Chan Ye Xin Xi Wang·2025-07-24 01:32Industry Overview - The demand for wood pulp in China is continuously increasing due to the rising production of paper and cardboard, along with restrictions on waste paper imports [1][12] - In 2024, China's wood pulp production is projected to reach 26.26 million tons, a year-on-year increase of 13.58%, while consumption is expected to be 51.39 million tons, up 4.22% [1][12] - The industry is highly dependent on imports to meet downstream demand due to limited domestic wood resources [1][12] Industry Development History - The Chinese wood pulp industry has undergone five stages of development, from a nascent phase (1950-1978) dominated by state-owned enterprises to a rapid growth phase (2000-2010) following China's WTO accession [4][5] - The current phase (2021-present) focuses on green manufacturing and circular economy, driven by dual carbon goals and technological advancements [5] Industry Chain - The upstream of the wood pulp industry includes raw materials (mainly wood) and production equipment, while the midstream involves wood pulp manufacturing [8] - Downstream applications encompass various paper products, including household paper, cultural paper, packaging paper, and specialty paper [8] Current Industry Status - The wood pulp industry in China is transitioning from "import dependence" to "domestic dominance," with domestic wood pulp consumption expected to reach 25.95 million tons in 2024, a 15.49% increase [14] - The market share of major players like Asia Pacific Forest Products and Chenming Paper has increased due to investments and technological upgrades [14][16] Key Companies' Performance - The industry is characterized by "oligopolistic competition" with high market concentration among five major companies, including Asia Pacific Forest Products and Chenming Paper [16] - Chenming Paper's revenue from chemical pulp is projected to reach 1.519 billion yuan in 2024, a significant increase of 175.29% [18] Industry Development Trends - The industry is accelerating its transition towards green and sustainable development, with policies promoting the use of biomass fuels and efficient equipment [22] - Technological innovations, such as continuous cooking processes and digital production systems, are expected to enhance wood utilization rates and product quality [23] - Companies are expanding their global presence and forming regional partnerships to enhance supply chain resilience [24]