Industry Analysis & Industry Trends
The Cutting Tool and Machine Tool Accessory Manufacturing industry's products, which include small knives and drill bits, are attached onto the cutting and machine tools used in the metalworking process. Consequently, they are demanded by machine shops, automotive producers and other manufacturers including those in the construction and mining sectors. In the five years to 2015, stronger production in those sectors has pushed up demand for cutting tool accessories and spurred industry growth. In the coming years, despite strong industrial activity and growing demand for cutting tool and machine tool accessories, less of this demand will be directed at US manufactured products.... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The Cutting Tool and Machine Tool Accessory Manufacturing industry is in the mature stage of its economic life cycle. Its contribution to the US economy is largely stable and in line with broader economic growth. Industry value added (IVA), which measures the industry's contribution to the US economy, is expected to increase an annualized 2.1% over the 10 years to 2020, similar to the US GDP's forecast growth over the period at 2.5% per year on average.
Other aspects of the industry reflect maturity, including slow participation growth and lack of product innovation. The number of establishments in the industry is expected to rise only slowly in the 10 years to 2020; this can be attributed to growing import penetration and the relocation of establishments to overseas locations... purchase to read more