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INDUSTRY TRENDS the quality of existing assets which will now be examined in more detail. First a few facts Figures 2 and 3 show how much capacity there is now in Europe and North America U.S. and Canada by grade. Next it is necessary to look at how capacities are likely to change in percentage terms over the next 20 years. Figures 4 and 5 show that the capacities of some grades will need to grow and others will have to contract. What is interesting is how each region will make the required adjustments up and down. How much will come from new investment how much from repurposing and how much from closures There are significant differences between Europe and North America that will determine how capacity changes play out in the future. For example Figure 6 shows the bias in Europe towards new capacity investment even during periods of slow or negative demand trends. In the last 15 years European paper companies built five times the amount Figure 5. North America has many repurposing opportunities for pulp mills that now serve printing and writing machines Figure 4. Europe will lose almost the same amount of capacity in some grades as growth replaces in other grades Figure 3. North Americas largest grades are containerboard and tissue There are significant differences between Europe and North America that will determine how capacity changes play out in the future WORLD PULPPAPER10