Portugal Cutting Tools Market Forecast to 2028 - COVID-19 Impact and Country Analysis By Type (Turning Tools, Drilling Tools, Milling Tools, Threading & Grooving Tools, and Others), Material [High-Speed Steel (HSS), Carbides, Ceramics, and Others], and End User (Manufacturing, Automotive, Aerospace & Defense, Marine, Metal & Wood, and Others)
The Portugal cutting tools market is expected to grow from US$ 90.90 million in 2021 to US$ 119.24 million by 2028; it is estimated to grow at a CAGR of 4.2% from 2022 to 2028.
High-speed steel (HSS or HS) is a type of tool steel frequently used as a cutting tool. It's commonly found in drill bits and power saw blades. HSS is becoming more popular as a cutting tool because of its properties, including high working hardness, durability, high wear hardness, and good hardness retention. Compared to previously used carbon steels, the adoption of HSS has boosted cutting speed by four times. Manufacturers are increasingly in need of efficient and dependable machining. HSS cutting tools are finding their way into mass manufacturing and high-temperature activities because of these properties. The increased emphasis on customer satisfaction and product quality supports the growth of the Portugal cutting tools market.
The demand for high-speed and dry cutting applications grows with the need for high-quality cutting tool materials. Several approaches have been tried to increase the machinability of alloys, such as the application of thin solid layers using sputtering techniques. However, such a system does not currently provide for the high-speed machining and green manufacturing requirements necessary for milling such materials.
The R&D promoters of proposals were involved in a successful exploratory project at UT Austin Portugal to develop a novel efficient green coating system with the ability to manage the release of a lubricious phase capable of improving the cutting performance of hard-to-machine materials. The coatings were deposited with a nanocomposite structure (TiN grains imbibed in a Si-N phase) and Ag in the form of nanoclusters equally dispersed in bulk, based on the TiSiAgN system. Thus, with a considerable reduction in the friction coefficient, the counterpart material's adhesion to the coating is avoided, preventing the growth of building edges, which frequently leads to cutting tool failure. The project began in April 2021 and will conclude by March 2023. The project's total eligible investment is US$ 79,173,600. Thus, increasing demand for high-speed cutting tools is driving the growth of the Portugal cutting tools market.
Impact of COVID-19 Pandemic on Portugal Cutting Tools
The COVID-19 pandemic has severely affected European countries, especially Portugal. In 2020, the Portuguese economy dropped by 7.6%, the largest annual loss since 1928. The pandemic boosted public debt by over ~€20 billion, bringing it to 133.7% of the national GDP in 2020, up from 117.7% in 2019. The government expected a budget deficit of 7.3% in 2020 and 4.3% in 2021. However, the government contained the rising unemployment due to the labor market recovery after the onset of the COVID-19 pandemic. The unemployment rate accounted for over ~6.5% in 2019, a drop of 8.7% in 2020, below the government's October projection. Moreover, the government enforced a second lockdown in January 2021 to combat rising COVID-19 cases, affecting the tourism, hospitality, and retail industries. The pandemic's influence on the banking & tourist industries will be largely determined by the duration of global travel bans and retail closures. According to the Automobile Association of Portugal (ACAP), automobile production in Portugal declined by 23.6% in 2020, with 264,236 vehicles produced in 2020.
Market Insights– Portugal Cutting Tools Market
Increasing Adoption of Industry 4.0 Solutions
The desire for factory automation drives the integration of smart manufacturing technologies in the manufacturing process and product development. Manufacturing is being driven by Industry 4.0 and the Industrial Internet of Things (IIoT), which combine physical production and operations with smart digital technologies. Industry 4.0 is associated with high-tech industries such as medical devices, aircraft, and computer technology because of its emphasis on interconnectivity, automation, machine learning, real-time data use, and artificial intelligence (AI). Smart tooling and smart machining are gaining tremendous attention as significant next-generation precision machining technologies, especially in Industry 4.0.
