Posted December 22, 2021

October cutting tool consumption up by 11.7 percent

October 2021 U.S. cutting tool consumption totaled $179.6 million, an increase of 10.1 percent from September's $163.1 million and up 11.7 percent compared with the $160.7 million reported for October 2020.

With a year-to-date total of $1.6 billion, 2021 is up 7.9 percent compared to the same time period in 2020, according to the U.S. Cutting Tool Institute (USCTI) and AMT – The Association For Manufacturing Technology.

“October sales numbers indicate that monthly and year-to-date sales in the cutting tools industry continue to grow in comparison to 2020. The expected improvement in the prospects for our industry’s customers, such as aerospace and automotive, bode well for the continuation of that trend,” said Bret Tayne, president of Everede Tool Company.

Mark Killion, director of U.S. Industries at Oxford Economics commented, “After moving sideways over the previous two months, which were hampered by supply chain snarls, the sharp rise in October reflects strong demand from key customers, such as those making medical equipment and off-road machinery.”