(MENAFN- EIN Presswire) EINPresswire/ -- The global wood pulp market was pegged at $165.3 billion in 2020, and is estimated to reach $242.1 billion by 3.9% from 2020 to 2030. On the contrary, innovative and sustainable technology solutions unlock lucrative opportunities in the future.

Pulp is a clean, wood-based, renewable, and biodegradable raw material. It can be used to produce paper, tissue, board, and specialty paper, which makes them truly sustainable bio-based products. The type of wood, the wood species, determines the quality and properties of the pulp made from it and defines how suitable the pulp is for different products. Softwood gives different properties than hardwood. In the pulp and paper industry, softwood is especially wanted for its strength properties.

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Segment Overview:

On the basis of type, the hardwood segment is projected to register the highest CAGR of 4.6% during the pandemic. In addition, the segment dominated the market in terms of revenue, accounting for more than three-fifths of the global wood pulp market, due to rise in popularity of wood pulp for use in packaging products. The report includes an analysis of the softwood segment too.

On the basis of geography, the market across Asia-Pacific accounted for the largest share in 2020, holding more than two-fifths of the global wood pulp market. In addition, the region is anticipated to register the highest CAGR of 4.7% from 2021 to 2030, due to rise in demand for packaging products from pharmaceutical and food & beverage industries.

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On the basis of the end-use industry, the papers segment is estimated to showcase the highest CAGR of 4.4% during the forecast period. However, the packaging segment held the largest share in 2020, accounting for more than half of the global wood pulp market, owing to rise in demand from pharmaceutical and food & beverage industries in India, China, and Japan.

Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for the largest share of the market in 2020 as well as was the fastest growing region. Asia-Pacific has a well-established and growing demand potential for pharmaceutical and cosmetic products.

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Key Players:

The global wood pulp market is fragmented in nature with a few players, such as International Paper, Metsä Group, Nippon Paper, Oji Holdings Corporation, Sappi, Sonoco Products, Stora Enso, Svenska Cellulosa Aktiebolaget, UPM-Kymmene Corporation, and WestRock, which hold significant share of the market. These players have been adopting various strategies to gain higher share or to retain leading positions in the market.

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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