August U.S. cutting tool consumption totaled $223.47 million, according to the United States Cutting Tool Institute and AMT—The Association For Manufacturing Technology. This total, as reported by companies participating in the Cutting Tool Market Report (CTMR) collaboration, was up 11.2% from July’s $200.97 million and up 13.9% when compared with the $196.23 million reported for August 2017. With a year-to-date total of $1.636 billion, 2018 is up 12% when compared with 2017.
These numbers and all data in this report are based on the totals reported by the companies participating in the CTMR program. The totals here represent the majority of the U.S. market for cutting tools.
“August results posted double-digit increases from the previous month, previous year-to-date and previous year-over-year,” said Phil Kurtz, vice chairman of Wetmore Tool and Engineering. “August also set a new record for total monthly sales. The volume of cutting tools being consumed reflects the good backlogs in metal-cutting tool shops across the United States. While the increases may cool off through the fourth quarter, it appears the run rate will remain very strong.”
According to Chris Kaiser, president and CEO of BIG Kaiser Precision Tooling: “Our year-to-date sales reflect what we have seen from the data until August with a 12%-plus increase. More machine tools have been sold this year than last. Everyone is equipping their new machines with cutting tools and toolholders. We’ve seen increases in aerospace, defense, and fracking pumps. Automotive, mining, construction, and agriculture are good, but not as strong as those previous industries.”
The Cutting Tool Market Report is jointly compiled by AMT and USCTI, two trade associations representing the development, production, and distribution of cutting tool technology and products. It provides a monthly statement on U.S. manufacturers’ consumption of the primary consumable in the manufacturing process—the cutting tool. Analysis of cutting tool consumption is a leading indicator of both upturns and downturns in U.S. manufacturing activity, as it is a true measure of actual production levels.
Historical data for the Cutting Tool Market Report is available dating back to January 2012. This collaboration of AMT and USCTI is the first step in the two associations working together to promote and support U.S.-based manufacturers of cutting tool technology.