Chemical Wood Pulp Market

The global chemical wood pulp market is projected to show positive growth trends in both volume and value over the next eight years. Major consuming countries include the United States, China, and Japan. The market is dominated by bleached sulphate pulp, with significant growth recorded in unbleached sulphate pulp. Production and exports are led by Brazil, while China ranks as the largest importer. Prices have shown fluctuations over the years, with the United States having the highest export price per ton in 2022.

Market Forecast

Driven by increasing demand for chemical wood pulp worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.5% for the period from 2022 to 2030, which is projected to bring the market volume to 184M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.2% for the period from 2022 to 2030, which is projected to bring the market value to $145B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Chemical Wood Pulp

In 2022, approx. 163M tons of chemical wood pulp were consumed worldwide; remaining relatively unchanged against 2021. The total consumption volume increased at an average annual rate of +2.1% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. Global consumption peaked in 2022 and is expected to retain growth in years to come.

The global chemical wood pulp market revenue rose modestly to $112.7B in 2022, surging by 2.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.7% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. Global consumption peaked in 2022 and is likely to see steady growth in the near future.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (42M tons), China (40M tons) and Japan (8.3M tons), with a combined 56% share of global consumption. Sweden, Brazil, Indonesia, Russia, Finland, Germany, France, India, Italy and Uruguay lagged somewhat behind, together accounting for a further 26%.

From 2012 to 2022, the biggest increases were recorded for Uruguay (with a CAGR of +8.9%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest chemical wood pulp markets worldwide were China ($29.4B), the United States ($26.7B) and Japan ($4.2B), together comprising 53% of the global market.

China, with a CAGR of +9.5%, recorded the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of chemical wood pulp per capita consumption in 2022 were Uruguay (777 kg per person), Finland (760 kg per person) and Sweden (575 kg per person).

From 2012 to 2022, the biggest increases were recorded for Uruguay (with a CAGR of +8.5%), while consumption for the other global leaders experienced more modest paces of growth.

Consumption By Type

Bleached sulphate pulp (117M tons) constituted the product with the largest volume of consumption, comprising approx. 72% of total volume. Moreover, bleached sulphate pulp exceeded the figures recorded for the second-largest type, unbleached sulphate pulp (42M tons), threefold. Bleached sulphite pulp (2.6M tons) ranked third in terms of total consumption with a 1.6% share.

From 2012 to 2022, the average annual rate of growth in terms of the volume of bleached sulphate pulp consumption stood at +2.1%. For the other products, the average annual rates were as follows: unbleached sulphate pulp (+2.7% per year) and bleached sulphite pulp (-4.4% per year).

In value terms, bleached sulphate pulp ($82.4B) led the market, alone. The second position in the ranking was held by unbleached sulphate pulp ($27.2B). It was followed by bleached sulphite pulp.

For bleached sulphate pulp, market increased at an average annual rate of +3.1% over the period from 2012-2022. With regard to the other consumed products, the following average annual rates of growth were recorded: unbleached sulphate pulp (+2.8% per year) and bleached sulphite pulp (-3.5% per year).

Production

World Production of Chemical Wood Pulp

In 2022, the amount of chemical wood pulp produced worldwide stood at 163M tons, increasing by 2% compared with 2021. The total output volume increased at an average annual rate of +2.1% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The growth pace was the most rapid in 2018 with an increase of 5.1% against the previous year. Over the period under review, global production attained the peak volume in 2022 and is likely to see steady growth in the near future.

In value terms, chemical wood pulp production contracted to $95B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 with an increase of 37% against the previous year. As a result, production reached the peak level of $114.7B. From 2019 to 2022, global production growth remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were the United States (43M tons), Brazil (24M tons) and China (19M tons), together accounting for 53% of global production.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +12.9%), while production for the other global leaders experienced more modest paces of growth.

Production By Type

Bleached sulphate pulp (118M tons) constituted the product with the largest volume of production, accounting for 72% of total volume. Moreover, bleached sulphate pulp exceeded the figures recorded for the second-largest type, unbleached sulphate pulp (42M tons), threefold. The third position in this ranking was held by bleached sulphite pulp (2.4M tons), with a 1.5% share.

