Paper Products Manufacturers
Industry Profile Report
Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters
Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.
Call Preparation Call Prep Questions, Industry Terms, and Weblinks.
Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.
Industry Profile Excerpts
Industry Overview
The 3,200 companies in the US manufacture paper products by cutting, shaping, coating, or laminating paper and other materials. End products are often referred to as converted paper goods. Product categories include paperboard containers, paper bags, coated and treated paper, stationery products, and sanitary products.
Variability in Raw Materials’ Costs
The paper industry is cyclical and cost of wood pulp (primary material in paper manufacturing) can fluctuate depending on global supply and demand.
Competition from Imports
Imports of converted paper products have grown at a healthy rate over the last decade.
Industry size & Structure
A typical paper product manufacturer employs 84 workers and generates $38-39 million annually.
- The paper product manufacturing industry consists of about 3,200 companies that employ about 269,000 workers and generate $123 billion annually.
- The 50 largest firms account for 62% of industry revenue.
- Some large companies are vertically integrated and own paper mills.
- Large companies include Kimberly-Clark, Smurfit Westrock (formerly Smurfit Kappa and WestRock), and Amcor (Bemis Company).
Industry Forecast
Paper Products Manufacturers Industry Growth
Recent Developments
Apr 7, 2025 - AFPA Expresses Tariff Concerns
- In a March press release, the American Forest & Paper Association (AFPA) suggested that trade strife could disrupt North America’s complex paper product supply chains. AFPA President and CEO Heidi Block said, “Pulp and paper mills are strategically located across the United States to efficiently and sustainably create essential products for everyday use. From turning wood chips into pulp, pulp into base stock, and then transforming that raw material into a product that is then packaged for distribution, our industry’s manufacturing process involves many stages that can each happen at different facilities on both sides of the border.” During earnings calls in February, several paper companies – including Cascades, Clearwater Paper, and Smurfit Westrock – expressed concerns about escalating US-Canada trade tensions, according to Packaging Dive.
- The US paper product manufacturing industry is expected to experience sluggish sales growth in the coming years, and the overall economy's growth will outpace it. The industry’s year-over-year sales fell to 1.1% in 2024 after increasing 1.2% in 2023, according to Inforum and the Interindustry Economic Research Fund, Inc. Sales growth is projected to rise to 1.9% in 2025, then see average annual growth of about 1.5% through 2029, according to Inforum and the Interindustry Economic Research Fund, Inc.
- Total US printing-writing (P-W) paper shipments dropped 9% in February compared to the same month in 2024, according to the American Forest & Paper Association (AFPA). On a month-over-month basis, the three grades of P-W paper – coated free sheet (CFS), uncoated free sheet (UFS), and mechanical (MECH) – saw mixed results as UFS shipments rose 5%, Mech increased 15%, and CFS fell 3%. US packaging papers and specialty packaging shipments declined 8% in February compared to a year earlier, according to the AFPA, and the operating rate for unbleached packaging papers fell 3.2 percentage points to 84.8%.
- Amid mounting regulatory requirements and consumer demand, more brands are shifting away from plastic packaging in favor of fiber-based alternatives, according to Packaging Dive. The United Nations Environment Program estimates that nearly all single-use plastic products are made with fossil fuel feedstocks, and production, use, and disposal of single-use plastics will account for almost 20% of the global carbon budget by 2040. So far, most of the shifts toward paper packaging have been food and shipping. Several brands are working with packaging firms to develop a paper-based bottle that is durable enough to contain liquids and can be easily recycled.
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