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Industrie

Paper & Paper Products

Le papier et les produits en papier ne sont plus seulement une histoire de déclin séculaire. L'industrie est devenue un problème mixte : les emballages et les tissus restent plus sains, tandis que l'impression et l'écriture continuent de diminuer. Les gagnants sont les opérateurs qui peuvent convertir leur capacité vers de meilleures catégories, gérer les coûts de la fibre et de l'énergie et maintenir des tarifs d'exploitation suffisamment élevés pour justifier de lourdes immobilisations.

Chiffres réels

Paper & Paper Products en un coup d'oeil

Operating rate

87.5%

US paper and paperboard operating rate in 2024.

US capacity

78.1M tons

US paper and paperboard capacity in 2024.

2024 production growth

+3.2%

US paper and paperboard production growth in 2024.

Containerboard rate

>91%

AF&PA says 2025 containerboard operating rates ended the year above 91%.

What shapes this industry

Key factors

Sector lens

The industry is really a balance between only a few recurring variables

This page emphasizes the interaction between the factors rather than treating them as isolated bullets. That usually gives a truer picture of how returns are really made.

01
Grade Mix

Containerboard, tissue, packaging, and printing grades carry very different long-term demand trajectories.

02
Capacity Conversion

The ability to convert machines into better end markets can matter more than adding greenfield capacity.

03
Fiber and Energy

Recovered fiber, virgin pulp, natural gas, and freight all shape margin in a heavy fixed-cost business.

Grade migration

Paper economics depend on shifting capacity into the grades that still deserve it

This is not one monolithic business anymore. The quality of the story depends on grade mix, machine conversion, and operating-rate discipline.

Demand side
Demand side
Packaging and tissue remain healthier demand pools than legacy printing and writing grades.
Supply side
Supply side
Machine conversions and closures determine whether capacity stays aligned with the grades the market still wants.
Investor frame
Investor frame
The winners are the operators that reposition assets early enough to keep utilization and pricing credible.
Verified numbers
Operating rate
87.5%

US paper and paperboard operating rate in 2024.

US capacity
78.1M tons

US paper and paperboard capacity in 2024.

2024 production growth
+3.2%

US paper and paperboard production growth in 2024.

Containerboard rate
>91%

AF&PA says 2025 containerboard operating rates ended the year above 91%.

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