Report : Asia-Pacific Broaching Tools Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Internal Broaches, External Broaches, and Special Broaches) and End User (Manufacturing, Automotive, Aerospace and Defense, Construction, and Others)
Internal Broaches Segment to Dominate APAC Broaching Tools Market during 2021–2028
According to a new market research study on “APAC Broaching Tools Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and End User” is expected to reach US$ 111.58 million by 2028 from US$ 73.64 million in 2021. The market is estimated to grow at a CAGR of 6.1% from 2021 to 2028. The report provides trends prevailing in the APAC broaching tools market along with the drivers and restraints pertaining to the market growth. Flourishing defense sector and growth of industrial automation are the major factor driving the growth of the APAC broaching tools market. However, fluctuating prices of raw materials hinders the growth of APAC broaching tools market.
In case of COVID-19, APAC is highly affected specially India. 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 affecting 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 in India is expected further hamper the performance of the broaching tool manufacturers in the coming quarters of 2021.
The APAC broaching tools market is segmented on the basis of type, end user, and country. Based on type, the market is segmented into internal broaches, external broaches, and special broaches. The internal broaches segment dominated the APAC broaching tools market in 2020 and is also expected to be fastest growing segment during forecast period. Further, based on end user, the market is segmented into manufacturing, automotive, aerospace and defense, construction, and others. The automotive segment dominated the APAC broaching tools market in 2020 and is also expected to be fastest growing segment during forecast period.
American Broach & Machine Company; Blohm Jung Gmbh; Ekin S. Coop; Mitsubishi Heavy Industries Machine Tool Co., Ltd.; and Nachi-Fujikoshi Corp are among the leading companies in the APAC broaching tools market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2018, The Blohm Jung GmbH in World Premiere at IMTS launched its new product called the PROFIMAT XT. this launch is an expansion of its grinding machine portfolio.
The Report Segments the APAC Broaching Tools Market as Follows:
APAC Broaching Tools Market – By Type
- Internal Broaches
- External Broaches
- Special Broaches
APAC Broaching Tools Market – By End User
- Aerospace and Defense
APAC Broaching Tools Market – By Country
- South Korea
- Rest of APAC
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