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 percent from March’s $225.6 million and up 7.5 percent 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 percent 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,” said 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 percent above the April 2022 performance,” said Mark Killion, Director of U.S. industries at Oxford Economics. He expanded on this, “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.