The U.S. Cutting Tool Institute (USCTI) and the Association For Manufacturing Technology (AMT) reported that U.S. cutting tool orders in June 2024 were $208.1 million, bringing the year-to-date (YTD) total to $1.27 billion.
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This total, as reported by companies participating in the Cutting Tool Market Report collaboration, was up 2.6% compared with the first six months of 2023. Orders decreased 2.9% from the prior month in 2024.
“While 2024 started on a positive note, we have seen significant stagnation in several markets utilizing cutting tools,” said Steve Boyer, president of USCTI. “Aerospace has seen many challenges this year, and while we expect to see that market improve in 2025, it has impacted growth for 2024. Modest gains have been realized with orders for the automotive markets but have not fully offset some of the slides attributable to the aerospace industry. While tempering our enthusiasm for the second half of 2024, expectations for cutting tool order growth are still very positive for 2025.”
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.
