Fluff Pulp (Diaper Absorbent Core)

International Paper Company (Memphis TN; NYSE: IP; ~$19B revenue; world's largest paper and packaging company by revenue) acquired Weyerhaeuser Company's Cellulose Specialties business (including fluff pulp mills in Washington state and the Gulf South) in 2016 for $2.2 billion — the largest single acquisition in International Paper's history. The acquisition made IP the world's largest fluff pulp producer. IP's cellulose specialties (now called IP Cellulose Specialties) produces specialty fluff pulp from mills in Savannah GA, Georgetown SC, and Riegelwood NC. IP's fluff pulp supplies Procter & Gamble's Pampers, Kimberly-Clark's Huggies, and Unicharm's Mamy Poko globally. International Paper is simultaneously the world's largest producer of corrugated packaging (cardboard boxes) and a dominant producer of diaper absorbent fiber — two of the most-used single-use materials in the consumer products economy.

Major North American fluff pulp producer for diaper absorbent cores; Ashdown Mill (Arkansas) is one of the world's largest fluff pulp mills; with International Paper (which acquired Weyerhaeuser's fluff pulp assets), controls 39% of global fluff pulp supply

Rayonier Advanced Materials Inc. (Jacksonville FL; NYSE: RYAM; ~$1.8B revenue; spun off from Rayonier Inc. REIT in 2014) is the world's largest producer of high-purity cellulose specialties and a major fluff pulp producer. Rayonier AM's Jesup GA mill is the world's largest single-site cellulose specialty facility. Rayonier AM produces: (1) high-purity cellulose for acetate (cigarette filters, LCD film) — 40% of business; (2) viscose/commodity specialty cellulose (textile fibers) — 30%; and (3) fluff pulp for diapers — ~30%. The Jesup GA facility processes loblolly pine logs from Rayonier's managed timberlands and third-party forestry operations in the US Southeast. Rayonier AM acquired Tembec (Canada) in 2017 for ~$800M, adding Canadian forest-based specialty cellulose capacity.

Suzano S.A. (Sao Paulo Brazil; B3: SUZB3; ~BRL 50B revenue; formed 2018 by merger of Suzano Papel e Celulose and Fibria Celulose) is the world's largest eucalyptus pulp producer — and increasingly a competitor in the fluff pulp market as eucalyptus-based fluff pulp gains acceptance. Suzano merged with Fibria in 2018 to create the world's largest pulp company by volume. While eucalyptus (short-fiber) pulp is traditionally used for tissue and printing paper (not fluff pulp, which requires long-fiber softwood), Suzano has been developing and marketing eucalyptus fluff pulp as an alternative to softwood for markets where fiber length requirements are less critical. Suzano's Cerrado Project (Mato Grosso do Sul state; capacity 2.5 million tonnes/year eucalyptus pulp — the world's largest single pulp project when operational 2024-2025) positions Brazil as a growing fluff pulp competitor to US Southern pine-based producers.