Cutting tool orders up 9% in Q1 2022
Cutting tool consumption totaled $175.4 million in the United States for the first quarter of 2022, which is an increase of more than 9% compared to 2021.
Tool consumption in the United States totaled $175.4 million in the month of May, 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 collaboration, was down 0.6% from April’s $176.5 million and up 9.1% when compared with the $160.7 million reported for May 2021. With a year-to-date total of $875.8 million, 2022 is also up 9.1% when compared to the same time period in 2021.
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.
“The May numbers are very similar to April and seem to send the same message: that manufacturing continues to struggle with the issues of inflation, the supply chain disruptions, and the shortage of human resources,” commented Brad Lawton, chairman of AMT’s Cutting Tool Product Group. “Again, to sum it up with an overused word, ‘uncertainty’ will remain with us for an extended period of time.”
Original content can be found at AMT.