The U.S. Cutting Tool Institute (USCTI) and the Association For Manufacturing Technology (AMT) reported that U.S. cutting tool consumption in February 2022 was $167.6 million, up 12.1% from February 2021.
This total was up 4.8% from January’s $159.9 million. With a year-to-date total of $327.5 million, 2022 is up 11.3% compared with the same period in 2021. The totals represent the majority of the U.S. market for cutting tools and are based on the totals reported by companies participating in the Cutting Tool Market Report collaboration.
“Monthly data since March 2021 has been averaging approximately $166 million per month with a limited monthly variation. This contrasts with the overall economy, which experienced constant GDP growth over the same period,” Jarvis Cutting Tools President Costikyan Jarvis said.