Global Bath and Toilet Tissue Market Size, Share & Demand Report By Product Type (Toilet Tissue Rolls, Facial Tissue, Paper Towels, Napkins, Wet Bath Tissue & Flushable Wipes), By Raw Material (Virgin Pulp, Recycled, Bamboo, Alternative Fibers), By Ply Count (Single, Two, Three, Four & Above), By Price Positioning (Economy, Mid-Range, Premium), By End-Use (Residential, Commercial, Hospitality, Healthcare, Institutional), By Distribution Channel & Region Forecasts, 2025–2030

Report Code: RI1881PUB
Last Updated : December, 2025
Author : Harper Lewis

Table of Contents

  1. Executive Summary
    1. Introduction
  2. Market Introduction
    1. Market Definition
    2. Scope of the Study
    3. Market Structure
  3. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  4. Market Factor Analysis
    1. Value Chain Analysis: Bath and Toilet Tissue Market
    2. Porters Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
  5. Market Dynamics
    1. Drivers
    2. Restraints
    3. Opportunities
  6. Recent Trends Analysis
  7. Impact of COVID-19 on Bath and Toilet Tissue Market
    1. Pre and Post Covid -19 Market Scenario Analysis
    2. Market Recovery Timeline and Challenge
    3. Measures Taken by Top Players
  8. Regulatory Landscape
  9. Bath and Toilet Tissue Market, By Product Type
    1. Introduction
      1. Market Size and Forecast, By Product Type
    2. Toilet Tissue Rolls
      1. Market Size and Forecast, By Region
    3. Facial Tissue
      1. Market Size and Forecast, By Region
    4. Paper Towels
      1. Market Size and Forecast, By Region
    5. Napkins
      1. Market Size and Forecast, By Region
    6. Wet Bath Tissue & Flushable Wipes
      1. Market Size and Forecast, By Region
  10. Bath and Toilet Tissue Market, By Raw Material
    1. Introduction
      1. Market Size and Forecast, By Raw Material
    2. Virgin Pulp-Based Tissue
      1. Market Size and Forecast, By Region
    3. Recycled Paper-Based Tissue
      1. Market Size and Forecast, By Region
    4. Bamboo-Based Tissue
      1. Market Size and Forecast, By Region
    5. Alternative Fiber Tissue 
      1. Market Size and Forecast, By Region
  11. Bath and Toilet Tissue Market, By Price Positioning
    1. Introduction
      1. Market Size and Forecast, By Price Positioning
    2. Economy
      1. Market Size and Forecast, By Region
    3. Mid-Range
      1. Market Size and Forecast, By Region
    4. Premium
      1. Market Size and Forecast, By Region
  12. Bath and Toilet Tissue Market, By End-Use
    1. Introduction
      1. Market Size and Forecast, By End-Use
    2. Residential / Household
      1. Market Size and Forecast, By Region
    3. Commercial 
      1. Market Size and Forecast, By Region
    4. Hospitality 
      1. Market Size and Forecast, By Region
    5. Healthcare 
      1. Market Size and Forecast, By Region
    6. Institutional & Public Infrastructure 
      1. Market Size and Forecast, By Region
  13. Bath and Toilet Tissue Market, By Distribution Channel
    1. Introduction
      1. Market Size and Forecast, By Distribution Channel
    2. Supermarkets & Hypermarkets
      1. Market Size and Forecast, By Region
    3. Convenience Stores
      1. Market Size and Forecast, By Region
    4. Online Retail & D2C Platforms
      1. Market Size and Forecast, By Region
    5. B2B / Institutional Supply Contracts
      1. Market Size and Forecast, By Region
  14. Regional Overview
    1. Introduction
      1. Market Size and Forecast
    2. North America
      1. Market Size and Forecast
        1. By Product Type
          1. Toilet Tissue Rolls
            1. Facial Tissue
              1. Paper Towels
                1. Napkins
                  1. Wet Bath Tissue & Flushable Wipes
                  2. By Raw Material
                    1. Virgin Pulp-Based Tissue
                      1. Recycled Paper-Based Tissue
                        1. Bamboo-Based Tissue
                          1. Alternative Fiber Tissue 
                          2. By Price Positioning
                            1. Economy
                              1. Mid-Range
                                1. Premium
                                2. By End-Use
                                  1. Residential / Household
                                    1. Commercial 
                                      1. Hospitality 
                                        1. Healthcare 
                                          1. Institutional & Public Infrastructure 
                                          2. By Distribution Channel
                                            1. Supermarkets & Hypermarkets
                                              1. Convenience Stores
                                                1. Online Retail & D2C Platforms
                                                  1. B2B / Institutional Supply Contracts
                                                2. U.S.
                                                  1. By Product Type
                                                    1. Toilet Tissue Rolls
                                                      1. Facial Tissue
                                                        1. Paper Towels
                                                          1. Napkins
                                                            1. Wet Bath Tissue & Flushable Wipes
                                                            2. By Raw Material
                                                              1. Virgin Pulp-Based Tissue
                                                                1. Recycled Paper-Based Tissue
                                                                  1. Bamboo-Based Tissue
                                                                    1. Alternative Fiber Tissue 
                                                                    2. By Price Positioning
                                                                      1. Economy
                                                                        1. Mid-Range
                                                                          1. Premium
                                                                          2. By End-Use
                                                                            1. Residential / Household
                                                                              1. Commercial 
                                                                                1. Hospitality 
                                                                                  1. Healthcare 
                                                                                    1. Institutional & Public Infrastructure 
                                                                                    2. By Distribution Channel
                                                                                      1. Supermarkets & Hypermarkets
                                                                                        1. Convenience Stores
                                                                                          1. Online Retail & D2C Platforms
                                                                                            1. B2B / Institutional Supply Contracts
                                                                                          2. Canada
                                                                                        2. Europe
                                                                                          1. Market Size and Forecast
                                                                                            1. By Product Type
                                                                                              1. Toilet Tissue Rolls
                                                                                                1. Facial Tissue
                                                                                                  1. Paper Towels
                                                                                                    1. Napkins
                                                                                                      1. Wet Bath Tissue & Flushable Wipes
                                                                                                      2. By Raw Material
                                                                                                        1. Virgin Pulp-Based Tissue
                                                                                                          1. Recycled Paper-Based Tissue
                                                                                                            1. Bamboo-Based Tissue
                                                                                                              1. Alternative Fiber Tissue 
                                                                                                              2. By Price Positioning
                                                                                                                1. Economy
                                                                                                                  1. Mid-Range
                                                                                                                    1. Premium
                                                                                                                    2. By End-Use
                                                                                                                      1. Residential / Household
                                                                                                                        1. Commercial 
                                                                                                                          1. Hospitality 
                                                                                                                            1. Healthcare 
                                                                                                                              1. Institutional & Public Infrastructure 
                                                                                                                              2. By Distribution Channel
                                                                                                                                1. Supermarkets & Hypermarkets
                                                                                                                                  1. Convenience Stores
                                                                                                                                    1. Online Retail & D2C Platforms
                                                                                                                                      1. B2B / Institutional Supply Contracts
                                                                                                                                    2. U.K.
                                                                                                                                      1. By Product Type
                                                                                                                                        1. Toilet Tissue Rolls
                                                                                                                                          1. Facial Tissue
                                                                                                                                            1. Paper Towels
                                                                                                                                              1. Napkins
                                                                                                                                                1. Wet Bath Tissue & Flushable Wipes
                                                                                                                                                2. By Raw Material
                                                                                                                                                  1. Virgin Pulp-Based Tissue
                                                                                                                                                    1. Recycled Paper-Based Tissue
                                                                                                                                                      1. Bamboo-Based Tissue
                                                                                                                                                        1. Alternative Fiber Tissue 
                                                                                                                                                        2. By Price Positioning
                                                                                                                                                          1. Economy
                                                                                                                                                            1. Mid-Range
                                                                                                                                                              1. Premium
                                                                                                                                                              2. By End-Use
                                                                                                                                                                1. Residential / Household
                                                                                                                                                                  1. Commercial 
                                                                                                                                                                    1. Hospitality 
