Portugal Cutting Tools Market Market to Grow at a CAGR of 4.2% to reach US$ 119.24 million from 2022 to 2028

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.

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Portugal Cutting Tools Market: Strategic Insights

Portugal Cutting Tools Market

• Market Size 2021
  US$ 90.90 Million
• Market Size 2028
  US$ 119.24 Million

Market Dynamics

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Regional Overview

• Portugal

Market Segmentation

Type

• Turning Tools
• Drilling Tools
• Milling Tools
• Threading & Grooving Tools

Material

• High-Speed Steel
• Carbides
• Ceramics

End User

• Manufacturing
• Automotive
• Aerospace & Defense
• Marine
• Metal & Wood

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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

Portugal Cutting Tools Market Report Scope