Coloray Develops Raw Materials for 'Pantone Color of the Year'... Targeting 180 Billion Won Market

[Asia Economy Reporter Jang Hyowon] Coloray, a company specializing in cosmetic raw materials and pearl luster pigments, announced on the 2nd that it has developed raw materials in the color 'Viva Magenta,' which was selected as Pantone's 'Color of the Year 2023.'

Pantone is a global color research institute that studies colors and develops related products. It provides guidelines for color selection and usage through precise terminology in specialized fields such as graphic arts, apparel, furniture, plastic products, architecture, paints, and industrial design.

Since 2000, Pantone has designated a color each year to express the global zeitgeist, announcing the Color of the Year. In December last year, Pantone selected 'Viva Magenta,' a shade of crimson, as the color leading the trends for 2023.

'Viva Magenta' is a red-based color that balances warmth and coolness. It is inspired by carmine, one of the rarest natural dyes and among the most intense and bright dyes worldwide.

In the cosmetic raw material industry, there are strict standards requiring the use of non-animal-derived ingredients to produce this color, making development challenging. However, Coloray, as a strategic partner of global cosmetic brands such as Chanel, Est?e Lauder, and L'Or?al, overcame these challenges and introduced the 'Inorganic Magenta' series based on three products: 6F60P (Rose Red), 6F60V (Violet), and 6F60T (Rattan Purple).

A Coloray representative explained, "'Inorganic Magenta' is a color between red and purple that inspires vitality and passion," adding, "It is a bold yet smart color that can provide hope and new energy to people in the current pandemic era."

He continued, "The Inorganic Magenta series not only possesses the unique color of carmine but also offers more stable performance and reduces the costs associated with extracting carmine, making it widely applicable in cosmetics, paints, printing, plastics, and other fields," and added, "The total market size for magenta is expected to exceed 1 billion yuan (approximately 181 billion KRW) over the next five years."