Type-Based Portugal Cutting Tools Market Insights
Based on type, the Portugal cutting tools market is segmented into turning tools, drilling tools, milling tools, threading and grooving tools, and others. The cutting tools market is expanding rapidly due to its widespread use in profit-generating industries such as automotive, construction, metal & wood, and power production.
Material-Based Portugal Cutting Tools Market Insights
Based on material, the Portugal cutting tools market is segmented into high-speed steel (HSS), carbides, ceramics, and others. Cutting tools market are used in various industries, such as construction, carpentry, automotive, and manufacturing, to perform various material cutting operations. The Portugal cutting tools market is growing with new and unique supplied standards.
End User-Based Portugal Cutting Tools Market Insights
Based on end user, the Portugal cutting tools market is segmented into manufacturing, automotive, aerospace & defense, marine, metal & wood, and others.
Strategic Insights:
Players operating in the Portugal cutting tools market are mainly focused on the development of advanced and efficient products.
- In January 2021, ICAM was acquired by Sandvik Coromant.
- In April 2021, Seco Tools acquired Fanar, a polish company. The product portfolio of Fanar complements Seco Tools.
Company Profiled:
- DANOBATGROUP
- HS TOOLS Europa, Lda
- Ingersoll Werkzeuge Gmbh
- IZAR CUTTING TOOLS S.A.L
- KYOCERA Portugal
- MEFexport.com
- Palbit; Seco Tools AB
- Tungaloy Corporation
- UT Austin Portugal United Parcel Service of America, Inc.
- Frezite Cutting Tools, SA
- Walter Tools
- ISCAR Ltd
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Cutting Tools Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 Portugal
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. Cutting Tools Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Growing Automotive Industry
5.1.2 Increasing Demand for High-Speed Cutting Tools
5.2 Market Restraints
5.2.1 Raw Material Shortage
5.3 Market Opportunities
5.3.1 Increasing Adoption of Industry 4.0 Solutions
5.4 Future Trends
5.4.1 Advancements in Cutting Tools
6. Cutting Tools– Portugal Market Analysis
6.1 Cutting Tools: Portugal Market Overview
6.2 Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
6.3 Market Positioning – PORTUGAL Market Players Ranking
7. Cutting Tools Market Analysis – By Type
7.1 Overview
7.2 Cutting Tools Market, By Type (2021 and 2028)
7.3 Turning Tools
7.3.1 Overview
7.3.2 Turning Tools: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Drilling Tools
7.4.1 Overview
7.4.2 Drilling Tools: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
7.5 Milling Tools
7.5.1 Overview
7.5.2 Milling Tools: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
7.6 Threading and Grooving Tools
7.6.1 Overview
7.6.2 Threading and Grooving Tools: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
7.7 Others
7.7.1 Overview
7.7.2 Others: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
8. Cutting Tools Market Analysis – By Material
8.1 Overview
8.2 Cutting Tools Market, By Material (2021 and 2028)
8.3 High-Speed Steel (HSS)
8.3.1 Overview
8.3.2 High Speed Steel (HSS): Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Carbides
8.4.1 Overview
8.4.2 Carbides: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
8.5 Ceramics
8.5.1 Overview
8.5.2 Ceramics: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
8.6 Others
8.6.1 Overview
8.6.2 Others: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
9. Cutting Tools Market Analysis – By End user
9.1 Overview
9.2 Cutting Tools Market, By End User (2021 and 2028)
9.3 Manufacturing
9.3.1 Overview
9.3.2 Manufacturing: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
9.4 Automotive
9.4.1 Overview
9.4.2 Automotive: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
9.5 Aerospace and Defence
9.5.1 Overview
9.5.2 Aerospace and Defence: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
9.6 Marine
9.6.1 Overview
9.6.2 Marine: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
9.7 Metal and Wood
9.7.1 Overview
9.7.2 Metal and Wood: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
9.8 Mould Industry
9.8.1 Overview
9.8.2 Mould Industry: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
9.9 Others
9.9.1 Overview
9.9.2 Others: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
10. Cutting Tools Market - COVID-19 Impact Analysis
10.1 Overview
11. Industry Landscape
11.1 Market Initiative
11.2 Merger and Acquisition
11.3 New Development
12. Company Profiles
12.1 DANOBATGROUP
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 HS Tools Europa, Lda
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Ingersoll Werkzuge Gmbh
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 IZAR CUTTING TOOLS S.A.L.
