Industry map/Resources, Energy & Materials
Paper & Pulp industry map
Who earns the money in Paper & Pulp, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 21 companies · ¥4.38T
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥4.38T
- Companies
- 21
- Avg. salary（parent only）
- ¥6.4M
- Industry weather
- Rainy
YoY -0.5%
Avg. age 43.0
Operating income -29.1%
Oji Holdings[3861]
Household and Industrial Materials + 3 more
- Revenue
- ¥1.65T▲0.7%
- Operating income
- ¥44.7B▼40.6%
Margin 2.7%
Whole company: Revenue ¥1.86T · Net income ¥55.6B
Avg. salary ¥8.5M · 44.5（parent only）
- Mitsubishi Paper Mills・Capital alliance
Mitsubishi Paper Mills[3864]
Functional Materials Business + 1 more
- Revenue
- ¥156.5B▼10.7%
- Operating income
- ¥257M▼94.5%
Margin 0.2%
Whole company: Revenue ¥157.5B · Net income ¥1.9B
Avg. salary ¥6.8M · 47.5（parent only）
- Oji Holdings owns 32.9%
- Oji Holdings・Capital alliance
Chuetsu Pulp & Paper[3877]
Paper pulp and paper manufacturing + 1 more
- Revenue
- ¥104.7B▼0.6%
- Operating income
- ¥2.18B▼48.1%
Margin 2.1%
Whole company: Revenue ¥110.4B · Net income ¥2.44B
Avg. salary ¥6.5M · 46.9（parent only）
- Oji Holdings owns 21.9%
- Japan Pulp & Paper owns 5.7%
Japan Pulp & Paper[8032]
Paper Manufacturing and Processing
- Revenue
- ¥51.4B▼0.4%
- Operating income
- ¥7.26B▲7.4%
Margin 14.1%
Whole company: Revenue ¥606.8B · Net income ¥4.72B
Avg. salary ¥8.9M · 44.7（parent only）
- Oji Holdings owns 7.2%
- Hokuetsu owns 2.7%
- Chuetsu Pulp & Paper owns 2.2%
Tokushu Tokai Paper[3708]
Industrial Material Business + 2 more
- Revenue
- ¥80.4B▼1.1%
- Operating income
- ¥3.46B▲6.2%
Margin 4.3%
Whole company: Revenue ¥95.4B · Net income ¥4.37B
Avg. salary ¥7.2M · 42.0（parent only）
- Tomoku owns 2.1%
- Oji Holdings owns 1.7%
Tomoku[3946]
Cardboard
- Revenue
- ¥124.6B▲4.1%
- Operating income
- ¥10.5B▲21.7%
Margin 8.4%
Whole company: Revenue ¥224.1B · Net income ¥7.36B
Avg. salary ¥5.8M · 39.7（parent only）
- Nippon Paper Industries owns 4.3%
- Tokushu Tokai Paper owns 3.3%
Rengo[3941]
Paperboard and packaging-related business + 1 more
- Revenue
- ¥731B▲0.4%
- Operating income
- ¥24B▼15.2%
Margin 3.3%
Whole company: Revenue ¥1.01T · Net income ¥21B
Avg. salary ¥8.2M · 42.1（parent only）
Dynapac[3947]
Packaging Business
- Revenue
- ¥66.7B▲7.3%
- Operating income
- ¥3.1B▲63.3%
Margin 4.6%
Whole company: Revenue ¥67.1B · Net income ¥3.18B
Avg. salary ¥6.4M · 43.4（parent only）
- Rengo owns 2.8%
- Daio Paper owns 2.4%
Nippon Paper Industries[3863]
Paper and paperboard
- Revenue
- ¥557.9B▼1.4%
- Operating income
- ¥564M▼93.2%
Margin 0.1%
Whole company: Revenue ¥1.19T · Net income ¥11.7B
Avg. salary ¥6.9M · 43.0（parent only）
Daio Paper[3880]
Paper and Paperboard
- Revenue
- ¥350.3B▼1.1%
- Operating income
- ¥14.1B▲56.7%
Margin 4.0%
Whole company: Revenue ¥666.8B · Net income ¥8.89B
Avg. salary ¥6.4M · 44.2（parent only）
- Hokuetsu owns 19.7%
- Hokuetsu・Capital alliance
