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US cutting tool consumption fell 6.7% in the first three quarters
Abstract According to the latest Cutting Tool Market Report (CTMR) jointly released by the American Cutting Tool Association (USCTA) and the Association for Manufacturing Technology (AMT), U.S. cutting tool consumption in September reached $160 million, marking a 3.8% drop from the previous month and a 3.1% decline compared to the same period last year. Over the first nine months of the year, total tool consumption amounted to $1.5 billion, down 6.7% year-on-year.
Looking at the earlier part of the year, the U.S. cutting tool market showed signs of weakness. In the first half of 2013, total consumption was $1.014 billion, a decrease of 8.2% compared to the same period in 2012. June saw a sharp drop, with consumption falling to $155 million, a 12.8% year-on-year decline. July brought a slight recovery to $157 million, while August ended at $160 million, still down 13.2% from the prior year. Since June, the downward trend has continued, with September’s figure being one of the more stable months in recent times, hovering around the $160 million mark.
Brad Lawton, president of the Cutting Tool Products Group at the American Manufacturing Technology Association, noted that the decline in tool shipments compared to 2012 is largely attributed to reduced demand for metal products. However, he expressed optimism about future growth, particularly in the power generation equipment and aerospace sectors, which are expected to see increased activity in 2014.
The CTMR is a monthly publication produced by the AMT and USCTA, aiming to provide insights into the health of the U.S. manufacturing sector through tool consumption data. By tracking these metrics, the two organizations seek to better understand real production levels and support the critical role that cutting tools play in maintaining a strong industrial base. This report serves as a key indicator for manufacturers, policymakers, and investors looking to gauge the direction of the U.S. manufacturing economy.