March cutting tool consumption down 9.8 percent
U.S. cutting tool consumption was up 0.9 percent from February but fell 9.8 percent from March 2019.
March 2020 U.S. cutting tool consumption totaled $189.8 million, according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology. This compared to February's total of $188.2 million and $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.
“The 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,” said Brad Lawton, chairman of AMT’s Cutting Tool Product Group.
“Since 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 that manufacturers’ 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,” said Steve Kline Jr., director of market intelligence at Gardner Business Media.
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.
