March U.S. cutting tool consumption totaled $200.05 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 14.3 percent from February's $174.98 million and up 8.4 percent when compared with the total of $184.57 million reported for March 2016. With a year-to-date total of $548.08 million, 2017 is up 5.9 percent when compared with 2016.
These numbers and all data in this report are based on the totals reported by the companies participating in the CTMR program. The totals here represent the majority of the U.S. market for cutting tools.
"The cutting tool industry reported numbers are supporting the positive feelings that exist in the Domestic Market," says Brad Lawton, chairman of AMT's Cutting Tool Product Group. "This is a very welcome improvement and support for the Trump Administration's pro manufacturing policies"
Johan Israelsson, president of Sandvik Hyperion adds: "It is clear that there is a much stronger customer demand across all sectors of the global market that we serve. Although there is some tendency to rebuild inventories as one driver, we are also experiencing an underlying market growth. It is especially encouraging to see optimism within the Oil and Gas industry after a very difficult period."
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 between 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.