November 2020 U.S. Cutting Tool Orders Down 9.9% from October 2020

McLean, Va., (January 22, 2021) - November 2020 U.S. cutting tool consumption totaled $151.3 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 collaboration, was down 9.9% from October's $167.9 million and down 20% when compared with the $189.1 million reported for November 2019. With a year-to-date total of $1.7 billion, 2020 is down 22.7% when compared with November 2019.

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.

According to Brad Lawton, Chairman of AMT's Cutting Tool Product Group, 'As we know the cutting tool industry is dependent on the health of the nation's manufacturing economy, and we see recovery is in process. The industry numbers reflect the usual year end fluctuations, but in general there is optimism for continued recovery.'

'The year-over-year numbers reflect what we are seeing in our business and hearing from the metalworking industry in general. We see the effects of the pandemic again in this month's report, but there is some improvement over the lows of last summer. In general, orders for consumable products for ongoing production are faring better than new capital equipment but low interest rates, relatively easy access to capital and another round of PPP for small companies under 300 employees, might help speed up this recovery for 2021,' commented Chris Kaiser, Executive Advisor at Big Kaiser.

AMT - The Association For Manufacturing Technology
represents and promotes U.S.-based manufacturing technology and its members-those who design, build, sell, and service the continuously evolving technology that lies at the heart of manufacturing. Founded in 1902 and based in Virginia, the association specializes in providing targeted business assistance, extensive global support, and business intelligence systems and analysis. AMT is the voice that communicates the importance of policies and programs that encourage research and innovation, and the development of educational initiatives to create tomorrow's Smartforce. AMT owns and manages IMTS - The International Manufacturing Technology Show, which is the premier manufacturing technology event in North America.

The United States Cutting Tool Institute (USCTI) was formed in 1988 and resulted from a merger of the two national associations representing the cutting tool manufacturing industry. USCTI works to represent, promote, and expand the U.S. cutting tool industry and to promote the benefits of buying American-made cutting tools manufactured by its members. The Institute recently expanded its by-laws to include any North American manufacturer and/or remanufacturer of cutting tools, as well as post-fabrication tool surface treatment providers. Members, which number over 80, belong to seven product divisions: Carbide Tooling, Drill & Reamer, Milling Cutter, PCD & PCBN, Tap & Die, Tool Holder and All Other Tooling. A wide range of activities includes a comprehensive statistics program, human resources surveys and forums, development of product specifications and standards, and semi-annual meetings to share ideas and receive information on key industry trends.