Hokuetsu[3865]
Paper pulp + 1 more
- Revenue
- ¥278.8B▼6.1%
- Operating income
- ¥6.52B▼64.7%
Margin 2.3%
Whole company: Revenue ¥287.7B · Net income ¥7.3B
Avg. salary ¥6.3M · 45.0（parent only）
- Daio Paper owns 17.5%
- Daio Paper・Capital alliance
THE Pack[3950]
Paper products business
- Revenue
- ¥75.8B▲3.6%
- Operating income
- ¥6.57B▼8.4%
Margin 8.7%
Whole company: Revenue ¥103.1B · Net income ¥6.02B
Avg. salary ¥7.1M · 40.4（parent only）
- Daio Paper owns 3.1%
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: Lintec · Ohishi Sangyo · AWA Paper & Technological Company · Showa Paxxs · Superbag · Imura & · Okayama Paper Industries · Ohmura Shigyo · Havix
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Who earns the money
Area = revenue from businesses in this industry. Color = operating margin.
Who makes a profit
Across = revenue (log scale), up = operating margin, bubble size = operating income.
Ranking and momentum
| Rank | Company (business) | Revenue | Share | Op. margin | CAGR | FCF* |
|---|---|---|---|---|---|---|
| 1 | Oji HoldingsHousehold and Industrial Materials + 3 more | ¥1.65T | 37.8% | 2.7% | +6.4% | ¥20.9B |
| 2 | RengoPaperboard and packaging-related business + 1 more | ¥731B | 16.7% | 3.3% | +6.2% | -¥12.7B |
| 3 | Nippon Paper IndustriesPaper and paperboard | ¥557.9B | 12.7% | 0.1% | +1.2% | ¥20.7B |
| 4 | Daio PaperPaper and Paperboard | ¥350.3B | 8.0% | 4.0% | +1.7% | ¥33.3B |
| 5 | HokuetsuPaper pulp + 1 more | ¥278.8B | 6.4% | 2.3% | +2.4% | -¥6.5B |
| 6 | Mitsubishi Paper MillsFunctional Materials Business + 1 more | ¥156.5B | 3.6% | 0.2% | -3.2% | ¥1.53B |
| 7 | TomokuCardboard | ¥124.6B | 2.8% | 8.4% | +5.7% | ¥5.32B |
| 8 | Chuetsu Pulp & PaperPaper pulp and paper manufacturing + 1 more | ¥104.7B | 2.4% | 2.1% | +5.8% | ¥26M |
| 9 | Tokushu Tokai PaperIndustrial Material Business + 2 more | ¥80.4B | 1.8% | 4.3% | +1.8% | ¥1.47B |
| 10 | THE PackPaper products business | ¥75.8B | 1.7% | 8.7% | +8.1% | ¥2.91B |
| 11 | DynapacPackaging Business | ¥66.7B | 1.5% | 4.6% | — | ¥3.17B |
| 12 | Japan Pulp & PaperPaper Manufacturing and Processing | ¥51.4B | 1.2% | 14.1% | +5.5% | ¥18.3B |
| 13 | LintecPaper and work timber | ¥36B | 0.8% | 2.7% | +2.2% | ¥18.2B |
| 14 | Ohishi SangyoCushioning functional materials + 1 more | ¥23B | 0.5% | 7.8% | +4.4% | -¥221M |
| 15 | AWA Paper & Technological Company | ¥18.5B | 0.4% | 0.3% | +5.3% | -¥505.3M |
| 16 | Showa PaxxsHeavy Duty Packaging | ¥15.4B | 0.4% | 8.0% | +3.9% | ¥1.09B |
| 17 | SuperbagPaper products | ¥15.2B | 0.3% | 7.1% | +8.3% | -¥639M |
| 18 | Imura &Package solutions | ¥15.1B | 0.3% | 6.7% | -0.0% | -¥2.45B |
| 19 | Okayama Paper IndustriesPaperboard + 1 more | ¥11.5B | 0.3% | 9.0% | +5.2% | -¥2.02B |
| 20 | Ohmura Shigyo | ¥5.95B | 0.1% | 5.9% | +4.6% | -¥209.5M |
| 21new | HavixPaper related | ¥5.34B | 0.1% | 9.6% | — | ¥290.5M |
* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.
