The Portugal cutting tools market includes companies operating in a wide range of product portfolio. Each category has some well-established key players and owing to different markets in which they operate and compete it is not feasible to determine key five players in the overall Portugal cutting tools market. However, based on parameters such as overall revenue, brand image, current Interior Design Software portfolio, geographic reach, customer base, technology adoption & integration, new product/service/feature launches, partnerships, mergers & acquisitions, and other market-related activities, the above five key players operating at a global level. The high and fast-growing number of start-ups in this market are anticipated to drive the growth of the market over the forecast period of 2021 to 2028.
Palbit, SECO, Frezite, Sandwik Coromant, and Walter- PROMINENT MARKET PARTICIPANTS IN PORTUGAL CUTTING TOOLS MARKET
The market players present in the Portugal cutting tools market are mainly focusing on product and service enhancements by integrating advanced features and technologies into their offerings.
Portugal’s economy is completely integrated with the European Union (EU). The automotive industry is a major contributor to the Portuguese economy. The automotive sector in Portugal consists of 32,200 firms that manufacture automobiles and components, employ 152,000 people directly, and generates €33.7 billion in sales, accounting for 21% of the country’s total tax revenue. According to ACAP, this industry accounts for 11% of Portugal’s overall exports and contributes 4.8% to the manufacturing sector. Over 220 automotive suppliers and four major automobile manufacturers—Toyota/Salvador Caetano, PSA Peugeot Citroen, Mitsubishi Trucks, and Volkswagen AutoEuropa—are all based in Portugal. Interface and Industry 4.0 are two public programs that provide incentives to encourage industry innovation. Due to this scenario, cutting tools and other production equipment are projected to be in high demand. Moreover, with 1,360 electric vehicles (BEV – Battery Electric Vehicle) sold in June 2021, the month set an absolute record for monthly sales of 100% electric vehicles, indicating a growing interest among buyers for electric vehicles, which offer greater autonomy, efficiency, and coverage across all segments. Compared to May 2021, sales of 100% electric vehicles (BEV) increased by 53% and by 168% in May 2021.
Thus, growing automotive industry and increasing demand for high-speed cutting tools are expected to drive the Portugal cutting tools market.
A few of the important Portugal cutting tools market initiatives from the industry are mentioned below:
| 2022 | Tungaloy has expanded its TecMill tangential insert cutter line. It added large diameter square shoulder milling cutters which ranges from 160 to 250mm and 60 degree cutter bodies designed for heavy duty face milling applications. |
| 2022 | Kyocera has launched their 2KMB solid ball nose end mill for high harness material processing and micromachining activities. |
