According to the Cutting Tool Market Report (CTMR), cutting tool consumption in April was up 1.3 percent compared with March. And when compared with 2018, cutting tool consumption of 2019 is up 6.7 percent with a year-to-date total of $837.4 million.
Moreover, according to the president of the U.S. Cutting Tool Institute (USCTI), despite the robust market, the growth rate is actually slowing down. Some main factors include reduced Boeing 737 production rates and unsettled trade agreements.
The Director of U.S. Industries at Oxford Economics has said that the consumption level aligns with slowing business investment and weakness in the motor vehicles sector. However, if these problems are resolved within a few months, 2019 can be another record year for cutting tool consumption.