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The global pulp and paper market size was USD 351.53 billion in 2021. The market is projected to grow from USD 354.39 billion in 2022 to USD 372.70 billion by 2029 at a CAGR of 0.72% during the 2022-2029 period.
Fortune Business Insights™ publishes this information in its report titled, " Pulp and Paper Market Size, Share & COVID-19 Impact Analysis, By Category (Wrapping & Packaging, Printing & Writing, Sanitary, News Print, and Others), and Regional Forecast, 2022-2029."
Rising Demand for Hygiene Products Amid Pandemic to Propel Growth
The outbreak of the COVID-19 pandemic hampered various industries during the initial lockdown phase. However, the increasing demand for tissue papers along with various hygiene products has bolstered the pulp and paper market growth during the pandemic. These factors increased the demand for pulp and paper to manufacture tissue papers. Tissue papers were highly utilized by healthcare providers, pharmacists, and the general population to maintain hygiene in workplaces and houses.
Westrock Invested USD 47 Million to Develop the Packaging Facility in Claremont
Westrock planned to expand its production facilities in Claremont, for which the company invested USD 47 million. This strategy was planned to increase the production of sustainable paper for packaging solutions and was intended to meet customer demand from North America. Also, these packaging papers were made globally available to improve their business performance and gain a competitive advantage in the emerging market.
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Rapid Penetration of Online Retail to Augment Growth
The rising demand for pulp and paper in the retail sector is expected to surge in the coming years owing to the increasing penetration of online retail in developing economies. Also, the growing demand for eco-friendly packaging material is anticipated to fuel the market growth during the projected period. This is anticipated to bolster the rising demand for paper packaging from numerous sectors.
Key Players to Enhance their Business Performance by Signing Business Contracts
The companies focus on strategic acquisitions to propel growth by expanding their business reach and improving their overall performance. The company's investment strategies to enhance their R&D activities in improving organizational production rate bolster the business growth. Also, enhancing and developing a strong supply chain allow companies to increase their productivity and profitability.
Notable Industry Development:
List of Key Players Covered in the Report:
Further Report Findings:
Asia Pacific dominates the global pulp and paper market share, and the regional market was valued at USD 175.00 billion in 2021. The region's rapidly growing producer and consumer population is expected to drive the regional market growth. The increasing consumption of consumer goods and rising development in the e-commerce business are anticipated to fuel the regional market growth during the forecast period.
Based on category, the market is segregated into wrapping & packaging, printing & writing, sanitary, news print, and others. The wrapping & packaging segment is expected to lead the global market share in the coming years owing to the rising demand for paper bags as an economical substitute for plastic bags. Also, the increasing penetration of the e-commerce and retail sector is expected to fuel the segmental growth during the forecast period.
Table of Segmentation:
Value (USD Billion), Volume (Million Tons)
By Category and Geography