March U.S. cutting tool consumption totaled $207.08 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 8.8 percent from February's $190.32 million and up 3.5 percent when compared with the $200.05 million reported for March 2017. With a year-to-date total of $581.02 million, 2018 is up 6.0 percent when compared with the same point in 2017.
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 industry continues to show strong growth in 2018. However, the industry is challenged with increasing raw material costs, record low unemployment and insecure international trade, because of changing global trade policies,” said Brad Lawton, Chairman of AMT’s Cutting Tool Product Group.
“The March cutting tool numbers continue to tell a story of strength and growth for our industry, however, there are potential negative clouds forming on the horizon. The potential steel tariffs are creating indecision in the marketplace and have purchasing agents scrambling to develop alternate plans for supply. Shortages will cause disruptions and could impact growth as we move forward,” said Steve Stokey, Executive VP and Owner of Allied Machine and Engineering and Chairman of AMT Board of Directors.
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.
Historical data for the Cutting Tool Market Report is available dating back to January 2012. This collaboration of AMT and USCTI is the first step in the two associations working together to promote and support U.S.-based manufacturers of cutting tool technology.