February 2022 U.S. cutting tool consumption totaled $167.6 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 4.8% from January's $159.9 million and up 12.1% when compared with the $149.5 million reported for February 2021. With a year-to-date total of $327.5 million, 2022 is up 11.3 % when compared to the same time period in 2021.
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.
“Monthly data since March 2021 has been averaging approximately $166 million per month with limited monthly variation,” said Costikyan Jarvis, President of Jarvis Cutting Tools. “This contrasts with the overall economy, which experienced constant GDP growth over the same period. Of special concern is that during this period, the economy saw significant inflationary pressure, which would suggest actual output is even lower relative to 2019. The two main users of cutting tools, automotive and aerospace, continue to have challenges.”
Despite the numerous headwinds, Jeff Major, President of USCTI, had a more optimistic outlook, saying, “The cutting tool market started sluggishly in January but rebounded in February. The indices for durable goods and cutting tools continue to run parallel in an upward trend. With the supply chain challenges and volatility overseas, many companies are looking at re-shoring, which should bode well for our industry in the future.”
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.