Bayer Co., Ltd. has joined forces with IRPC Public Company Limited or IRPC to announce the establishment of IBIC Co., Ltd. to develop, produce, and distribute paints and coatings for steel structures in the industrial and large infrastructure sectors, covering oil refineries, petrochemical plants, ports, airports, and bridges. This initiative aims to effectively, cost-efficiently, and sustainably support infrastructure development.

Dr. Worawat Chaiyasaburana, CEO of Bayer Co., Ltd., stated that Bayer is committed to creating long-term value. With over 65 years of experience, we continuously strive to set new standards for performance, cost-effectiveness, and sustainability in the Thai industry. Our high-durability coating systems help reduce total costs over the lifecycle and align with the direction of Green Infrastructure and the Net Zero goals of the industrial sector. The collaboration with IRPC to establish IBIC is a significant step in elevating the Thai paint industry from a product manufacturer to a comprehensive solution developer for infrastructure and heavy industry, focusing not only on durability but also on developing coating systems that provide consistent performance, long-term stability, and clear lifecycle cost management, while enhancing the protection of steel structures in all conditions.

Mr. Teodkiat Prommoon, CEO and Managing Director of IRPC Public Company Limited, remarked that the establishment of IBIC represents a crucial step in leveraging IRPC's advanced material innovation capabilities into a high-value downstream business, helping to replace imports and create new growth opportunities in the industrial and infrastructure markets, both domestically and in the ASEAN region.

The establishment of IBIC is a collaboration between IRPC and Bayer, with a shareholding ratio of 45:55, to operate in the industrial paint and coating market valued at over 26 billion baht per year in the region. The plan is to commence commercial operations in 2026 and expand into the ASEAN market within two years to meet the demand for highly durable infrastructure that aligns with the country's Net Zero goals.

“This collaboration is one of the key mechanisms for creating a New S-Curve for IRPC's business under the concept of Step Up & Beyond, transitioning from existing businesses to new opportunities by investing in sectors aligned with global megatrends and partnering with experts to enhance long-term returns on investment, alongside integrating sustainability dimensions in line with the Net Zero target by 2050,” Mr. Teodkiat stated.

IBIC also combines IRPC's strengths in research and development of Polytetrafluoroethylene (PTFE), known for its exceptional resistance to harsh environmental conditions, with Bayer's expertise in international industrial paint and coating technology, resulting in high-performance products that extend the lifespan of steel structures, reduce maintenance frequency, and enhance economic value throughout their lifecycle.

The products from IBIC are designed to suit the climate of Thailand and the ASEAN region, helping to reduce resource and energy consumption, lower indirect greenhouse gas emissions throughout the supply chain, and support the development of efficient and sustainable infrastructure in the long term.

The establishment of IBIC also plays a vital role in strengthening the domestic supply chain, reducing dependence on imported specialized products, and elevating the standards of the Thai paint and coating industry to meet international levels, with plans to expand from Thailand to the Eastern Economic Corridor (EEC) and further into the ASEAN market in the future.