Shipments of cutting tools, measured by the Cutting Tool Market Report compiled in a collaboration between AMT – The Association for Manufacturing Technology and the U.S. Cutting Tool Institute (USCTI), were $183.1 million in November 2024.
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Orders decreased 13.8% from October 2024 and were down 9.7% from November 2023. Year-to-date shipments totaled $2.25 billion, down 0.3% from shipments made between January and November of 2023. The year-to-date growth rate has declined every month since April 2024.
“Uncertainty due to the election and now potential changes to policy have kept new projects and orders for manufactured products on hold, resulting in stagnant cutting tool consumption,” said Jack Burley, chairman of AMT’s Cutting Tool Product Group. “Despite lower new orders for durable goods, the outlook remains optimistic for a return to more activity across all sectors. Aerospace was the most significant cause for the reduction in manufacturing activity, and many machine shops and tier 1 suppliers continue to wait for U.S. commercial aircraft orders to get back on track.”
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.
