October U.S. cutting tool consumption totaled $177.2 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 (CTMR) collaboration, was up 3.4 percent from September's total, down 15.4 percent from October 2014 and down 3.4 percent when compared year-to-date in 2014.
These numbers and all data in this report are based on the totals actually reported by the companies participating in the CTMR program. The totals here represent the majority of the U.S. market for cutting tools.
"The information from October continues to be the same story for the cutting tool market. We see a slight uptick in October over September which was to be expected. Our year over year data continues to weaken due to the strong finish of 2014 and a weak 2015," says Steve Stokey, president of USCTI. "Members continue to be optimistic about aerospace and automotive markets but see no short to mid-term improvement in the oil and gas industry for their products."
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.
Historical data for the Cutting Tool Market Report is available dating back to January 2012. This collaboration of AMT and USCTI is the first step in the two associations working together to promote and support U.S.-based manufacturers of cutting tool technology.