Dec 14, 2016 -- The attached news release reports October U.S. cutting tool consumption totaled $168.99 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 down 1.6% from September’s $171.67 million and 4.7% when compared with the total of $177.35 million reported for October 2015. With a year-to-date total of $1.698 billion, 2016 is down 6.9% when compared with 2015.
“The cutting tool year-over-year data continues to indicate 2016 is moving in the right direction,” says Steve Stokey, President of USCTI.“ With the uncertainty of the election behind us, businesses should be in a better position to confidently implement their plans. This should have a positive impact on the marketplace as we move into 2017.”
"Cutting tools are an important market for AMT members to track because tooling consumption correlates strongly with manufacturing output," said Patrick McGibbon, Vice President – Strategic Analytics, AMT.
If you prefer to download the release it can be found here: http://www.amtonline.org/article_display.cfm?article_id=194468
Cutting Tool Market Report FAQs
What is the Cutting Tool Market Report?
The Cutting Tool Market Report (CTMR) program measures gross cutting tool shipments each month based on data collected from manufacturers by the United States Cutting Tool Institute (USCTI) and AMT - The Association For Manufacturing Technology. The report provides national U.S consumption data of domestic and imported tools, including domestically produced and imported.
What are cutting tools?
Cutting tools are used in machine tools to shape raw material into parts or remove additional material from existing parts. Examples of cutting tools include drills, countersinks, taps, milling cutters, boring bars, indexable inserts, and many others.
Why is the CTMR important?
Cutting tools are a consumable product used to turn raw materials into intermediate goods and intermediate goods into finished goods. Because tooling needs to be replaced relatively frequently, trends in U.S. cutting tool shipments are a good measure of overall manufacturing activity. Official Census statistics on cutting tools are only published once a year, so the monthly CTMR figures are important to business owners and decision makers who need a more frequent indicator of market conditions. Cutting tools have much shorter lead times than machine tools and other capital equipment, which means sales figures are much less volatile from month to month and react more quickly to changes in manufacturing activity.
Who owns the CTMR?
The report is a joint effort of the United States Cutting Tool Institute (USCTI) and AMT - The Association For Manufacturing Technology. Each organization collects and reports statistics via survey, and the CTMR figures represent a combined total after accounting for overlapping survey contributions.
AMT Communications Coordinator