Susan Orenga, USCTI, 216-241-7333
U.S. Cutting Tool Consumption Up 9.6 Percent In April
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.
“April results trended down slightly, but that does not indicate the cutting tool market is softening. The year-over-year and year-to-date results reflect a very healthy market. Metal cutting shops have strong backlogs that will carry well into the future and the need for cutting tools will follow. Taking those much-needed summer vacations may be a challenge, but being busy is a good problem to have,” said Philip Kurtz, President of USCTI.
“After a solid start in 2018, year-to-date cutting tool shipments are nearly 10 percent above their 2017 levels. Growth in cutting tools is outpacing the solid momentum from the broader durable goods category, which has seen shipments rise 7 percent year to date. A 9 percent gain in year-to-date durable goods orders points to solid momentum in the second half of 2018.” said Gregory Daco, Chief U.S. Economist 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 the 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.
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The United States Cutting Tool Institute (USCTI) was formed in 1988 and resulted from a merger of the two national associations representing the cutting tool manufacturing industry. USCTI works to represent, promote, and expand the U.S. cutting tool industry and to promote the benefits of buying American-made cutting tools manufactured by its members. The Institute recently expanded its by-laws to include any North American manufacturer and/or remanufacturer of cutting tools, as well as post-fabrication tool surface treatment providers. Members, which number over 80, belong to seven product divisions: Carbide Tooling, Drill & Reamer, Milling Cutter, PCD & PCBN, Tap & Die, Tool Holder and All Other Tooling. A wide range of activities includes a comprehensive statistics program, human resources surveys and forums, development of product specifications and standards, and semi-annual meetings to share ideas and receive information on key industry trends.