May 2023 U.S. cutting tool consumption totaled $210.6 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 10.8 percent from April’s $190 million and up 20 percent when compared with the $175.5 million reported for May 2022. With a year-to-date total of $1 billion, 2023 is up 16.1 percent when compared to the same 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.
“The cutting tool consumption in May indicates that metal-cutting production has not been drastically affected yet by a slowdown,” said Jack Burley, Chairman of AMT’s Cutting Tool Product Group and Committee. “There is some hesitancy from the market for new projects, but overall, we are still trending in the right direction.”
Tom Haag, President at Kyocera SGS Precision Tool, spoke on the cutting tool industry’s May growth, saying, “The cutting tool industry remains inconsistent after 2023 started strong, but demand seemed to decline each month through April. Now May is showing some resilience. The common buzzword for the cause of this variation is ‘supply chain.’ Looking to the summer, July and August generally trend down due to automotive model changes and summer holidays. However, 2022 trended upward, so we hope to see a repeat performance despite economic headwinds.”
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.