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Sarawut Rachanakul is the President of the Thailand Paint Manufacturers Association and CEO of JBP International Paint Company.
February 12, 2021
By: Yogender Singh
India, Asia-Pacific Correspondent
Sarawut Rachanakul is the newly appointed President of the Thailand Paint Manufacturers Association (TPMA). He is also CEO of domestic paint and coating producer JBP International Paint Company Limited. CW: TPMA has been at the forefront in the development of the paint and coatings industry over the last twenty years. How do you plan to take the initiatives further for the Thai paint industry in the next two years? Rachanakul: The last few years have made Thailand’s paint and coatings industry very competitive. TPMA consists of paint manufacturers, including chemical suppliers and packing manufacturers to promote and support Thailand’s paint industry in terms of business sustainability and competitiveness. We plan to focus on pursuing sustainable development by contributing to resolving increasingly diverse industrial challenges in order to support new values in the paint industry. CW: What is the approximate current size (volume and value) of Thailand’s paint and coatings industry? What is the split between the architectural and industrial segments? Rachanakul: Thailand’s paint and coatings industry is split 75/25. According to Frost & Sullivan Asia Pacific, the retail market size for decorative paints and coatings in Thailand was recorded at approximately THB 19.2 billion ($634 million) in 2016 and is expected to reach THB 24.6 billion ($812 million) by the end of the current year. For the total retail market size for non-decorative paints and coatings, it registered THB 6.376 billion ($210 million) in 2016 and is expected to reach THB 8.85 billion ($292 million) by the end of 2021. So cumulatively, Thailand’s paint and coatings industry would be worth THB 33.45 billion ($1.1 billion) at the end of the current year. CW: Could you comment on the number of paints and coating producers in Thailand ? Rachanakul: The total number of companies engaged in the paint and coating sector has increased significantly in the country in the last ten years. According to the TPMA data, there are 45 paint and coatings producers in Thailand who operate production units in the country. This number excluded the importers and distributors of foreign paint products in the country. CW: How has COVID-19 impacted Thailand’s paint and coatings industry? Rachanakul: COVID-19 has been the worst news for the global economy and the paint and coatings industry in recent history. Thankfully, Thailand has not suffered because of the pandemic as much as some of the other countries in the world. However, business activities remained stalled for a long period in the country. Both architectural and industrial segments were impacted because of this. CW: Tell us about JBP International Paint Company? Rachanakul: JBP International Paint Company has been operating in Thailand’s paint & coating industry for the last 43 years. With the current production capacity of 20,000 metric tons per year, JBP produces paint and coatings products under several trademarks including JBP, Sora P, AAA and Royal. We cater to both architectural and industrial segments of the paint industry. Though our focus is more on the architectural segment of the industry. CW: Despite, the steady growth in Thailand’s paint industry, per capita consumption of paints and coatings is abysmally low in the country. Do you see the situation changing in medium and long term? Rachanakul: It is true that per capita, paint and coatings consumption in the country has remained low as compared to some other countries in the region and continent. But consumption has been steadily increasing with the growth in construction, shortening repainting cycles, increasing disposable income and brisk growth in the industrial segment. We expect to significantly increase the per capita consumption in the country in the medium and long term. CW: What according to you are some of the largest challenges facing Thailand’s paints and coatings industry? Rachanakul: The key challenges in the industry are changes in consumer preferences and trends. Consumers could have a variety of substitute choices of products concerning cost-effective and fewer operations. Moreover, the concept of a green and low carbon economy is already the ideal model for most industries. Thus if we understand the direction and trend, we would be able to match these demands. CW: Could you share your observation on some of the latest trends in Thailand’s paint and coatings industry? Rachanakul: Nowadays, consumers in Thailand are more focusing on premium mass segment products. Additionally, the easy and ready-to-use products are widely popular. The end-users are increasingly interested in using environmental and health concerns products such as non-VOC, non-odor, antibacterial, recycled paint and recycled packages, etc. CW: A few years back, five major producers (Toa, Nippon, AkzoNobel, Kansai and Jotun) accounted for more than 50 percent of the market share in Thailand. Has the market situation changed in recent years? Rachanakul: There has not been any significant change in the market share of the five major producers. These five producers still dominate Thailand’s paint and coatings market with a market share of more than 50 percent. CW: What has been the most challenging assignment in your professional career? How did you deal with that situation? Rachanakul: The current COVID-19 crisis has been one of the most challenging times of our generation. I have the intention to transform the family-type company for the post-covid future. As the organization will apply more digital systems through the use of technologies. The company will enhance the future work trend by creating new strategies and solutions such as a positive workplace environment, flexible working schedules, employee wellbeing and work-life balance. Besides, the increase of contingent workers in the gig economy will also impact the paint industry post-COVID-19. In the coming year, we should also concern the new workforce generation who approach things differently and adjust to suit their demands.
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