August U.S. cutting tool consumption totaled $223.47 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 11.2 percent from July ’s $ 200.97 million and up 13.9 percent when compared with the $196.23 million reported for August 2017. With a year-to-date total of $1.636 billion, 2018 is up 12 percent when compared with 2017.
These numbers and all data in the report are based on the totals reported by the companies participating in the CTMR program. The totals represent the majority of the U.S. market for cutting tools.
“August results posted double-digit increases from the previous month, previous year to date and previous year over year. August also set a new record for total monthly sales. The volume of cutting tools being consumed reflects the good backlogs in metal cutting tool shops across the USA. While the increases may cool off through the 4th quarter it appears the run rate will remain very strong,” said Phil Kurtz, Vice-Chairman of Wetmore Tool and Engineering.
According to Chris Kaiser, President and CEO of Big Kaiser Precision Tooling, “Our year-to-date sales reflect what we have seen from the data until August with a 12 percent-plus increase. More machine tools have been sold this year than last. Everyone is equipping their new machines with cutting tools and tool holders. We’ve seen increases in aerospace, defense and fracking pumps. Automotive, mining, construction and agriculture are good, but not as strong as the previous industries.”
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.