Industry Analysis & Industry Trends
The Cutting Tool and Machine Tool Accessory Manufacturing industry experienced adverse effects from the economic downturn. During the recession, negative economic conditions reduced demand for machined parts at tool and die businesses and demand for custom work fell. As the economy improves, downstream demand will likely rise, spurring marginal revenue growth. Nevertheless, stagnant product innovation will hamper overall growth.
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Industry Report - Industry Locations Chapter
IBISWorld estimates that business locations in the Cutting Tool and Machine Tool Accessory Manufacturing industry generally follow the locations of the Metalworking Machinery Manufacturers industry (IBISWorld report 33351). Firms in that industry usually produce the items included in the Cutting Tool and Machine Tool Accessory manufacturing industry (as well as other machining goods). Therefore, makers of cutting tools are often housed within general metalworking manufacturers' operations.
Cutting tools and related accessories are most commonly manufactured in the Great Lakes region. Wisconsin, Illinois, Indiana, Michigan and Ohio each have a significant share of manufacturing activity, encouraging producers of related tools to locate nearby and supply downstream industries... purchase to read more