Shipments of cutting tools, as 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), totaled $191.8 million in July 2024.
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Orders decreased 7.8% from June 2024 but were up 1.7% from July 2023. Year-to-date shipments totaled $1.46 billion, up 2.5% from shipments made in the first seven months of 2023. The year-to-date growth rate has been declining every month since April 2024.
“July is typically a slower month, but overall, the curve has flattened out,” said Jack Burley, chairman of AMT’s Cutting Tool Product Group. “Commercial aerospace and automotive production have leveled off, and this has a direct impact on cutting tool consumption and new orders.”
Tom Haag, president at Kyocera SGS Precision Tool, said: “Manufacturing production typically slows during the summer months, but it is concerning to see the year-on-year growth in cutting tool shipments continue the decline that began in April. If we consider inflation and price increases, I see the current year as flat.”
