For Immediate Release: May 11, 2016
Susan Orenga, USCTI, 216-241-7333
U.S. Cutting Tool YTD Consumption down 8.5% in March
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.
“The cutting tool industry seems to be on its current plateau, which shows slow sales volume improvements for the last four months. Improvements in the domestic economy and international markets are necessary to establish growth in our industry,” says Brad Lawton, chairman of AMT’s Cutting Tool Product Group.
Improvements may be on the horizon as leading indicators and business indexes have progressed in the past few months. “Cutting tool shipments in March were the highest in nine months. However, shipments remained relatively weak as they continued to contract compared with one year ago,” adds Steve Kline, Director of Market Intelligence at Gardner Business Media.“The good news is that some of the earliest leading indicators for the metalworking industry, such as interest rates, exchange rates, and housing permits, have been moving in a positive direction for a number of months. Also, our own business index has shown some improvement in the metalworking industry since November.”
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.