The U.S. Cutting Tool Institute (UCTI) and The Association for Manufacturing Technology (AMT) reported that orders of cutting tools in April 2023 were $190 million. Consumption was down 15.8% from March 2023 and up 7.5% from April 2022.
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Total orders year to date were $809 million, up 15.2% from the prior-year period.
“While several industry market segments have contracted recently, cutting tool market indicators remain positive with anticipated mid-single digit growth for 2023,” said Jeff Major, president of USCTI. “There is a consensus that cutting tool inventories are higher within the distribution segment, which may indicate a short-term inventory burn followed by a possible uptick in renewed buying.”
