Cleveland, Ohio – August U.S. cutting tool consumption totaled $196.23 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 up 14.8% from July’s $170.95 million and up 11.6% when compared with the total of $175.81 million reported for August 2016. With a year-to-date total of $1.462 billion, 2017 is up 7.7% when compared with 2016.
“The U.S. cutting tool market continues to benefit from a growing domestic economy. 2017 to 2016 comparisons are all positive,” says Steve Stokey, President of USCTI. “Current indicators such as the PMI, industrial production, and consumer confidence point to continued positive growth for the industry as we move into 2018.”
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.
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.