                                                                                                                                                                      1. Healthcare 
                                                                                                                                                                        1. Institutional & Public Infrastructure 
                                                                                                                                                                        2. By Distribution Channel
                                                                                                                                                                          1. Supermarkets & Hypermarkets
                                                                                                                                                                            1. Convenience Stores
                                                                                                                                                                              1. Online Retail & D2C Platforms
                                                                                                                                                                                1. B2B / Institutional Supply Contracts
                                                                                                                                                                              2. Germany
                                                                                                                                                                              3. France
                                                                                                                                                                              4. Spain
                                                                                                                                                                              5. Italy
                                                                                                                                                                              6. Russia
                                                                                                                                                                              7. Nordic
                                                                                                                                                                              8. Benelux
                                                                                                                                                                              9. Rest of Europe
                                                                                                                                                                            2. APAC
                                                                                                                                                                              1. Market Size and Forecast
                                                                                                                                                                                1. By Product Type
                                                                                                                                                                                  1. Toilet Tissue Rolls
                                                                                                                                                                                    1. Facial Tissue
                                                                                                                                                                                      1. Paper Towels
                                                                                                                                                                                        1. Napkins
                                                                                                                                                                                          1. Wet Bath Tissue & Flushable Wipes
                                                                                                                                                                                          2. By Raw Material
                                                                                                                                                                                            1. Virgin Pulp-Based Tissue
                                                                                                                                                                                              1. Recycled Paper-Based Tissue
                                                                                                                                                                                                1. Bamboo-Based Tissue
                                                                                                                                                                                                  1. Alternative Fiber Tissue 
                                                                                                                                                                                                  2. By Price Positioning
                                                                                                                                                                                                    1. Economy
                                                                                                                                                                                                      1. Mid-Range
                                                                                                                                                                                                        1. Premium
                                                                                                                                                                                                        2. By End-Use
                                                                                                                                                                                                          1. Residential / Household
                                                                                                                                                                                                            1. Commercial 
                                                                                                                                                                                                              1. Hospitality 
                                                                                                                                                                                                                1. Healthcare 
                                                                                                                                                                                                                  1. Institutional & Public Infrastructure 
                                                                                                                                                                                                                  2. By Distribution Channel
                                                                                                                                                                                                                    1. Supermarkets & Hypermarkets
                                                                                                                                                                                                                      1. Convenience Stores
                                                                                                                                                                                                                        1. Online Retail & D2C Platforms
                                                                                                                                                                                                                          1. B2B / Institutional Supply Contracts
                                                                                                                                                                                                                        2. China
                                                                                                                                                                                                                          1. By Product Type
                                                                                                                                                                                                                            1. Toilet Tissue Rolls
                                                                                                                                                                                                                              1. Facial Tissue
                                                                                                                                                                                                                                1. Paper Towels
                                                                                                                                                                                                                                  1. Napkins
                                                                                                                                                                                                                                    1. Wet Bath Tissue & Flushable Wipes
                                                                                                                                                                                                                                    2. By Raw Material
                                                                                                                                                                                                                                      1. Virgin Pulp-Based Tissue
                                                                                                                                                                                                                                        1. Recycled Paper-Based Tissue
                                                                                                                                                                                                                                          1. Bamboo-Based Tissue
                                                                                                                                                                                                                                            1. Alternative Fiber Tissue 
                                                                                                                                                                                                                                            2. By Price Positioning
                                                                                                                                                                                                                                              1. Economy
                                                                                                                                                                                                                                                1. Mid-Range
                                                                                                                                                                                                                                                  1. Premium
                                                                                                                                                                                                                                                  2. By End-Use
                                                                                                                                                                                                                                                    1. Residential / Household
                                                                                                                                                                                                                                                      1. Commercial 
                                                                                                                                                                                                                                                        1. Hospitality 
                                                                                                                                                                                                                                                          1. Healthcare 
                                                                                                                                                                                                                                                            1. Institutional & Public Infrastructure 
