US Cutting Tool Orders Totaled $187.9 Million in December 2023, Bringing the Year-to-Date Total Up 6.9% From 2022
December 2023 U.S. cutting tool consumption totaled $187.9 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 7.3% from November’s $202.7 million and down 0.3% when compared with the $188.4 million reported for December 2022. With a year-to-date total of $2.45 billion, 2023 is up 6.9% when compared to the same time period in 2022.
“With 2024 comes change and challenge,” stated Steve Boyer, president of USCTI. “The U.S. cutting tool industry will continue to see growth opportunities in aerospace, automotive, medical, and computer-related segments but slowing and declines in other markets. While forecasts initially anticipated interest rate declines as we moved into 2024, recent inflation indicators appear to temper those expectations. We enter the new year with a guarded view anticipating continued challenges and uneven growth.”