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US cutting tool consumption fell 6.7% in the first three quarters
Abstract According to the latest report from the American Cutting Tool Association (USCTI) and the Association for Manufacturing Technology (AMT), titled the Cutting Tool Market Report (CTMR), U.S. cutting tool consumption in September reached $160 million, representing a 3.8% drop from the previous month and a year-on-year decline of 3.1%. Over the first nine months of the year, total tool consumption amounted to $1.5 billion, down 6.7% compared to the same period in 2012.
Looking back at the first half of 2013, total U.S. cutting tool consumption was $1.014 billion, a significant 8.2% decrease from the prior year. In June alone, consumption fell by 12.8% year-on-year to $155 million, followed by $157 million in July and $160 million in August, which saw a 13.2% annual decline. Since June, the downward trend has been accelerating, with September's figures remaining around the $160 million mark.
Brad Lawton, president of the Cutting Tool Products Group at the American Manufacturing Technology Association, noted that the drop in tool shipments compared to 2012 is largely attributed to weaker demand in metalworking sectors. However, he expressed optimism about future growth, particularly in power generation equipment and aerospace components, which are expected to see increased activity in 2014.
The CTMR is a monthly publication produced jointly by AMT and USCTI. Its primary goal is to support and promote the critical role of cutting tools in the U.S. manufacturing sector. By tracking tool consumption, the report aims to provide insights into real-world production trends and help stakeholders make informed decisions. This data serves as a key indicator for understanding the health of the broader manufacturing economy.
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