In the current era of digitization, there has been a global decline in newsprint production. In the US and Canada combined, newsprint production declined from 13.7 million tons in 2002 to 5.8 million tons in 2015. This decline has been a boon to the containerboard production market as companies are converting their newsprint lines or diversifying into packaging production. For instance, in 2016, the US-based paper and pulp company, International Paper signed an agreement with the specialty paper producer Holmen Paper to acquire its newsprint mills in Madrid,Spain. According to the deal, the mill will be converted to a paperboard production center by 2017.In 2015, there was a 4% (about 35 million tons) increase in global tissue paper consumption when compared with 2014; it was about 1.5 million tons. In 2015,there was considerable growth when compared with the 3.2% hike reported in 2013 and 3.5% in 2011. The rise in the growth rate of global tissue paper consumption is expected to drive the global paper converting machines market during the forecast

period.The rise in literacy rate and number of offices have spurred the demand for stationery products. The global literacy rate had increased to 86% in 2015 from 76% during 1985-1994. This will lead to a greater demand for paper, reflecting the growth potential of the global paper converting machine market.