Factors such as the growing need from the paper industry and rising consumer demand for tissue papers have propelled market growth.
WILMINGTON, DELAWARE, UNITED STATES, February 12, 2024 /EINPresswire.com/ — Allied Market Research recently released a comprehensive report titled “Wood Pulp Market: Global Opportunity Analysis and Industry Forecast, 2021–2030,” providing valuable insights into the wood pulp market landscape.
In 2020, the global wood pulp industry reached a valuation of $165.3 billion and is anticipated to grow at a CAGR of 3.9%, reaching $242.1 billion by 2030. The market is primarily driven by the increasing demand from the paper industry and consumer preferences for tissue papers.
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Drivers, Restraints, and Opportunities:
Factors such as the growing need from the paper industry and rising consumer demand for tissue papers have propelled market growth. However, stringent government regulations pose challenges. On the bright side, innovative and sustainable technological solutions present lucrative opportunities for future growth.
The market faced disruptions during the pandemic due to supply chain interruptions and disruptions in import-export activities of raw materials. The demand for wood pulp decreased significantly across various end-use industries. Nonetheless, with the easing of restrictions and resumption of operations, post-pandemic recovery is expected.
The hardwood segment is anticipated to exhibit the highest CAGR of 4.6%, driven by its popularity in packaging products. Meanwhile, the papers segment is projected to register a CAGR of 4.4%, with the packaging segment holding the largest share due to increased demand from pharmaceutical and food & beverage industries.
Asia-Pacific, followed by North America, dominated the market in 2020, with Asia-Pacific holding over two-fifths of the global wood pulp market share. The region is poised to witness the highest CAGR of 4.7%, fueled by growing demand for packaging products from pharmaceutical and food & beverage industries.
Prominent players in the wood pulp market include International Paper, Nippon Paper, Metsä Group, Sappi, Oji Holdings Corporation, Stora Enso, Sonoco Products, UPM-Kymmene Corporation, Svenska Cellulosa Aktiebolaget, and WestRock.
The wood pulp market is set for steady growth, with Asia-Pacific emerging as a key market region. Despite challenges posed by the pandemic, the market is expected to rebound, driven by technological innovations and increasing demand from various end-use industries.
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