According to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association for Manufacturing Technology, U.S. cutting tool orders totaled $173.2 million in July 2022, up 6.7% from July 2021. Cutting tool consumption was down 1.5% from June’s $175.9 million but is up 7.7% year-to-date to $1.2 billion.
All data represented is based on the total reported by the companies participating in the CTMR program, representing the majority of the U.S. market for cutting tools. The Cutting Tool Market Report is 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 cutting tools.
“The July 2022 cutting tool results continue to show demand is still well off 2019 levels. 2022 dollar volume is still running about 15% lower than 2019, and when inflation is considered, total unit production is even lower,” said Costikyan Jarvis, president of Jarvis Cutting Tools. “This data is supported by 2022 vehicle sales being around 13 million units versus 17 million units in 2019 and the lower production in commercial aerospace. Expect to see improving cutting tool demand well into 2023.”
“The slowdown in shipments seen in the second quarter of 2022 continued into July, although they remain well above last year’s totals,” said Mark Killion, director of U.S. industries at Oxford Economics. “This is in line with the deceleration recently seen in new orders and a moderating pace of activity in key client markets.”