                                                                                                                                                                                                                                                            2. By Distribution Channel
                                                                                                                                                                                                                                                              1. Supermarkets & Hypermarkets
                                                                                                                                                                                                                                                                1. Convenience Stores
                                                                                                                                                                                                                                                                  1. Online Retail & D2C Platforms
                                                                                                                                                                                                                                                                    1. B2B / Institutional Supply Contracts
                                                                                                                                                                                                                                                                  2. Korea
                                                                                                                                                                                                                                                                  3. Japan
                                                                                                                                                                                                                                                                  4. India
                                                                                                                                                                                                                                                                  5. Australia
                                                                                                                                                                                                                                                                  6. Singapore
                                                                                                                                                                                                                                                                  7. Taiwan
                                                                                                                                                                                                                                                                  8. South East Asia
                                                                                                                                                                                                                                                                  9. Rest of Asia-Pacific
                                                                                                                                                                                                                                                                2. Middle East and Africa
                                                                                                                                                                                                                                                                  1. Market Size and Forecast
                                                                                                                                                                                                                                                                    1. By Product Type
                                                                                                                                                                                                                                                                      1. Toilet Tissue Rolls
                                                                                                                                                                                                                                                                        1. Facial Tissue
                                                                                                                                                                                                                                                                          1. Paper Towels
                                                                                                                                                                                                                                                                            1. Napkins
                                                                                                                                                                                                                                                                              1. Wet Bath Tissue & Flushable Wipes
                                                                                                                                                                                                                                                                              2. By Raw Material
                                                                                                                                                                                                                                                                                1. Virgin Pulp-Based Tissue
                                                                                                                                                                                                                                                                                  1. Recycled Paper-Based Tissue
                                                                                                                                                                                                                                                                                    1. Bamboo-Based Tissue
                                                                                                                                                                                                                                                                                      1. Alternative Fiber Tissue 
                                                                                                                                                                                                                                                                                      2. By Price Positioning
                                                                                                                                                                                                                                                                                        1. Economy
                                                                                                                                                                                                                                                                                          1. Mid-Range
                                                                                                                                                                                                                                                                                            1. Premium
                                                                                                                                                                                                                                                                                            2. By End-Use
                                                                                                                                                                                                                                                                                              1. Residential / Household
                                                                                                                                                                                                                                                                                                1. Commercial 
                                                                                                                                                                                                                                                                                                  1. Hospitality 
                                                                                                                                                                                                                                                                                                    1. Healthcare 
                                                                                                                                                                                                                                                                                                      1. Institutional & Public Infrastructure 
                                                                                                                                                                                                                                                                                                      2. By Distribution Channel
                                                                                                                                                                                                                                                                                                        1. Supermarkets & Hypermarkets
                                                                                                                                                                                                                                                                                                          1. Convenience Stores
                                                                                                                                                                                                                                                                                                            1. Online Retail & D2C Platforms
                                                                                                                                                                                                                                                                                                              1. B2B / Institutional Supply Contracts
                                                                                                                                                                                                                                                                                                            2. UAE
                                                                                                                                                                                                                                                                                                              1. By Product Type
                                                                                                                                                                                                                                                                                                                1. Toilet Tissue Rolls
                                                                                                                                                                                                                                                                                                                  1. Facial Tissue
                                                                                                                                                                                                                                                                                                                    1. Paper Towels
                                                                                                                                                                                                                                                                                                                      1. Napkins
                                                                                                                                                                                                                                                                                                                        1. Wet Bath Tissue & Flushable Wipes
                                                                                                                                                                                                                                                                                                                        2. By Raw Material
