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world pulppaper 15 Latin american capacity growth in bhKP has been very rapid over the past few years and it has solidified its role as the worlds leading producer Figure 17. European coated papers Stage 3 consolidation with top three producers accounting for 54 market share Figure 16. European containerboard Stage 2 consolidation with top three producers accounting for 27 market share the industry is expected to continue growing by adding new mills and machines. If however market growth slows then further consolidation is the probable outcome. GLobaL bLeached hardWood KraFt PuLP As noted above bleached hardwood kraft pulp BHKP is a truly global market unlike the paper grades we have discussed. Here the role of Latin America is key thanks largely to its fast-growing plantations. Latin American capacity growth has been very rapid over the past few years and it has solidified its role as the worlds leading producer Figures 21 and 22. Asia Pacific has also continued to grow while Europe and North America have been in decline. Future consoLIdatIon The bubble chart Figure 23 that plots growth against the degree of consolidation by grade and market offers insights into how we can use this analysis to forecast the consolidation ahead. For example Asia Pacific containerboard might be expected to migrate up the concentration curve. European uncoated freesheet is under pressure to consolidate further. In North American containerboard uncoated freesheet and coated