Pat McGibbon, AMT, 703-827-5255
Susan Orenga, USCTI, 216-241-7333
For Release: April 12, 2018
U.S. Cutting Tool Consumption Up 7.4 Percent 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.
“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.
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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.