                                                                                                                                                                                                                                                                                                                          1. Virgin Pulp-Based Tissue
                                                                                                                                                                                                                                                                                                                            1. Recycled Paper-Based Tissue
                                                                                                                                                                                                                                                                                                                              1. Bamboo-Based Tissue
                                                                                                                                                                                                                                                                                                                                1. Alternative Fiber Tissue 
                                                                                                                                                                                                                                                                                                                                2. By Price Positioning
                                                                                                                                                                                                                                                                                                                                  1. Economy
                                                                                                                                                                                                                                                                                                                                    1. Mid-Range
                                                                                                                                                                                                                                                                                                                                      1. Premium
                                                                                                                                                                                                                                                                                                                                      2. By End-Use
                                                                                                                                                                                                                                                                                                                                        1. Residential / Household
                                                                                                                                                                                                                                                                                                                                          1. Commercial 
                                                                                                                                                                                                                                                                                                                                            1. Hospitality 
                                                                                                                                                                                                                                                                                                                                              1. Healthcare 
                                                                                                                                                                                                                                                                                                                                                1. Institutional & Public Infrastructure 
                                                                                                                                                                                                                                                                                                                                                2. By Distribution Channel
                                                                                                                                                                                                                                                                                                                                                  1. Supermarkets & Hypermarkets
                                                                                                                                                                                                                                                                                                                                                    1. Convenience Stores
                                                                                                                                                                                                                                                                                                                                                      1. Online Retail & D2C Platforms
                                                                                                                                                                                                                                                                                                                                                        1. B2B / Institutional Supply Contracts
                                                                                                                                                                                                                                                                                                                                                      2. Turky
                                                                                                                                                                                                                                                                                                                                                      3. Saudi Arabia
                                                                                                                                                                                                                                                                                                                                                      4. South Africa
                                                                                                                                                                                                                                                                                                                                                      5. Egypt
                                                                                                                                                                                                                                                                                                                                                      6. Nigeria
                                                                                                                                                                                                                                                                                                                                                      7. Rest of MEA
                                                                                                                                                                                                                                                                                                                                                    2. LATAM
                                                                                                                                                                                                                                                                                                                                                      1. Market Size and Forecast
                                                                                                                                                                                                                                                                                                                                                        1. By Product Type
                                                                                                                                                                                                                                                                                                                                                          1. Toilet Tissue Rolls
                                                                                                                                                                                                                                                                                                                                                            1. Facial Tissue
                                                                                                                                                                                                                                                                                                                                                              1. Paper Towels
                                                                                                                                                                                                                                                                                                                                                                1. Napkins
                                                                                                                                                                                                                                                                                                                                                                  1. Wet Bath Tissue & Flushable Wipes
                                                                                                                                                                                                                                                                                                                                                                  2. By Raw Material
                                                                                                                                                                                                                                                                                                                                                                    1. Virgin Pulp-Based Tissue
                                                                                                                                                                                                                                                                                                                                                                      1. Recycled Paper-Based Tissue
                                                                                                                                                                                                                                                                                                                                                                        1. Bamboo-Based Tissue
                                                                                                                                                                                                                                                                                                                                                                          1. Alternative Fiber Tissue 
                                                                                                                                                                                                                                                                                                                                                                          2. By Price Positioning
                                                                                                                                                                                                                                                                                                                                                                            1. Economy
