The 2020 Mid-Year Economic Update_long

U.S. Cutting Tool Consumption Down 8.3% YOY

Slowdown in oil & gas and mining markets leads to pain for cutting tool industry.

U.S. cutting tool consumption in August totaled $168.8 million, according to the U.S. Cutting Tool Institute and AMT – the Association for Manufacturing Technology. This total, as reported by companies participating in the Cutting Tool Market Report collaboration, was down 8.3 percent from August 2014 and down 5 percent from July.

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 the majority of the U.S. market for cutting tools.

“It appears as though cutting tool industry success this year is directly proportional to the amount of business tied to oil & gas/mining," said Tom Haag, president of USCTI. "Those that are heavily invested in this market are feeling the most pain. Additionally, the agricultural vehicle market has slowed below forecasts. While automotive and aerospace markets remain consistent, the cutting tool industry needs a recovery in oil & gas to return to broad growth. It will be a battle to surpass 2014 results in the fourth quarter."

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