From 2012 to 2022, the average annual rate of growth in terms of the volume of bleached sulphate pulp production totaled +2.2%. For the other products, the average annual rates were as follows: unbleached sulphate pulp (+2.7% per year) and bleached sulphite pulp (-4.7% per year).

In value terms, bleached sulphate pulp ($65.9B) led the market, alone. The second position in the ranking was held by unbleached sulphate pulp ($26.3B). It was followed by bleached sulphite pulp.

For bleached sulphate pulp, production increased at an average annual rate of +1.2% over the period from 2012-2022. With regard to the other produced products, the following average annual rates of growth were recorded: unbleached sulphate pulp (+3.9% per year) and bleached sulphite pulp (-3.0% per year).

Imports

World Imports of Chemical Wood Pulp

In 2022, approx. 59M tons of chemical wood pulp were imported worldwide; with an increase of 3.2% compared with the year before. The total import volume increased at an average annual rate of +2.6% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 6.9% against the previous year. As a result, imports reached the peak of 60M tons. From 2021 to 2022, the growth of global imports remained at a somewhat lower figure.

In value terms, chemical wood pulp imports surged to $46.9B in 2022. In general, total imports indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +51.0% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of 27%. Global imports peaked in 2022 and are expected to retain growth in the near future.

Imports By Country

In 2022, China (22M tons) represented the largest importer of chemical wood pulp, creating 36% of total imports. It was distantly followed by the United States (6.5M tons), Germany (3.7M tons) and Italy (3.3M tons), together generating a 23% share of total imports. The Netherlands (2.6M tons), South Korea (1.6M tons), France (1.6M tons), Turkey (1.6M tons), Japan (1.4M tons), Poland (1.2M tons), Spain (1.1M tons) and India (0.9M tons) followed a long way behind the leaders.

Imports into China increased at an average annual rate of +4.9% from 2012 to 2022. At the same time, Turkey (+6.8%), Poland (+6.6%), the Netherlands (+6.5%), India (+3.8%), the United States (+3.8%) and Spain (+2.1%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing importer imported in the world, with a CAGR of +6.8% from 2012-2022. Italy and Japan experienced a relatively flat trend pattern. By contrast, France (-1.3%), Germany (-1.4%) and South Korea (-2.0%) illustrated a downward trend over the same period. China (+7.3 p.p.) significantly strengthened its position in terms of the global imports, while South Korea and Germany saw its share reduced by -1.6% and -3.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($16.7B) constitutes the largest market for imported chemical wood pulp worldwide, comprising 36% of global imports. The second position in the ranking was held by the United States ($4.4B), with a 9.4% share of global imports. It was followed by Germany, with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +7.2%. The remaining importing countries recorded the following average annual rates of imports growth: the United States (+4.7% per year) and Germany (+0.3% per year).

Imports By Type

Bleached sulphate pulp prevails in imports structure, reaching 55M tons, which was near 93% of total imports in 2022. It was distantly followed by unbleached sulphate pulp (3M tons), committing a 5.1% share of total imports. Bleached sulphite pulp (1.1M tons) held a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to bleached sulphate pulp imports of stood at +2.5%. At the same time, unbleached sulphate pulp (+5.7%) displayed positive paces of growth. Moreover, unbleached sulphate pulp emerged as the fastest-growing type imported in the world, with a CAGR of +5.7% from 2012-2022. Bleached sulphite pulp experienced a relatively flat trend pattern. The shares of the largest types remained relatively stable throughout the analyzed period.

In value terms, bleached sulphate pulp ($43.9B) constitutes the largest type of chemical wood pulp imported worldwide, comprising 93% of global imports. The second position in the ranking was held by unbleached sulphate pulp ($2.4B), with a 5% share of global imports. It was followed by bleached sulphite pulp, with a 1.4% share.

For bleached sulphate pulp, imports increased at an average annual rate of +4.6% over the period from 2012-2022. With regard to the other imported products, the following average annual rates of growth were recorded: unbleached sulphate pulp (+8.3% per year) and bleached sulphite pulp (-1.8% per year).