How they make money differently
Where each company's ¥100 of sales goes, and how much it keeps (company-wide).
- Cost of sales
- SG&A
- Operating profit
- Okayama Paper Industries75169
- Lintec74188
- THE Pack75187
- Showa Paxxs81127
- Ohmura Shigyo7321
- Tomoku8213
- Imura &7421
- Rengo8115
- Daio Paper7620
- Tokushu Tokai Paper8610
- Dynapac8016
- Hokuetsu8017
- Chuetsu Pulp & Paper8611
- Ohishi Sangyo8116
- Superbag8017
- Havix8116
- Oji Holdings8315
- Nippon Paper Industries8315
- Japan Pulp & Paper8315
- Mitsubishi Paper Mills8713
- AWA Paper & Technological Company8713
Ownership links
From the major-shareholder section of annual securities reports.
- Oji HoldingsIn industry
- AffiliateOkayama Paper Industries48.8%
- AffiliateMitsubishi Paper Mills32.9%
- AffiliateChuetsu Pulp & Paper21.9%
- StakeOhishi Sangyo9.6%
- StakeJapan Pulp & Paper7.2%
- StakeSuperbag4.6%
- Nippon Paper IndustriesIn industry
- HokuetsuIn industry
- StakeDaio Papercross-held19.7%
- 株式会社サンエー化研Outside
- StakeShowa Paxxs19.3%
- Daio PaperIn industry
- カゴメ株式会社Outside
- StakeDynapac16.8%
- Japan Pulp & PaperIn industry
- StakeChuetsu Pulp & Papercross-held5.7%
- StakeImura &3.0%
- 丸紅㈱Outside
- 日本証券金融株式会社Outside
- StakeShowa Paxxs4.8%
- 株式会社愛媛銀行Outside
- StakeDaio Paper4.5%
- KPPグループホールディングス株式会社Outside
- StakeChuetsu Pulp & Paper4.3%
- StakeHavix3.8%
- ホッカンホールディングス㈱Outside
- StakeTomoku3.7%
- Tokushu Tokai PaperIn industry
- StakeTomokucross-held3.3%
- StakeShowa Paxxs3.0%
The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted.
Compare the leaders side by side
All companies in Paper & Pulp (by revenue)
All 21 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.
- Oji Holdings¥1.65T · 2.7%
- Rengo¥731B · 3.3%
- Nippon Paper Industries¥557.9B · 0.1%
- Daio Paper¥350.3B · 4.0%
- Hokuetsu¥278.8B · 2.3%
- Mitsubishi Paper Mills¥156.5B · 0.2%
- Tomoku¥124.6B · 8.4%
- Chuetsu Pulp & Paper¥104.7B · 2.1%
- Tokushu Tokai Paper¥80.4B · 4.3%
- THE Pack¥75.8B · 8.7%
- Dynapac¥66.7B · 4.6%
- Japan Pulp & Paper¥51.4B · 14.1%
- Lintec¥36B · 2.7%
- Ohishi Sangyo¥23B · 7.8%
- AWA Paper & Technological Company¥18.5B · 0.3%
- Showa Paxxs¥15.4B · 8.0%
- Superbag¥15.2B · 7.1%
- Imura &¥15.1B · 6.7%
- Okayama Paper Industries¥11.2B · 8.4%
- Ohmura Shigyo¥5.95B · 5.9%
- Havix¥5.34B · 9.6%
Revenue · Op. margin
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