According to the U.S. Cutting Tool Institute and the Association for Manufacturing Technology, July U.S. cutting tool consumption totaled $170.95 million. This total was down 8.4% compared to June, but up 16% on a year-over-year basis. With a year-to-date total of $1.266 billion, 2017 is up 7.1% when compared with 2016.

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

“The cutting tool industry certainly is on a pace to exceed 2016’s totals,” said Brad Lawton, chairman of AMT’s Cutting Tool Product Group. “And with the continuation of strong domestic economic growth, there is a potential recovery to the industry levels of 2015.”

Eli Lustgarten, senior vice president at Longbow Securities, said, “Cutting tool demand continues its moderate recovery though the monthly data remains volatile. While July 2017 consumption showed a seasonal decline of 8.4% from June, results were 16% above the comparable month a year ago. Year to date consumption is up 7.1% and appears to be mostly demand driven with some modest restocking helped by the current moderate improvement in both on and off-highway markets including a recovery in mining and oil and gas sectors. We expect cutting tool demand to continue its current moderate recovery for the remainder of 2017, despite somewhat tougher monthly comparisons and the ongoing modest recovery in manufacturing industrial production (up 1.2% year to date).”