Thin-core substitution exhausting the cushion it provided
Thin-core nappy design has removed around 78% of the fluff pulp that infant products once contained and replaced it with polymer, which lifted content per unit and offset falling birth numbers for most of a decade. There is very little pulp left to displace. From here, unit volume decline in the largest application passes straight through to polymer demand with no formulation offset behind it, which several producers have not yet built into their capacity planning. Producers who read a decade of rising demand as market growth were reading a substitution effect that has now run its course entirely.
Market Impact: India growing fastest at 8.6%








