July 2023 U.S. cutting tool consumption totaled $189.6 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 down 12.7% from June’s $217.3 million and up 4% when compared with the $182.4 million reported for July 2022.
With a year-to-date total of $1.43 billion, 2023 is up 9.4% when compared with the same period in 2022.
These numbers and data in this report are based on the totals reported by the companies participating in the CTMR program. The totals represent the majority of the U.S. market for cutting tools.
“July is typically a slow month due to plant shutdowns and employee vacations. This year was no exception,” said Jack Burley, chairman of AMT’s Cutting Tool Product Group. “Cutting tool consumption remains at a consistent level despite the news of declining activity in manufacturing. Automotive sales in 2023 have rebounded now that the supply chain issues have been mostly resolved. However, the recent labor dispute is likely to disrupt production for not only the big three but also for all supply chain partners, which may affect cutting tool usage later this year if it isn’t resolved quickly.”