For Immediate Release: January 14, 2016
Susan Orenga, USCTI, 216-241-7333
U.S. Cutting Tool YTD Consumption Down 4.1% in November
These numbers and all data in this report are based on the totals actually reported by the companies participating in the CTMR program. The totals here represent the majority of the U.S. market for cutting tools.
“Caution is the word for the start of 2016,” says Brad Lawton, chairman of AMT’s Cutting Tool Product Group. “The continuation of negative performance as the figures show plus the global tensions of China’s economy and the rising value of the dollar dampen the industry’s thoughts of improvement”.
As China’s economic growth slows, industries continue to be affected by the disruption causing a downturn in production, consumption and investments. In regards to the oil and gas industry, Tanya Bodell, Executive Director at Energyzt states that “The combination of low economic growth worldwide, but especially in China, combined with continued oil production has created a glut in oil supply that could continue to depress investment for at least the next year.”
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.