August 2023 U.S. cutting tool consumption was $219.2 million, according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association for Manufacturing Technology.
This total, as reported by companies participating in the Cutting Tool Market Report collaboration, was up 16.2% from July’s $188.6 million and up 4% when compared with the $210.9 million reported for August 2022.
With a year-to-date total of $1.65 billion, 2023 is up 8.6% when compared with the same period in 2022. The totals here represent most of the U.S. market for cutting tools.
“The industry has seen some softening in recent months, but the overall cutting tool market remains positive,” said Jeff Major, president of USCTI. “Several market segments are leading the continued demand for tooling. It will be interesting to see how the automotive labor issues affect the market in the coming months.”
Analysis of cutting tool consumption is a leading indicator of both upturns and downturns in U.S. manufacturing activity, as it is a true measure of actual production levels.