According to the U.S. Cutting Tool Institute (USCTI) and The Association for Manufacturing Technology (AMT), U.S. cutting tool orders totaled $178.1 million in August 2022, up 8.9% from the prior-year period. The August orders brought the total to $1.4 billion for 2022, up 7.9% from the prior-year period.
“Some of the pricing pressures our industry has been experiencing have begun to ease,” said Jeff Major, President of USCTI. “Cutting tool sales have remained steady since the beginning of Q2 2022. Year-over-year sales are up in the high single-digit percentages. There is some market uncertainty as we move into fourth quarter and beyond. Indications are that the transportation sector will be a leading market in 2023.”
The Cutting Tool Market Report is jointly compiled by AMT and USCTI. The two trade associations represent the development, production, and distribution of cutting tool technology and products. The report provides a monthly statement on U.S. manufacturers’ consumption of the cutting tool, a primary consumable in the manufacturing process. All numbers and all data in this report are based on the totals reported by the companies participating in the CTMR program.