                                                                                                                                                                                                                                                                                                                                                                              1. Mid-Range
                                                                                                                                                                                                                                                                                                                                                                                1. Premium
                                                                                                                                                                                                                                                                                                                                                                                2. By End-Use
                                                                                                                                                                                                                                                                                                                                                                                  1. Residential / Household
                                                                                                                                                                                                                                                                                                                                                                                    1. Commercial 
                                                                                                                                                                                                                                                                                                                                                                                      1. Hospitality 
                                                                                                                                                                                                                                                                                                                                                                                        1. Healthcare 
                                                                                                                                                                                                                                                                                                                                                                                          1. Institutional & Public Infrastructure 
                                                                                                                                                                                                                                                                                                                                                                                          2. By Distribution Channel
                                                                                                                                                                                                                                                                                                                                                                                            1. Supermarkets & Hypermarkets
                                                                                                                                                                                                                                                                                                                                                                                              1. Convenience Stores
                                                                                                                                                                                                                                                                                                                                                                                                1. Online Retail & D2C Platforms
                                                                                                                                                                                                                                                                                                                                                                                                  1. B2B / Institutional Supply Contracts
                                                                                                                                                                                                                                                                                                                                                                                                2. Brazil
                                                                                                                                                                                                                                                                                                                                                                                                  1. By Product Type
                                                                                                                                                                                                                                                                                                                                                                                                    1. Toilet Tissue Rolls
                                                                                                                                                                                                                                                                                                                                                                                                      1. Facial Tissue
                                                                                                                                                                                                                                                                                                                                                                                                        1. Paper Towels
                                                                                                                                                                                                                                                                                                                                                                                                          1. Napkins
                                                                                                                                                                                                                                                                                                                                                                                                            1. Wet Bath Tissue & Flushable Wipes
                                                                                                                                                                                                                                                                                                                                                                                                            2. By Raw Material
                                                                                                                                                                                                                                                                                                                                                                                                              1. Virgin Pulp-Based Tissue
                                                                                                                                                                                                                                                                                                                                                                                                                1. Recycled Paper-Based Tissue
                                                                                                                                                                                                                                                                                                                                                                                                                  1. Bamboo-Based Tissue
                                                                                                                                                                                                                                                                                                                                                                                                                    1. Alternative Fiber Tissue 
                                                                                                                                                                                                                                                                                                                                                                                                                    2. By Price Positioning
                                                                                                                                                                                                                                                                                                                                                                                                                      1. Economy
                                                                                                                                                                                                                                                                                                                                                                                                                        1. Mid-Range
                                                                                                                                                                                                                                                                                                                                                                                                                          1. Premium
                                                                                                                                                                                                                                                                                                                                                                                                                          2. By End-Use
                                                                                                                                                                                                                                                                                                                                                                                                                            1. Residential / Household
                                                                                                                                                                                                                                                                                                                                                                                                                              1. Commercial 
                                                                                                                                                                                                                                                                                                                                                                                                                                1. Hospitality 
                                                                                                                                                                                                                                                                                                                                                                                                                                  1. Healthcare 
                                                                                                                                                                                                                                                                                                                                                                                                                                    1. Institutional & Public Infrastructure 
