Paper and forest products companies produce pulp, paper, paperboard, and timber products. The industry is bifurcating — printing and writing paper faces secular decline from digitization, while containerboard and packaging paper benefit from e-commerce growth. Timber REITs (PotlatchDeltic, Rayonier) own timberlands that generate revenue from harvest, real estate, and carbon credits. Pulp producers serve tissue and packaging end markets with demand linked to consumer spending and e-commerce activity.
Containerboard operating rates above 95% signal pricing power. Watch box shipment data from the Fibre Box Association as a manufacturing activity proxy. Pulp list prices at NBSK and BHKP benchmarks drive tissue producer margins. Timberland transactions reveal cap rate trends for asset values.