December 2022 U.S. cutting tool consumption totaled $188.4 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 3.1 percent from November’s $194.4 million and up 14.6 percent when compared with the $164.3 million reported for December 2021. With a year-to-date total of $2.2 billion, 2022 was up 10.8 percent when compared to the same 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.

“In January, the U.S. labor market had its best month in job hirings since 1969, and cutting tool sales remained steady,” said Jeff Major, President of USCTI. “The consensus is that the cutting tool industry looks positive for at least the first six months of this year. Economic pressures still exist, and the Federal Reserve continues to raise interest rates to stave off inflation.”

Pat McGibbon, Chief Knowledge Officer at AMT, also has a positive outlook on the industry. “Don’t sweat the month-to-month declines in the past two months; the story is in the year-over-year and year-to-date double-digit increases,” he said. “The next 12 months look bright for 2023 in tooling as record backlogs in material removal equipment orders convert into shipments and expanded capacity.”