Featured Image

US Cutting Tool Orders Totaled $190.0 Million in April 2023, Bringing Year-to-Date Total Up 15.2% From 2022

April 2023 U.S. cutting tool consumption totaled $190.0 million, according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology.
Jun 23, 2023

READ FULL PRESS RELEASE

McLean, Va. (June 23, 2023) — April 2023 U.S. cutting tool consumption totaled $190.0 million, according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology. This total, as reported by companies participating in the Cutting Tool Market Report collaboration, was down 15.8% from March’s $225.6 million and up 7.5% when compared with the $176.7 million reported for April 2022. With a year-to-date total of $809.0 million, 2023 is up 15.2% when compared to the same time period in 2022.

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.

“While several industry market segments have contracted recently, cutting tool market indicators remain positive with anticipated mid-single digit growth for 2023,” commented Jeff Major, president of USCTI. “There is a consensus that cutting tool inventories are higher within the distribution segment, which may indicate a short-term inventory burn followed by a possible uptick in renewed buying.”

“After a spike in the first quarter of 2023, April shipments of cutting tools fell back to the levels seen at the start of this year, still remaining 7.5% above the April 2022 performance,” said Mark Killion, director of U.S. industries at Oxford Economics. He expanded on this, saying, “Demand from durable goods manufacturers has supported shipments over the past year but is now expected to turn weaker in coming months, in line with expectations for a shallow recession.”

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.

The graph below includes 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.

# # #

AMT – The Association For Manufacturing Technology represents and promotes U.S.-based manufacturing technology and its members – those who design, build, sell, and service the continuously evolving technology that lies at the heart of manufacturing. Founded in 1902 and based in Virginia, the association specializes in providing targeted business assistance, extensive global support, and business intelligence systems and analysis. AMT is the voice that communicates the importance of policies and programs that encourage research and innovation, and the development of educational initiatives to create tomorrow’s Smartforce. AMT owns and manages IMTS – The International Manufacturing Technology Show, which is the premier manufacturing technology event in North America.

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. 

# # #

PicturePicture
Author
Christopher Chidzik
Principal Economist
Recent intelligence News
December 2023 U.S. cutting tool consumption totaled $187.9 million, according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology.
November 2023 U.S. cutting tool consumption totaled $202.7 million, down 4.9% from October’s $213 million and up 4.4% when compared with the $194.1 million reported for November 2022, according to the U.S. Cutting Tool Institute and AMT.
August 2023 U.S. cutting tool consumption totaled $219.2 million, according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology.
August 2023 U.S. cutting tool consumption totaled $219.2 million, according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology.
August 2023 U.S. cutting tool consumption totaled $219.2 million, according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology.
Similar News
undefined
Intelligence
By Christopher Chidzik | Feb 20, 2024

December 2023 U.S. cutting tool consumption totaled $187.9 million, according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology.

4 min
undefined
Intelligence
By Christopher Chidzik | Feb 15, 2024

In an upside surprise, December 2023 orders of manufacturing technology totaled $491 million, up nearly 22% from November 2023, and nearly 12% above December 2022, according to the U.S. Manufacturing Technology Orders Report published by AMT.

4 min
undefined
Technology
By Bonnie Gurney | Feb 08, 2024

At IMTS 2024, discover unexpected solutions, including haptic feedback to improve remote robot operation and digital training, quality control software, additive manufacturing powders and gases, services to address labor issues via an app, and more.

5 min