Global cartonboard demand grew by 1% in December 2025, bringing full-year 2025 demand growth to zero, according to EMGE’s latest Paperboard Market Highlights. The flat headline, however, masks substantial differences across regions.
Western European demand, operating ratios, and prices have all weakened since Q2/Q3 2025, with the regional cartonboard operating ratio standing at 69% in December. December did see demand break back into positive territory in the region. In North America, demand and operating ratios have also softened. Prices for recycled cartonboard grades have held firm, supported by a balance between capacity cuts and expansions, while virgin-fibre grades have seen some price weakness where capacity growth was not offset by reductions elsewhere. The North American operating ratio stood at 84%. In Asia, demand recovered at year-end and pricing remains relatively strong despite significant capacity additions in China over the past year. The regional operating ratio in China, Japan, and Korea was 76% in December.
For containerboard, global demand edged lower in December, driven almost entirely by a large year-on-year drop in North American volumes. The full-year North American decline was below 3%, and the December figure reflects a comparison against an unusually strong December 2024 rather than genuine market weakness. Other regions saw modest demand growth. The North American containerboard operating ratio stood at 88%, Western Europe at 81%.
In tissue, December saw demand fall in Western Europe and North America but grow in other markets, resulting in a flat global total. For the full year, both regions recorded marginal demand growth. North American pricing has been fairly solid since Q4 2025. Global tissue operating ratios spent most of 2025 below the lowest point recorded in all of 2024, with the Western European ratio at 81% in December and North America at 89%.
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