The global paperboard market closed October 2025 with starkly different regional trajectories, as demand patterns and capacity decisions created distinct supply-demand balances across cartonboard and containerboard segments.

Cartonboard demand drops sharply in key markets

Western Europe experienced a significant 14% year-on-year decline in cartonboard demand during October 2025, marking one of the steepest falls in recent years. The “Big Asia” region, comprising China, Japan, and South Korea, also saw decreased demand, a development with substantial global implications given the region accounts for roughly 40% of worldwide consumption.

North America and the Rest of the World markets provided some counterbalance with positive demand growth during the same period.

Operating ratios reach multi-year lows

The global cartonboard market continued its downward trajectory in operating ratios, reaching multi-year lows. Regional operating rates in October 2025 painted a varied picture:

  • Western Europe: 71%
  • North America: 87%
  • China/Japan/Korea: 76%
  • Rest of the World: 73%

The decline in global operating ratios stems partly from regional imbalances, particularly in China where capacity has been growing faster than demand. North America maintained the tightest market conditions with operating rates not too far below 90%.

Containerboard sees opposite capacity dynamics

The containerboard segment demonstrated contrasting regional developments. While demand decreased in Western Europe and fell marginally in North America, growth in the larger “Big Asia” and Rest of the World markets kept global demand positive in October 2025.

Capacity reductions boosted industry operating rates in Western Europe and North America, with the latter becoming a tight market following closures in 2025. New capacity caused more oversupply in Asia.

Regional containerboard operating ratios for October 2025 stood at:

  • Western Europe: 83%
  • North America: 93%
  • China/Japan/Korea: 73%
  • Rest of the World: 79%

Regional variations shape packaging markets

The diverging regional trends present distinct market conditions depending on sourcing geography. North American containerboard markets face tight supply conditions following multiple closures throughout 2025, while Western European cartonboard markets show lower operating ratios alongside the significant demand decline.

Asian markets continue to experience capacity oversupply in both segments, though containerboard demand growth provides some support.



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