The global pulp and paper industry is entering a new phase of structural transformation. While overall growth remains steady, regional divergence is becoming more pronounced, product demand is shifting, and trade and regulatory pressures are reshaping traditional expansion paths. At the same time, mergers and acquisitions are increasingly serving as a strategic tool for companies seeking scale, resilience, and access to new markets. … From 2009 to 2028, the global pulp and paper industry has maintained steady growth and is expected to continue to grow at a compound annual growth rate (CAGR) of 2.3%. However, from a regional perspective, this growth is far from uniform. Significant differences exist in both capacity scale and growth rates across regions. Asia-Pacific is the fastest-growing region globally. By 2028, capacity is expected to grow exponentially since 2009 levels. While growth is projected to moderate between 2025 and 2028 due to a slowdown in new investments, the region will continue to lead global expansion.