Double-digit increases show growing demand from machine shops, manufacturers
U.S. machine shops and other manufacturers consumed $191.93 million worth of cutting tools during May, increasing 14.2% from the April consumption level and rising 15.5% over total consumption for May 2016. May represents the fourth month of rising consumption out of five months of 2017. For the current year to-date, domestic consumption of cutting tools amounts to of $908.04 million, 5.8% higher than the comparable figure for January-May 2016.
Cutting tools are a primary consumable product for manufacturing, making data on their consumption a reliable indicator of manufacturing activity. The Cutting Tool Market Report, issued monthly in collaboration by AMT – the Assn. for Manufactuirng Technology and the U.S. Cutting Tool Institute, is based on totals reported by participating cutting-tool manufacturing companies. The totals represent a majority of the U.S. market for cutting tools.
The report is distinct from AMT’s monthly U.S. Manufacturing Technology Orders report, which reflects machine shops’ planning for future manufacturing activity.
“The cutting tool industry is feeling the strong activity, supported by May’s positive numbers,” stated Brad Lawton, chairman of AMT’s Cutting Tool Product Group. “As domestic manufacturing growth is projected to continue, 2017 will be a much better year for the Cutting Tool Industry.”