When procuring paper packaging materials, a natural question arises: which group affiliate makes this base paper, and does the paper manufacturer also operate a board business? If the market is viewed simply as “companies that make paper,” the structure is hard to see. This article organizes the business structures of Korea’s top five paper groups by revenue from a supply chain perspective.
Korea’s Top Five Paper Groups at a Glance
| Group | Main field | Board business |
|---|---|---|
| Hansol Group | Printing paper and specialty paper | Yes |
| Moorim Group | Printing paper specialist | No |
| Asia Group | Containerboard and kraft paper | Yes |
| Global Sae-A | Containerboard and corrugated boxes | Yes |
| Hankuk Paper and others | Printing paper and household paper | No |
1. Hansol Group: Industry Leader Covering Printing Paper to Board
Hansol Paper is Korea’s leading printing paper company. Its predecessor was Saehan Paper Industrial, acquired by Samsung Group in 1965. After becoming independent from Samsung in 1992, it was reorganized under the Hansol Holdings structure in 2015.
Main products: printing paper, thermal paper, label paper, industrial specialty paper
Annual revenue: roughly in the KRW 2 trillion range as of 2024
Export share: more than 50% of total revenue
For packaging practitioners, Hansol’s key strength is that printing paper from Hansol Paper and packaging board from Hansol PNS can be sourced within the same group. The group benefits significantly during periods of dollar strength, and its Q1 2025 revenue reached KRW 575.5 billion.
2. Moorim Group: Printing Paper Specialist with the Highest Export Exposure
Moorim Group operates its printing paper business through three companies: Moorim Paper, Moorim P&P, and Moorim SP. Moorim P&P produces pulp and base paper, while Moorim Paper sells finished printing paper.
Main products: printing paper for education, publishing, and office use
Export share to the United States: about 50%
Notable point: no corrugated affiliate; a printing paper-focused group
Its sensitivity to exchange rates is among the highest in the industry, so earnings improve clearly when the Korean won weakens. Q1 2025 revenue was KRW 319 billion, and the group does not hold a board business portfolio.
3. Asia Group: Founded in 1958, a Long History in Containerboard
Asia Paper, established in 1958, is one of Korea’s longest-running paper companies. Asia Holdings acts as the holding company, and the group also includes Asia Cement and Halla Cement.
Main products: containerboard, kraft paper, gypsum liner
Board connection: affiliate A-Pack handles corrugated sheet and box production
Annual revenue: surpassed KRW 1 trillion as of 2024
The group is characterized by vertical integration from Asia Paper, which produces base paper, to A-Pack, which processes corrugated sheets and boxes. Because the base paper supplier and board converter are in the same group, it has advantages in quality stability and lead-time response.
4. Global Sae-A Group: Vertical Integration from Corrugated Base Paper to Boxes
The combination of Tailim Paper, which produces base paper, and Tailim Packaging, which produces corrugated boxes, is the core of this group. As e-commerce volume increased and corrugated demand surged, it became one of the fastest-growing paper-related groups.
Main products: containerboard, including linerboard and corrugating medium, and corrugated boxes
Vertical integration: completed within the group from Tailim Paper base paper supply to Tailim Packaging box manufacturing
Strategic acquisition: expanded base paper production by acquiring Jeonju Paper for about KRW 494.9 billion
Tailim Packaging: operates nine plants nationwide and is Korea’s top packaging company
In a packaging market vulnerable to base paper price swings and supply instability, vertical integration is a powerful competitive advantage. As of 2026, the group’s paper business is being discussed in the M&A market at an enterprise value of up to KRW 2 trillion.
5. Hankuk Paper and Kleannara: Distinct Specialist Areas
Hankuk Paper is a printing paper specialist for education, publishing, and commercial printing. It recorded consolidated Q1 2025 revenue of KRW 199.1 billion and has no corrugated affiliate.
Kleannara is a representative household paper company in products such as toilet paper and facial tissue, with the clearest B2C position among the group. Its Q1 2025 revenue was KRW 130.7 billion.
Neither company has a board business portfolio.
Groups That Operate Both Paper and Board Businesses
| Group | Paper | Board |
|---|---|---|
| Hansol Group | Hansol Paper | Hansol PNS |
| Asia Group | Asia Paper | A-Pack |
| Global Sae-A | Tailim Paper | Tailim Packaging |
When procuring packaging raw materials or selecting partners, understanding the group’s entire portfolio helps determine quickly whether sourcing from base paper to finished boxes through a single group is possible.
FAQ
Q: How are paper manufacturers and board converters different?
Paper manufacturers use pulp to produce paper and base paper, including printing paper, specialty paper, and containerboard. Board converters process that base paper into corrugated sheets, corrugated boxes, and other packaging materials. Some groups operate both businesses.
Q: Who are Korea’s major suppliers of containerboard?
Asia Paper and Tailim Paper are two major suppliers in Korea’s containerboard market. Both produce linerboard and corrugating medium, forming an oligopolistic market structure.
Q: What are the advantages of sourcing base paper and boxes together from a vertically integrated group?
Because base paper price linkage can be controlled within the group, lead times and quality are relatively stable even during market supply instability. A single communication channel can also reduce supply chain management costs.
About the Author
PackingMaster: Editor of Paper Pack Log. We collect and organize market trends, product information, and technical insights for the paper packaging industry.
References
- Printing Korea, “Analysis of 2024 audit reports for Hansol Paper, Moorim Paper, and Hankuk Paper” (2025)
- The Chosun Ilbo, “Paper big two Hansol and Moorim deeply apologize after collusion penalty” (2026.04.23)
- DealSite, “Tailim Paper challenges Hansol Paper’s dominance” (2025)
- News1, “Tailim, with Jeonju Paper, strengthens lead in corrugated market” (2023.12.26)
- Asia Holdings, affiliate status