Cleveland, Ohio – November U.S. cutting tool consumption totaled $153.7 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 (CTMR) collaboration, was down 13.0% from October’s total, down 11.3% from November 2014, and down 4.1% when compared year-to-date in 2014.
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.
Source: AMT and USCTI