MCLEAN, VA — May U.S. cutting tool consumption totaled $191.93 million according to the U.S. Cutting Tool Institute (USCTI) and the Association For Manufacturing Technology (AMT). This total, as reported by companies participating in the Cutting Tool Market Report (CTMR) collaboration, was up 14.2 percent from April’s $168.03 million and up 15.5 percent when compared with the total of $166.25 million reported for May 2016. With a year-to-date total of $908.04 million, 2017 is up 5.8 percent when compared with 2016.
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 is feeling the strong activity, supported by May’s positive numbers,” says Brad Lawton, Chairman of AMT’s Cutting Tool Product Group. “As domestic manufacturing growth is projected to continue, 2017 will be a much better year for the Cutting Tool Industry.”
Steve Kline Jr., Director of Market Intelligence at Gardner Business Media, comments, “Cutting tool orders surged in May, growing at their fastest rate since December 2014. The GBI: Metalworking index continued to grow at an accelerating rate in June. Since it leads cutting tool orders by about six months, we expect cutting tool orders to grow at an accelerating rate for at least the remainder of 2017. Also, durable goods new orders, another excellent leading indicator of cutting tool orders, has shown continual improvement in 2017.”