U.S. Cutting Tool Consumption Up 1.6 Percent in March
March 2019 U.S. cutting tool consumption totaled $210.4 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 2.3 percent from February’s $205.6 million and up 1.6 percent when compared with the $207.1 million reported for March 2018. With a year-to-date total of $631.1 million, 2019 is up 8.6 percent when compared with 2018.
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 a significant market share of the U.S. market for cutting tools.
“The cutting tool industry had a better first quarter in 2019 as compared to 2018. This positive performance would be helped if China and the USA could reach a new trade agreement that would provide stability to the markets,” said Brad Lawton, Chairman of AMT’s Cutting Tool Product Group.
According to Costikyan Jarvis, President of Jarvis Cutting Tools, “Growth is good, even if it is not growing as fast as it used to. You can see that in March’s cutting tool usage data. The year-over-year growth is now 8.6 percent, which is still good, but not as good as the past number which showed over 12 percent growth. The April ISM Manufacturing PMI (52.8) shows continued expansion, and employment growth bounced back from a poor February (56,000) to a much stronger March number (189,000). Housing numbers continue to disappoint, but that is offset by strong auto and aerospace production. We all like growth, and the March data continue to point to growth in 2019.”
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.