The report is divided into 3 parts.

Part One: Global Paper and Paperboard Production. The share of printing and writing paper in total production has decreased from 32% in 2014 to 20% in 2024.

Part Two: Global Pulp Consumption. Market demand for pulp has shown strong resilience, with consumer tissue paper continuing to grow across various regions, and predominantly produced through non-integrated processes.

Part Three: Major Trends. This section revolves around three aspects: 1. Will the increased integration in China weaken the demand for market pulp? 2. Oversupply of paper and paperboard capacity. 3. A new wave of investment in pulp capacity in Latin America. China dominates the global pulp market; however, its import growth rate is slowing down. China is facing a significant oversupply issue in paper and paperboard, with an increasing reliance on exports. To reduce dependency on China, some pulp producers are seeking further upstream integration. Of course, product innovation also enables pulp suppliers to lessen their reliance on the commodity pulp market.