Cutting tool orders in the U.S. were up 8.6% in August compared to the same period a year ago. PHOTO courtesy Seco Tools.
August 2023 U.S. cutting tool consumption totaled $219.2 million, according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology.
This total, as reported by companies participating in the Cutting Tool Market Report (CTMR) collaboration, was up 16.2% from July’s $188.6 million and up 4% when compared with the $210.9 million reported for August 2022. With a year-to-date total of $1.65 billion, 2023 is up 8.6% when compared to the same time period in 2022.
These numbers and all data in this report are based on the totals reported by the companies participating in the CTMR program. The totals represent the majority of the U.S. market for cutting tools.
“The industry has seen some softening in recent months, but the overall cutting tool market remains positive,” commented Jeff Major, president of USCTI. “Several market segments are leading the continued demand for tooling. It will be interesting to see how the automotive labor issues affect the market in the coming months.”
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.