U.S. cutting tool consumption for July totaled $200.97 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 collaboration, was down 5.4% from June’s $212.36 million and up 17.6% when compared with the $170.95 million reported for July 2017. With a year-to-date total of $1.413 billion, 2018 is up 11.7% 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.
According to the Gardner Business Index, 2017 was a very strong year for the metalworking industry. “But 2018 has been even better, with the index averaging a higher level this year compared with last year,” said Steve Kline Jr., chief data officer of Gardner Business Media. “It is no surprise cutting tools orders have increased 9.3% year over year [inflation adjusted orders]. Orders should remain strong into 2019.”
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.