Cutting tool consumption down in August
August U.S. cutting tool consumption totaled $168.8 million, 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 (CTMR) collaboration, was down 5% from July’s total and down 2.0% when compared year-to-date in 2014.
“It appears as though cutting tool industry success this year is directly proportional to the amount of business tied to Oil & Gas/Mining. 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 4th quarter,” said Tom Haag, president of USCTI.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