Import Prices By Type

The average chemical wood pulp import price stood at $793 per ton in 2022, with an increase of 18% against the previous year. Over the last decade, it increased at an average annual rate of +2.0%. The pace of growth appeared the most rapid in 2021 an increase of 30% against the previous year. Global import price peaked in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat amongst the major imported products. In 2022, major imported products recorded the following prices: in bleached sulphate pulp ($797 per ton) and unbleached sulphate pulp ($778 per ton), while the price for unbleached sulphite pulp ($556 per ton) and bleached sulphite pulp ($616 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by unbleached sulphate pulp (+2.5%), while the other products experienced mixed trends in the import price figures.

Import Prices By Country

The average chemical wood pulp import price stood at $793 per ton in 2022, with an increase of 18% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2021 an increase of 30% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is likely to see steady growth in the near future.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Japan ($941 per ton) and Turkey ($933 per ton), while South Korea ($643 per ton) and the United States ($680 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+3.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Chemical Wood Pulp

In 2022, approx. 59M tons of chemical wood pulp were exported worldwide; surging by 5.4% against the previous year's figure. The total export volume increased at an average annual rate of +2.7% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 when exports increased by 11%. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, chemical wood pulp exports soared to $39.2B in 2022. The total export value increased at an average annual rate of +3.5% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when exports increased by 28% against the previous year. The global exports peaked in 2022 and are likely to continue growth in the near future.

Exports By Country

In 2022, Brazil (19M tons) was the main exporter of chemical wood pulp, mixing up 32% of total exports. It was distantly followed by the United States (6.8M tons), Canada (6.4M tons), Indonesia (4.5M tons), Chile (3.8M tons), Finland (3.6M tons), Sweden (3.2M tons) and the Netherlands (2.7M tons), together mixing up a 52% share of total exports.

Exports from Brazil increased at an average annual rate of +8.4% from 2012 to 2022. At the same time, the Netherlands (+11.4%), Finland (+5.7%), Indonesia (+1.8%) and Sweden (+1.6%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing exporter exported in the world, with a CAGR of +11.4% from 2012-2022. The United States and Canada experienced a relatively flat trend pattern. By contrast, Chile (-1.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Brazil, the Netherlands and Finland increased by +13, +2.6 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($7.9B), the United States ($6B) and Canada ($4.9B) were the countries with the highest levels of exports in 2022, with a combined 48% share of global exports. Finland, Indonesia, Chile, Sweden and the Netherlands lagged somewhat behind, together comprising a further 33%.

The Netherlands, with a CAGR of +12.0%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Bleached sulphate pulp dominates exports structure, resulting at 55M tons, which was near 93% of total exports in 2022. It was distantly followed by unbleached sulphate pulp (2.9M tons), achieving a 5% share of total exports. Bleached sulphite pulp (910K tons) took a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to bleached sulphate pulp exports of stood at +2.6%. At the same time, unbleached sulphate pulp (+5.9%) displayed positive paces of growth. Moreover, unbleached sulphate pulp emerged as the fastest-growing type exported in the world, with a CAGR of +5.9% from 2012-2022. Bleached sulphite pulp experienced a relatively flat trend pattern. The shares of the largest types remained relatively stable throughout the analyzed period.

In value terms, bleached sulphate pulp ($36.5B) remains the largest type of chemical wood pulp supplied worldwide, comprising 93% of global exports. The second position in the ranking was held by unbleached sulphate pulp ($2.2B), with a 5.5% share of global exports. It was followed by bleached sulphite pulp, with a 1.3% share.

For bleached sulphate pulp, exports expanded at an average annual rate of +3.5% over the period from 2012-2022. For the other products, the average annual rates were as follows: unbleached sulphate pulp (+8.7% per year) and bleached sulphite pulp (-2.9% per year).

Export Prices By Type

In 2022, the average chemical wood pulp export price amounted to $661 per ton, rising by 9.4% against the previous year. Overall, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average export price increased by 25% against the previous year. Over the period under review, the average export prices reached the maximum at $692 per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by the product type; the product with the highest price was unbleached sulphate pulp ($734 per ton), while the average price for exports of unbleached sulphite pulp ($291 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by unbleached sulphate pulp (+2.6%), while the other products experienced mixed trends in the export price figures.

Export Prices By Country

The average chemical wood pulp export price stood at $661 per ton in 2022, growing by 9.4% against the previous year. In general, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 25% against the previous year. The global export price peaked at $692 per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($884 per ton), while Brazil ($413 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform