Hello Chintan,
Which device are you using? In the headline the ST25R33918 is stated, in your question talking about the ST25R33916.
Please be aware that the ST25R3918 is the low cost and low power variant of the ST25R3916.
Achieving 4cm read range is in general not a problem, but it also depends on the used tag antenna (size and q-factor) and surrounding environment. Metal close by (also PCB copper) can have a very negative influence on the NFC antenna and resulting magnetic field.
If possible, I recommend to increase the antenna size. You should also optimize the reader antenna Q-factor (mainly by increasing the antenna-track width). For ISO15693 you can go quite high.
The matching impedance plays an important role to specify the output power of the ST25R devices.
Further details of the above mentioned optimizations can be found in this application note:
https://www.st.com/resource/en/application_note/an5276-antenna-design-for-st25r391616b-st25r391717b-st25r3918-st25r3919b-and-st25r392020b-devices-stmicroelectronics.pdf
Please let us know, if you have more specific questions about AN5276 and if you have been able to achieve your goal.
BR Travis