US cutting tool consumption up 7.2%

Cleveland, Ohio – December U.S. cutting tool consumption totaled $168.2 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 7.2% from November’s total and up 20.3% from December 2013.

These numbers and all data in this report are based on the totals actually reported by the companies participating in the CTMR program. The totals here represent about 80% of the U.S. market for cutting tools.

“The 2014 calendar year closed with a flurry and the overall growth in the cutting tool industry reporting was 5.0% year over year,” said Tom Haag, president of USCTI. “This is an indication that our market is steady and strong despite some volatility in the monthly statistics this past calendar year. December was a reflection on the auto industry perpetuating its strong growth while aerospace markets continue to work on an enormous backlog. The December sales closed a year with a strong message that manufacturing is still driving growth in our economy.”

Source: USCTI