Kangnam Chemical was incorporated in 1971 by joint investment of Kunsul Chemical Industrial Co., Ltd., which is well-known as Swallow Brand Paint, and Dainippon Ink & Chemical, Inc. The company produced alkyl-phenol resin, furan resin and textile processing resin for the first time in Korea. The company has become a all-round provider of synthetic resins by successfully providing polyurethane elastic coating material in constructing athletes' track in Daegu Civil Stadium in 1981.

With continuous investment in technology innovation, product development and quality improvement, Kangnam was awarded as "Quality Improvement Company" by the Ministry of Trade and Industry in 1983. The company's achievements include the qualification of KS Mark for roof waterproofing coating material and sealant material, the application of polyurethane sealant in constructing Kuma Expressway, witch is the first concrete expressway in Korea, and the construction of Olympic Main Stadium with polyurethane elastic coating material.