broach & Machine Company LLC, Hoffmann Räumtechnik GmbH, The Ohio Broach and Machine Co., and Stenhøj Hydraulik A/S. are among the key players in the broaching machines market. Leading companies focus on the expansion and diversification of their market presence, and acquisition of a new customer base, thereby tapping into prevailing business opportunities.

In 2018, The massive turbine broaching machine from Hoffmann Räumtechnik was transported to the French factory of a major American gas turbine manufacturer. The plant is producing a new generation of stationary turbines that will expand into new power regions of more than 500 megawatts. This will make the producing power from natural gas will become more efficient and environment friendly.

In 2019, Suntech showcased its MEGA t6, 10 Ton × 1250 mm stroke, 3 station table-up broaching machines, and MEGA s7, 12 Ton × 1250 mm stroke and surface broaching machines at IMTEX 2019.

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Companies Profiled in this report includes: Nachi-Fujikoshi Corp, Federal Broach & Machine Company LLC, Hoffmann Räumtechnik GmbH, The Ohio Broach and Machine Co., and Stenhøj Hydraulik A/S

Rising adoption of Broaching Machines in Oil & Gas and Agriculture Sectors Paves Way for Future Growth of Broaching Machines Market

Broaching machines became popular and highly successful after their implementation in the automobile and metal fabrication industries. These machines ensure reliability and precision in daily production operations. They also help lower overall operating costs and enhance productivity. These benefits of broaching machines are encouraging their adoption in the oil & gas sector. Furthermore, in the agricultural sector, broaching machines reduce downtime and improve productivity. Broaching tools are easy to swap out in heavy equipment, which allows for a forward motion with minimum downtime. However, currently, broaching machines are being prominently adopted in various sectors in North America and Europe. The rising adoption of broaching machines in agriculture and oil & gas sectors is leading to new growth trends in the broaching machines market growth.

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Broaching is a machining process that uses a specially designed multipoint cutting tool. This process is widely used in automobile industries for machining various holes, keyways, gears, etc. The broaching operation involves a linear motion of the tool about a workpiece. With this movement, the tool removes material from the workpiece to provide the desired shape. Broaching tools have a large number of progressive teeth that differentiate this process from other manufacturing processes. The rising defense expenditure across developing countries such as India and China are expected to fuel the growth of broaching machines market. In 2021, the Government of China has allocated ~US$ 293 billion for the procurement of military equipment and solutions. The elevating sales of passenger cars across India and China would also drive the growth of the automotive sector in these countries, which is generating a huge demand for broaching machines. For instance, total new vehicle sales in China accounted for 26.3 million in 2021, with a surge of ~3.8% over the numbers reported in 2020.

Major stakeholders in the broaching machines market ecosystem include raw material suppliers/component suppliers, broaching machine manufacturers, and end users. Major raw materials required for the manufacturing of broaching machines are high-speed steel or alloy steel. High-speed steel is coated with tin to enhance the life of the broaching machines.

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