February 2021 U.S. cutting tool consumption totaled $149.5 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 up 3.3% from January’s $144.8 million and down 17.1% when compared with the $180.3 million reported for February 2020. With a year-to-date total of $294.3 million, 2021 is down 20.2% when compared to February 2020. Please note, AMT and USCTI have revised monthly press release totals back to 2015 to provide the best possible data possible to the community.
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.
According to Bret Tayne, president of USCTI, “The recently completed February cutting tool sales statistics continues the trend of slow improvement in our industry. Other sectors of the economy appear to be recovering at a faster pace. Factors such as supply chain challenges, reluctance in a portion of the workforce to return and rising material prices may be causing some drag on the cutting tool industry’s emergence from the COVID downturn.”