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    India/Asia Pacific Reports

    Q&A with Jatuphat Tangkaravakoon, CEO of Toa Paints Thailand

    ...

    Q&A with Jatuphat Tangkaravakoon, CEO of Toa Paints Thailand
    Jatuphat Tangkaravakoon
    Q&A with Jatuphat Tangkaravakoon, CEO of Toa Paints Thailand
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    Yogender Singh , India, Asia-Pacific Correspondent03.08.19
    Thailand-based Toa Paint Company has emerged as one of the largest paint and coating producers in the ASEAN region. The company operates three production plants in Thailand and five in other countries of the ASEAN region. With a sales revenue of THB 12,059.6 million in the first nine months of the year 2018, the company registered a growth of 5.3 percent as compared to the figures of the previous year nine months. In the previous full financial year (2017), the company had registered sales revenue of THB 15,717.7 million.

    Coatings World discussed Thailand’s paint and coating industry with Toa Paints Thailand CEO Jatuphat Tangkaravakoon, as well as the company’s recent initiatives in domestic and overseas markets.

    Coatings World: What is the approximate volume and value of Thailand’s paints and coating industry? What is the ratio of architectural and industrial segments in the overall industry?

    Jatuphat: According to Frost & Sullivan Asia Pacific, the retail market size for decorative paints and coatings in Thailand recorded approximately THB19.2 billion in 2016 and is expected reach THB24.6 billion in 2021. For the total retail market size for non-decorative paints and coatings it registered THB 6,376.9 million in 2016 and is expected to reach THB8,852.7 million in 2021.


    CW: What is your company’s approximate market share in Thailand’s architectural and automotive segment.

    Jatuphat: We are the largest retail decorative paint and coating manufacturer in Thailand based on sales revenue. In 2017, we had approximately 48.7 percent share of the domestic market based on retail sales of decorative paints. We have about 13 percent market share in the extended AEC market.

    CW: Can you share expansion plans of your production facilities in Thailand in the coming years?

    Jatuphat: Recently, our company made significant changes to our water-based paints plant at Bangna. Though we do not have any expansion plan in the current year, we are watching the market situation very closely.

    CW: Your sales revenue has seen a decline in each of the last two financial years. Was there a decline in overall Thai paints and coating market during that span?

    Jatuphat: The decrease in sales revenue was largely due to a decrease in decorative paint and coating products sales revenue due to a decrease in sales volume as a result of the economic slowdown. Thailand’s economy has faced some challenges in 2016 and 2017, which led to a decrease in overall volumes of the paint industry in the country.

    CW: Which segment of the paints industry holds the greatest promise in Thailand in the coming years. How is your company planning to reap the benefits of these advantages?

    Jatuphat: With the passage of time and a rising awareness, consumers are getting aware of the choices in the paints industry. In Thailand, a number of consumers have started to prefer premium decorative paint and coating products. In the last few years, we have also experienced a decrease in average repainting cycles.

    This is likely to further decrease in the coming years. All these factors will lead to an increase in paints and coating demand.

    CW: What are the key challenges facing Thailand’s paint and coating industry?

    Jatuphat: Continual changes in consumer preferences and trends, particularly in relation to decorative paint and coating products, may result in end-user customers substituting such products with other materials such as glass, wallpaper and various types of tiling. Therefore, the company success depends on our ability to predict and understand the tastes and habits of consumers and to offer products that correspond to those preferences and trends.

    CW: How is the raw material situation for paints and coating industry in Thailand?

    Jatuphat: Some of TOA’s raw materials are oil derivative products. As a result, the cost of production of these raw materials is affected by international and domestic prices of crude oil and refined petroleum products.

    CW: Where do you see Thailand’s paints and coating industry five years from now?

    Jatuphat: The paint and coating industry is a direct beneficiary of the growth in construction and improvements in macro-economic indicators in the country.

    Therefore, the combination of socio-economic factors such as an increase in nuclear households driven by a reduction in the size of the family, rising urban households due to urbanization rates will promote the growth of residential houses in the country.

    CW: What is the status of your Indonesian, Myanmar (relocation of your existing facility) and Cambodia projects?

    Jatuphat: Our first production plant in Indonesia is expected to commence commercial operation in the first quarter of 2019 and our production plant in Cambodia is expected to commence commercial operation in the third quarter of 2019.

    We also have a plan to relocate our existing Yangon Plant in Myanmar to the Thilawa Special Economic Zone in Myanmar and expect to commence commercial operation in the second quarter of 2019.

    CW: Among all the markets you operate in ASEAN countries, which offers the maximum potential and which is the most challenging market?

    Jatuphat: We believe we are well-positioned to benefit from the high potential growth in the emerging markets in the AEC, particularly in Vietnam, Myanmar and Indonesia.  
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