                                                                                                                                                                                                                                                                                                                                                                                                                                    2. By Distribution Channel
                                                                                                                                                                                                                                                                                                                                                                                                                                      1. Supermarkets & Hypermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                        1. Convenience Stores
                                                                                                                                                                                                                                                                                                                                                                                                                                          1. Online Retail & D2C Platforms
                                                                                                                                                                                                                                                                                                                                                                                                                                            1. B2B / Institutional Supply Contracts
                                                                                                                                                                                                                                                                                                                                                                                                                                          2. Mexico
                                                                                                                                                                                                                                                                                                                                                                                                                                          3. Argentina
                                                                                                                                                                                                                                                                                                                                                                                                                                          4. Chile
                                                                                                                                                                                                                                                                                                                                                                                                                                          5. Colombia
                                                                                                                                                                                                                                                                                                                                                                                                                                          6. Rest of LATAM
                                                                                                                                                                                                                                                                                                                                                                                                                                      2. Competitive Landscape, 2024
                                                                                                                                                                                                                                                                                                                                                                                                                                        1. Introduction
                                                                                                                                                                                                                                                                                                                                                                                                                                        2. Bath and Toilet Tissue Market Share Analysis, 2024 (%)
                                                                                                                                                                                                                                                                                                                                                                                                                                          1. Market Share Analysis, 2024
                                                                                                                                                                                                                                                                                                                                                                                                                                          2. Competition Ranking, 2024
                                                                                                                                                                                                                                                                                                                                                                                                                                          3. Key Developments & Growth Strategies
                                                                                                                                                                                                                                                                                                                                                                                                                                            1. Merger & Acquisition
                                                                                                                                                                                                                                                                                                                                                                                                                                            2. Product Launch
                                                                                                                                                                                                                                                                                                                                                                                                                                            3. Expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                          4. Consolidated SWOT Analysis of Key Players
                                                                                                                                                                                                                                                                                                                                                                                                                                      3. Company Profile
                                                                                                                                                                                                                                                                                                                                                                                                                                        1. Procter & Gamble
                                                                                                                                                                                                                                                                                                                                                                                                                                          1. Business Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                          2. Financial Data
                                                                                                                                                                                                                                                                                                                                                                                                                                          3. Key Product domains
                                                                                                                                                                                                                                                                                                                                                                                                                                          4. Recent Developments
                                                                                                                                                                                                                                                                                                                                                                                                                                        2. Kimberly-Clark
                                                                                                                                                                                                                                                                                                                                                                                                                                        3. Essity
                                                                                                                                                                                                                                                                                                                                                                                                                                        4. Georgia-Pacific
                                                                                                                                                                                                                                                                                                                                                                                                                                        5. Sofidel Group
                                                                                                                                                                                                                                                                                                                                                                                                                                        6. Clearwater Paper
                                                                                                                                                                                                                                                                                                                                                                                                                                        7. Asia Pulp & Paper (APP)
                                                                                                                                                                                                                                                                                                                                                                                                                                        8. CMPC
                                                                                                                                                                                                                                                                                                                                                                                                                                        9. Hengan International
                                                                                                                                                                                                                                                                                                                                                                                                                                        10. Vinda International