October 2023 U.S. cutting tool consumption totaled $213 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 5.8% from September’s $201.4 million and up 6.1% when compared with the $200.6 million reported for October 2022. With a year-to-date total of $2.06 billion, 2023 is up 7.9% when compared to the same time period in 2022.
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.
“U.S. cutting tool orders continued to show a trend of uneven growth over the last quarter, and we expect that narrative to continue through the first half of next year,” said Steve Boyer, president of USCTI. “Aerospace and automotive market indicators show sustained growth for 2024 and 2025. Other industrial market segments have softened over the last six months, and we anticipate some decline into the next year. Labor shortages, retention challenges and an aging workforce will challenge future growth in our markets.”
The Cutting Tool Market Report is jointly compiled by AMT and USCTI, two trade associations representing the development, production and distribution of cutting tool technology and products. It provides a monthly statement on U.S. manufacturers’ consumption of the primary consumable in the manufacturing process – the cutting tool. 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.