According to the U.S. Cutting Tool Institute and the Association for Manufacturing Technology, March 2023 U.S. cutting tool consumption totaled $225.6 million. This total, as reported by companies participating in the Cutting Tool Market Report collaboration, was up 14.6% from February’s $196.9 million and up 14.9% when compared with the $196.4 million reported for March 2022. With a year-to-date total of $618.9 million at the end of March, 2023 cutting tool orders were up 18.1% when compared to the same time period in 2022.
“While the March data was impressive and most shops remain busy, early indications are showing that Q2 will not continue to perform at this level,” Jack Burley, chairman of the cutting tool product group and committee at the Association for Manufacturing Technology, said. “The anticipated reduction in demand we thought would not happen until Q3 appears to be sooner than expected. On a positive note, it was good for cutting tool producers to have a great first quarter to build upon.”
“Cutting tool sales in March 2023 were astronomical, contributing to the best first quarter since 2019,” Chris Chidzik, principal economist at the Association for Manufacturing Technology, said. “Machinery orders have surged in the past two years, but sales of cutting tools had struggled to return to pre-COVID levels. The March 2023 numbers show that machines are starting to hit shop floors, demand for parts remains strong and materials are available to make them.”
