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Broaching Machine Market Worth $394.6 Million by 2026 | Key Drivers, Restraints & Opportunity
Broaching Machine Market
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The vertical broaching machine segment registered as largest segment in the global broaching machine market in 2018 and is expected to witness significant growth during the forecast period. The key factors that drive the growth of the global broaching machine market include rise in demand for metal equipment such as gear parts in the automotive industry, and increase in broaching of components and parts in machinery industries in developing countries. However, the trend of adoption of used broaching machines is expected to hamper the broaching machine market growth.
The broaching machines are used for removing unwanted metal from the surface of metal workpiece. Broaching machine types include vertical, horizontal, flatbed, rotary, and others. Moreover, it is also used in various operations in the aerospace and defense sector. The broaching machine market is primarily driven by expansion of the automotive sector in developing economics such as China, India, and Brazil to meet the demand for broaching of its parts and components.
Key Market Segments
The global broaching machine market is segmented into product type, end-user, and region. Based on product type, the market is divided into horizontal broaching machine, and vertical broaching machine. The vertical broaching machine segment held the largest share in 2018, due to increase in demand from the metal industry to meet the rise in requirement of metals in the aerospace, defense, and automotive industries.
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On the basis of end-user, the market is classified into automotive industry, industrial machinery, precision engineering machine, and others. In 2018, the automotive industry segment held the largest share due to growth in demand for broaching process of components and parts for automotive components.
Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for the highest share in 2018 and North America is anticipated to secure the leading position during the forecast period.
Key Players
The key players operating in the market include Accu-Cut Diamond Tool Co, American Broach & Machine Company, Arthur Klink GmbH, Axisco Precision Machinery Co., Ltd, Broaching Machine Specialties, General Broach Company, Mitsubishi Heavy Industries, Ltd, Nachi-Fujikoshi Corp, Pioneer Broach Company, and V.W. Broaching Service Inc.
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