November 2022 U.S. cutting tool consumption was $194.4 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 3.1% from October’s $200.6 million and up 20.8% when compared with the $160.9 million reported for November 2021.
With a year-to-date total of $2 billion, 2022 is up 10.4% when compared with the same period in 2021. The data in this report is based on the totals reported by the companies participating in the program, the majority of the U.S. market for cutting tools.
“Cutting tool consumption is on pace with durable goods production, a positive sign that supply chain issues and shortages of raw materials are easing,” said Jack Burley, chairman of AMT’s Cutting Tool Product Group and Committee. “Despite fears of a recession, cutting tool usage has not been affected so far, and industrial production capacity remains steady.”