Aug 3, 2022   SOURCE: BusinessWire

Portugal Cutting Tools Market Report 2022-2028: Increasing Adoption of Industry 4.0 Solutions Presents Opportunities - ResearchAndMarkets.com

The "Portugal Cutting Tools Market Forecast to 2028 - COVID-19 Impact and Country Analysis By Type, Material and End User" report has been added to ResearchAndMarkets.com's offering.

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.

The increasing demand from the automobile industry is a primary driver of the Portugal cutting tools market growth. Cutting tools are used for milling, grinding, and broaching automotive car parts and have a large market share in the automotive industry. With their high precision, durability, and repeatability throughout manufacturing activities, the cutting tools market is an efficient and cost-effective way to boost total productivity. The latest techniques such as high-speed cutting, dry machining, hard machining, and new cutting technology have modified the traditional approach. The vehicle industry covers various professional tool applications. In the automotive industry, carbide cutters are now commonly employed.

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, the automotive industry accounts for 11% of Portugal's overall exports and contributes 4.8% to the manufacturing sector.

The market for cutting tools market in Portugal is predicted to develop during 2020-2028. The country's industrial production is growing at 3.5%, and the industry accounts for ~22% of the national GDP. Portugal is located between the Atlantic Ocean and its land border with Spain, making it a great location for trade.

Moreover, the World Bank Doing Business Dataset ranks Portugal first for ease of cross-border trading. Various cutting tools, including saw blades, taps, reamers, hobs, chasers, broaches, rolling dies, drills, end mills, cutters, burrs, gear cutting tools, tool bits, and tips/inserts, are produced in Portugal. Construction, automotive, railway network, engineering, and defense industries have bolstered cutting tools market. Further, the diamond cutting tools market is the one of the fastest growing consumer of cutting tools.

The automotive manufacturing industry is the primary user of cutting tools. With the changing market situation, cutting tool manufacturers have boosted their efforts to develop and manufacture more innovative designs to meet rising client needs. Technological advancements drive the cutting tools market with workpiece production technologies such as metal injection molding, 3D printing, investment casting, and close-tolerance forging. The Portugal cutting tools market appears to be quite promising, owing to the constantly developing manufacturing industries around the country. Cutting tool usage is predicted to increase tremendously as industrial sectors grow, meeting the changing needs of clients. As a result, the share of the Portugal cutting tools market is expected to grow during the forecast period.

The overall Portugal cutting tools market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the Portugal cutting tools market. The process also serves the purpose of obtaining an overview and forecast for the Portugal cutting tools market with respect to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers - along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the Portugal cutting tools market.

Market Dynamics

Market Drivers

  • Growing Automotive Industry
  • Increasing Demand for High-Speed Cutting Tools

Market Restraints

  • Raw Material Shortage

Market Opportunities

  • Increasing Adoption of Industry 4.0 Solutions

Future Trends

  • Advancements in Cutting Tools

     

Key Topics Covered:

1. Introduction

2. Key Takeaways

3. Research Methodology

4. Cutting Tools Market Landscape

5. Cutting Tools Market - Key Market Dynamics

6. Cutting Tools- Portugal Market Analysis

7. Cutting Tools Market Analysis - By Type

8. Cutting Tools Market Analysis - By Material

9. Cutting Tools Market Analysis - By End user

10. Cutting Tools Market - COVID-19 Impact Analysis

11. Industry Landscape

12. Company Profiles

Companies Mentioned

  • 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

For more information about this report visit https://www.researchandmarkets.com/r/citn1b