U.S. machine shops and other manufacturers purchased $175 million worth of cutting tools during April, a 2.1% increase over the March consumption total, but a decline of 3.3% from the April 2013 total. It’s the second consecutive month for rising consumption, and continues a reasonably solid pattern of growth for the product category.
By comparison, the related index for machine tools and similar technology has faltered through the first four months of this year.
“The economic indicators continue to resonate in the metalworking industry, exhibiting a return to growth,” commented Tom Haag, president of the U.S. Cutting Tool Institute, which issues the monthly U.S. Cutting Tool Market Report together with AMT, the Association for Manufacturing Technology.
USCTI has more than 80 manufacturing companies as members, whose products include carbide tooling, drills and reamer, milling cutter, PCD and PCBN, tapping and die products, toolholders, and other tooling products. AMT includes machine tool manufacturers and distributors.
The Cutting Tool Market Report is presented as a monthly indicator of U.S. manufacturing activity, reflecting manufacturers’ consumption of “the primary consumable in the manufacturing process – the cutting tool.” The data in the report is based on actual totals for purchases, as reported by participating companies, who represent about 80% of the U.S. market for cutting tools.
The report was introduced in 2013, tracking cutting tool consumption since January 2012.
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.
“This is the second consecutive month-over-month increase with three months of the last four netting positive results over the fourth quarter of 2013,” Haag continued. “This slow but positive growth is forecast to continue in the second half of 2014.”