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 KYOCERA Portugal
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 CERATIZIT S.A.
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Palbit S.A.
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Seco Tools AB
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Tungaloy Corporation
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Ibercut
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
12.11 Sandvik Coromant
12.11.1 Key Facts
12.11.2 Business Description
12.11.3 Products and Services
12.11.4 Financial Overview
12.11.5 SWOT Analysis
12.11.6 Key Developments
12.12 Kennametal Inc.
12.12.1 Key Facts
12.12.2 Business Description
12.12.3 Products and Services
12.12.4 Financial Overview
12.12.5 SWOT Analysis
12.12.6 Key Developments
12.13 ISCAR LTD
12.13.1 Key Facts
12.13.2 Business Description
12.13.3 Products and Services
12.13.4 Financial Overview
12.13.5 SWOT Analysis
12.13.6 Key Developments
12.14 Walter Tools
12.14.1 Key Facts
12.14.2 Business Description
12.14.3 Products and Services
12.14.4 Financial Overview
12.14.5 SWOT Analysis
12.14.6 Key Developments
12.15 Frezite Cutting Tools, SA
12.15.1 Key Facts
12.15.2 Business Description
12.15.3 Products and Services
12.15.4 Financial Overview
12.15.5 SWOT Analysis
12.15.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. Cutting Tools Market – Revenue, and Forecast to 2028 (US$ Million)
Table 2. List of Abbreviation
LIST OF FIGURES
Figure 1. Cutting Tools Market Segmentation
Figure 2. Portugal Cutting Tools Market Overview
Figure 3. Cutting Tools Market, by Type
Figure 4. Cutting Tools Market, by Material
Figure 5. Cutting Tools Market, by End User
Figure 6. Portugal PEST Analysis
Figure 7. Cutting Tools Market: Ecosystem Analysis
Figure 8. Cutting Tools Market Impact Analysis of Drivers and Restraints
Figure 9. Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 10. Cutting Tools Market Revenue Share, by Type (2021 and 2028)
Figure 11. Turning Tools: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 12. Drilling Tools: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 13. Milling Tools: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. Threading and Grooving Tools: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 15. Others: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. Cutting Tools Market Revenue Share, by Material (2021 and 2028)
Figure 17. High Speed Steel (HSS): Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. Carbides: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. Ceramics: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. Others: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. Cutting Tools Market Revenue Share, by End User (2021 and 2028)
Figure 22. Manufacturing: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Automotive: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Aerospace and Defense: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. Marine: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. Metal and Wood: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. Mould Industry: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 28. Others: Cutting Tools Market – Revenue and Forecast to 2028 (US$ Million)
The List of Companies - Portugal Cutting Tools Market
- DANOBATGROUP
- HS TOOLS Europa, Lda
- Ingersoll Werkzeuge Gmbh
- IZAR CUTTING TOOLS S.A.L
- KYOCERA Portugal
- MEFexport.com
- Palbit; Seco Tools AB
- Tungaloy Corporation
- UT Austin Portugal United Parcel Service of America, Inc.
- Frezite Cutting Tools, SA
- Walter Tools
- ISCAR Ltd
- To understand the Portugal cutting tools market landscape and identify market segments that are most likely to guarantee a strong return
- To stay ahead of the race by comprehending the ever-changing competitive landscape for the Portugal cutting tools market
- To efficiently plan M&A and partnership deals in the Portugal cutting tools market by identifying market segments with the most promising probable sales
- To help in taking knowledgeable business decisions from perceptive and comprehensive analysis of the market performance of various segments in the Portugal cutting tools market
- To obtain the Portugal cutting tools market revenue forecast by various segments from 2021 to 2028.
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