U.S.: Cutting Tool Market 2024

Cutting Tool Market Size in the U.S.

The U.S. cutting tool market expanded rapidly to $X in 2022, with an increase of X% against the previous year. In general, consumption enjoyed significant growth. Over the period under review, the market attained the maximum level in 2022 and is likely to see gradual growth in the immediate term.

Cutting Tool Production in the U.S.

In value terms, cutting tool production shrank modestly to $X in 2022. Over the period under review, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Cutting Tool Exports

Exports from the U.S.

For the fourth consecutive year, the United States recorded growth in shipments abroad of cutting tool and machine tool accessories, which increased by X% to X tons in 2022. Over the period under review, exports showed strong growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, cutting tool exports expanded remarkably to $X in 2022. In general, exports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to see steady growth in the near future.

Exports by Country

Mexico (X tons), Canada (X tons) and Indonesia (X tons) were the main destinations of cutting tool exports from the United States, with a combined X% share of total exports.

From 2013 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Canada ($X), Mexico ($X) and the Netherlands ($X) appeared to be the largest markets for cutting tool exported from the United States worldwide, together accounting for X% of total exports. Germany, China, Indonesia, the UK, Israel, India, Taiwan (Chinese), Brazil, Singapore and Poland lagged somewhat behind, together comprising a further X%.

Indonesia, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average cutting tool export price amounted to $X per ton, waning by X% against the previous year. Over the period under review, the export price recorded a abrupt decline. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Poland (X%), while the prices for the other major destinations experienced more modest paces of growth.

Cutting Tool Imports

Imports into the U.S.

In 2022, purchases abroad of cutting tool and machine tool accessories increased by X% to X tons, rising for the sixth year in a row after two years of decline. Overall, imports saw significant growth. The growth pace was the most rapid in 2020 when imports increased by X%. Imports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, cutting tool imports rose remarkably to $X in 2022. The total import value increased at an average annual rate of X% from 2013 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Taiwan (Chinese) (X tons) constituted the largest cutting tool supplier to the United States, with a X% share of total imports. Moreover, cutting tool imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was held by Vietnam (X tons), with a X% share.

From 2013 to 2022, the average annual growth rate of volume from Taiwan (Chinese) stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Vietnam (X% per year).

In value terms, Germany ($X), Taiwan (Chinese) ($X) and Japan ($X) constituted the largest cutting tool suppliers to the United States, with a combined X% share of total imports. China, Sweden and Vietnam lagged somewhat behind, together accounting for a further X%.

Among the main suppliers, Vietnam, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average cutting tool import price amounted to $X per ton, approximately equating the previous year. Overall, the import price saw a sharp contraction. The most prominent rate of growth was recorded in 2021 when the average import price increased by X%. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Sweden ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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