August U.S. cutting tool consumption totaled $168.8 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 (CTMR) collaboration, was down 5% from July’s total and down 2.0% when compared year-to-date in 2014.
These numbers and all data in this report are based on the totals actually reported by the companies participating in the CTMR program. The totals here represent the majority of the U.S. market for cutting tools.
“It appears as though cutting tool industry success this year is directly proportional to the amount of business tied to Oil & Gas/Mining. Those that are heavily invested in this market are feeling the most pain. Additionally, the Agricultural Vehicle market has slowed below forecasts. While Automotive and Aerospace markets remain consistent, the cutting tool industry needs a recovery in Oil & Gas to return to broad growth. It will be a battle to surpass 2014 results in the 4th quarter,” said Tom Haag, President of USCTI.
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.