Bleached Chemical Pulp (Hardwood): Market Size & Forecast 2026

The global bleached chemical hardwood pulp market sits at approximately USD 45.2 billion in 2025, held in a tight supply balance shaped by concentrated LatAm export dominance, eucalyptus feedstock cost pass-through, and accelerating regulatory pressure on bleaching chemistry under EU REACH and US EPA MACT standards. Capacity additions in Brazil are substantial, Suzano's Cerrado project (2.55 million tonnes per year) came online in mid-2024, and CMPC has announced a USD 4.6 billion, 2.5 million tonnes per year expansion, yet these additions face extended commissioning timelines that keep near-term availability tight. > **Analyst Take.** Our view: the BPS of -2.4 understates the structural constraint. Buyers who locked 12-month contracts in late 2024 captured eucalyptus chip prices roughly 9% below current spot. The real risk is not market size, it is grade substitution. Eucalyptus and bir

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