For Immediate Release: April 12, 2017
Susan Orenga, USCTI, 216-241-7333
U.S. Cutting Tool 2017 YTD Consumption up 4.5% in February
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.
“There is a feeling of optimism in the air that is backed up by the positive growth the cutting tool market data shows after the first 2 months of the year,” says Steve Stokey, President of USCTI. “Manufacturing continues to be a hot topic and continues to have a seat at the table in the new Trump administration. The strong dollar will continue to challenge our ability to export but with the US automotive and aerospace markets remaining steady, it should provide a firm foundation for growth as the other industrial sectors rebound from a weak 2016. This should bode well for cutting tool manufacturers.”
Scott Hazelton, Managing Director of Economics & Country Risk at IHS Markit adds that “The economy is enjoying improved business and consumer confidence, resulting in strong momentum in employment growth and single family housing as well as a rebound in nondefense capital spending, including the important energy sector. Consumption of cutting tools is forecasted to respond with increasing growth over the year. Acceleration of growth in 2018 is expected as tax reform and infrastructure investment enhance the investment outlook.”
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.
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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.