An improved economy is among the key factors that Nippon Paint Decorative Coatings (Thailand) believes will help it record revenue growth of 25% to 2.25 billion baht in 2023.
"The company is optimistic about the domestic economy, which will grow this year as a result of the full reopening of the country, following the easing of the Covid-19 pandemic," said general manager Watchara Siriritthichai.
He also attributed the revenue increase to painting projects in the state and private sectors, notably those related to repair work.
Paints are needed for construction and industrial products, including those in the automotive industry.
The company expects the local paint market to grow by 10% this year, with a total value of around 30 billion baht, with the construction segment accounting for 27 billion.
In 2022, the company raked in 1.8 billion baht in revenue, the most in 56 years.
This year the company plans to increase the price of its paint products again because the costs of raw materials -- petrochemical products and energy -- continue to increase.
"Last year we raised our prices by around 6-8% to deal with increasing costs," said Mr Watchara.
He said the company also plans to increase the number of dealers by 100, up from 600 dealers at present.
Marketing director Narongrit Malainual said the company's marketing strategy in 2023 will focus on its expertise in home and building paints.
He said the company aims to be a "coatings expert" serving customers with a three C's concept: customer-centric, corporate aspirations and prevention of colour problems.
Nippon Paint Decorative Coatings wants to differentiate its products from rivals, create a good image among customers and build positive word of mouth about its brand, said Mr Narongrit.
"The company is a specialist in paint products and will keep learning about the industry in order to understand the needs of each customer and organisation," he said.
"This will allow us to offer perfect solutions and prevent colour-related problems for our customers."