贝恩公司：2026年纸业与包装行业报告：适应当下 塑造未来（英文版）

In paper and packaging, leading companies do not bet on competitors scaling down or disappearing; instead, they focus on improving their own cost advantage, as overcapacity could reoccur. This might mean proactively closing capacity when necessary and avoiding the scenario in which supply so outstrips demand that players keep undercutting each other on price, until only a few can make money. For example, leading producers of graphic paper like UPM, Domtar (formerly Paper Excellence Group), St