The U.S. Cutting Tool Institute (UTCI) and Association for Manufacturing Technology (AMT) reported that sales for cutting tools in October 2022 were $200.6 million. Sales were up 3.4% from September and are up 9.4% from the prior-year period.
The sales total was the highest monthly total since October 2019 and is up 11.7% compared to October 2021. The numbers reported are based on the totals reported from The U.S. Cutting Tool Institute and AMT combined Cutting Tool Market Report (CMTR).
“Market conditions for the cutting tool industry remain positive,” said Jeff Major, president of USCTI. “Overall year-to-date sales versus 2021 are up 9.4%. Cutting tool sales for 2023 are expected to remain positive, led by the automotive and aerospace market segments. Shipping costs have stabilized somewhat, which helps our overall business, while there still remains some uncertainty with raw material costs.”