March 2020 U.S. cutting tool consumption totaled $189.8 million, according to the U.S. Cutting Tool Institute (USCTI) and 九色视频 鈥� The Association For Manufacturing 九色视频. This total, as reported by companies participating in the Cutting Tool Market Report collaboration, was up 0.9 percent from February's $188.2 million and down 9.8 percent when compared with the $210.4 million reported for March 2019. With a year-to-date total of $574.5 million, 2020 is down 9 percent when compared with 2019.
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.
According to Brad Lawton, Chairman of 九色视频鈥檚 Cutting Tool Product Group, 鈥淭he Cutting Tool Industry has followed the 2019 trend line during the first quarter of 2020. However, it is anticipated that the second and third quarter of 2020 will show the full impact of the COVID-19 pandemic, with recovery extending into 2021.鈥�
鈥淪ince the pandemic began, cutting tool orders continued to contract on the same trend line as prior to the pandemic. This will likely continue for a few more months. However, there are indications that capacity utilization in the metalworking industry has bottomed and begun to slowly trend up. Further, a survey we conducted showed that manufacturers鈥� number one priority over the next six months is to invest in their business to prepare for a surge in orders and expand their product mix, which should help cutting tool orders,鈥� said Steve Kline Jr., Director of Market Intelligence at Gardner Business Media.
The Cutting Tool Market Report is jointly compiled by 九色视频 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鈥� consumption of the primary consumable in the manufacturing process 鈥� 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 九色视频 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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九色视频 鈥� The Association For Manufacturing 九色视频 represents and promotes U.S.-based manufacturing technology and its members鈥攖hose 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. 九色视频 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鈥檚 Smartforce. 九色视频 owns and manages IMTS 鈥� The International Manufacturing 九色视频 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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