企业竞争图谱：2024年纸浆 头豹词条报告系列

Investment Rating - The report assigns a 4-star rating to the pulp industry, indicating a positive outlook for investment opportunities [35]. Core Insights - The pulp industry is experiencing a compound annual growth rate (CAGR) of 6.47% from 2019 to 2023, with market size increasing from 448.05 billion yuan to 575.86 billion yuan. However, a decline is expected from 2024 to 2028, with a projected CAGR of -2.94% [35]. - China has become the world's largest consumer of pulp, accounting for 52% of global consumption in 2023, with a total consumption of 11.89 million tons, a year-on-year increase of 5.35% [7][8]. - The industry has undergone five developmental phases, influenced by macroeconomic conditions and policy changes, leading to fluctuations in supply and demand [10][12][14]. Industry Definition - Pulp is primarily made from plant fibers, mainly sourced from wood, and is a core component of the paper industry. It is used for manufacturing paper and cardboard, as well as various cellulose derivatives [3][4]. Industry Classification - Pulp can be classified into three categories based on raw materials: wood pulp, non-wood pulp, and recycled pulp. Wood pulp is derived from trees, while non-wood pulp comes from materials like bamboo and straw [4][5]. Industry Characteristics - The pulp industry in China is characterized by strong demand for packaging materials, with recycled pulp and wood pulp being the primary consumption types. As of 2023, wood pulp consumption still relies heavily on imports, with 54.4% of consumption being imported [6][9]. Development History - The pulp industry has evolved through five key phases from 2006 to 2023, marked by economic growth, policy stimuli, and external shocks such as public health events, which have influenced production and pricing dynamics [10][12][14]. Market Size - The market size of the pulp industry is projected to decline from 610.94 billion yuan in 2024 to 542.14 billion yuan in 2028, reflecting a shift in market dynamics and potential overcapacity [35]. Supply Chain Analysis - The pulp industry supply chain includes upstream raw material sourcing (wood, waste paper), midstream pulp production, and downstream paper manufacturing. The demand for sustainable products is driving technological innovations within the industry [18]. Key Trends - The demand for packaging and sanitary paper is expected to lead growth in the pulp industry, with significant increases in consumption of boxboard and corrugated paper [20][30]. - The reliance on imported wood pulp is projected to continue, although domestic production is expected to increase gradually due to new capacities coming online [32][38]. Policy Overview - Recent policies aim to enhance energy efficiency and promote sustainable practices within the pulp industry, which may lead to increased investment opportunities and innovation in green technologies [40][41][43].