U.S. cutting tool sales show growth
April 13, 2018 | By Rehana Begg
February U.S. cutting tool consumption totalled $190.12 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 collaboration, was up 3.5 per cent from January’s $183.61 million and up 8.7 per cent when compared with the $174.98 million reported for February 2017. With a year-to-date total of $373.73 million, 2018 is up 7.4 percent 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.
“February cutting tool sales show that business continues to grow, gaining 3.5 percent over January, a very solid start to 2018,” said Philip Kurtz, President of USCTI. “Year-over-year sales posted a 7.4 percent gain and it certainly looks like the trend will continue. News of tariffs and pressure on raw material prices could have an effect, but with strong market momentum it is certainly not a given that much will change. March may or may not bring winds of change, but it will for sure bring spring.”
“Orders for cutting tools have benefitted in recent months from a faster rate of business investment spending, due to recent tax cuts and renewed strength in key markets such as metals, mining and machinery,” said Mark Killion, Director of U.S. Industry at Oxford Economics.
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.
We have updated the graph below to include the 12-month moving average for durable goods shipments and cutting tool orders. These values are calculated by taking the average of the most recent 12 months and plotting them over time.
AMT – The Association For Manufacturing Technology represents and promotes U.S.-based manufacturing technology and its members—those who design, build, sell, and service the continuously evolving technology that lies at the heart of manufacturing.
Source: AMT – The Association For Manufacturing Technology