IRPC Plc, the petrochemical arm of PTT Group, is gearing up for a range of specialty polymer products in the medical and energy fields in a move to bolster its business as it expects to rack up more revenue this year.
The company believes it will escape its two-year run of consecutive losses, moving from red to black on its balance sheet.
IRPC president and chief executive Chawalit Tippawanich said the development of polymer for use as new medical equipment, electric auto parts and components in floating solar power modules would help it cope with higher levels of competition in the polymer market.
Polymer for medical purposes is part of the company's wellness business it announced last year when it started making personal protective equipment for state-run hospitals.
IRPC also use polymer as raw material for face masks, which will lead to such products as N95 and graphene face masks.
Last month it formed a joint venture with state-run Navamindradhiraj University to build a laboratory complex to test the quality of medical products such as hygienic masks, N95 masks and respirators and gowns.
In the long term, IRPC has set a more ambitious goal of using polymer to make replacements for some human organs.
"Medical business is part of our focal business domain as we are deepening its extension into downstream petrochemical markets, making smart materials and getting closer to consumers," said Mr Chawalit.
In the automotive sector, IRPC partnered with Japan Polypropylene Corporation (JPP) to set up an electric vehicle (EV) business in Thailand by acquiring 50% of Mytex Thailand's shares, allying with JPP to penetrate the polypropylene (PP) compound automotive market, with plans to increase its market share in Southeast Asia.
Last year IRPC also invented specialty high-density polyethylene for the main structure of floating solar panels worth 550 million baht.
Mr Chawalit said he is expecting a better performance this year, following a 1.17-billion-baht loss in 2019 and a 6.15-billion-baht loss last year.
"Higher demand for food delivery services will continue, so single-use plastic will remain in demand," said Mr Chawalit.