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US Cutting Tool Orders Totaled $201.4 Million in September 2023, Bringing the Year-to-Date Total Up 8.1% From 2022

August 2023 U.S. cutting tool consumption totaled $219.2 million, according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology.
Nov 16, 2023

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McLean, Va. (November 16, 2023) — September 2023 U.S. cutting tool consumption totaled $201.4 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 collaboration, was down 8.1% from August’s $219.2 million and up 4.3% when compared with the $193.1 million reported for September 2022. With a year-to-date total of $1.85 billion, 2023 is up 8.1% when compared to the same time period in 2022. 

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 third quarter and September data for 2023 indicates that manufacturing output is still strong based on cutting tool data,” observed Jack Burley, chairman of AMT’s Cutting Tool Product Group. “In some regions, however, consumption has flattened compared to 2022, while other regions have increased due to the primary mix of industries they support. Overall activity is reasonably good and should continue into the fourth quarter.”  

Alan Richter, editor-at-large of Cutting Tool Engineering, elaborated: “Although total U.S. cutting tool consumption was down 8.1% in September from the previous month, the 12-month moving average continued to rise to a level last seen in November 2019 as it continues to somewhat mimic the rising 12-month durable goods moving average. Hopefully, the war in Gaza, as well as the ongoing one in Ukraine and a possible U.S. government shutdown in mid-November or further down the road, will not adversely impact future cutting tool consumption.” 

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.

The graph below includes the 12-month moving average for the durable goods shipments and cutting tool orders. These values are calculated by taking the average of the most recent 12 months and plotting them over time.

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AMT – The Association For Manufacturing Technology represents and promotes U.S.-based manufacturing technology and its members – those who design, build, sell, and service the continuously evolving technology that lies at the heart of manufacturing. Founded in 1902 and based in Virginia, the association specializes in providing targeted business assistance, extensive global support, and business intelligence systems and analysis. AMT is the voice that communicates the importance of policies and programs that encourage research and innovation, and the development of educational initiatives to create tomorrow’s Smartforce. AMT owns and manages IMTS – The International Manufacturing Technology Show, which is the premier manufacturing technology event in North America.

The United States Cutting Tool Institute (USCTI) was formed in 1988 and resulted from a merger of the two national associations representing the cutting tool manufacturing industry. USCTI works to represent, promote, and expand the U.S. cutting tool industry and to promote the benefits of buying American-made cutting tools manufactured by its members. The Institute recently expanded its by-laws to include any North American manufacturer and/or remanufacturer of cutting tools, as well as post-fabrication tool surface treatment providers. Members, which number over 80, belong to seven product divisions: Carbide Tooling, Drill & Reamer, Milling Cutter, PCD & PCBN, Tap & Die, Tool Holder and All Other Tooling. A wide range of activities includes a comprehensive statistics program, human resources surveys and forums, development of product specifications and standards, and semi-annual meetings to share ideas and receive information on key industry trends. 

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Author
Christopher Chidzik
Principal Economist
Recent intelligence News
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August 2023 U.S. cutting tool consumption totaled $219.2 million, according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology.
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