MCLEAN, VA — December 2020 US cutting tool consumption totaled $157.3 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 collaboration, was up 4 percent from November's $151.3 million and down 16 percent when compared with the $187.2 million reported for December 2019. With a year-to-date total of $1.9 billion, 2020 was down 22.2 percent when compared with December 2019.
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.
According to Bret Tayne, President of USCTI, “The most recent data from cutting tool manufacturers support and extend the modest recovery we experienced in the last four months of 2020, despite weaker reports for the month of November. The recovery is uneven, to be sure. Some sectors of the cutting tool user base may not recover for an extended period of time, but the overall market data is improving.”
“Let’s face it, 2020 has had a dark cloud hanging over it where we are now looking for any semblance of good news. While the year finishing with a decline of 22.2% appears devastating, the silver lining is that December’s monthly result compared to same month prior year was the best since March 2020. While we have all experienced a dramatic decline in business, it appears as though we have turned the proverbial corner and the coming first quarter tends to be strong in our industry. If automotive supply can keep continuity, this improvement should continue,” commented Tom Haag, President at Kyocera SGS Precision Tool.