Coloray announced on the 1st that its new business, "Synthetic Mica," has been selected for China’s "National Industrial Base Innovation Development List."
The National Industrial Base Innovation Development List is compiled by the National Industrial Base Expert Committee under the guidance of the Chinese Academy of Engineering and the National Manufacturing Power Construction Strategy Advisory Committee. It identifies 21 key sectors including textiles, new materials, information and communication equipment, basic software, and industrial software, responding to development demands that significantly impact China’s national economic construction, national defense security, and public well-being. The technology fields listed are core to the development of China’s industrial base and hold significant value. Synthetic mica, selected in this list, is one of the new materials that are difficult to research and develop, have high added value, and possess high technical barriers, resulting in a supply shortage in the market.
On the 21st of last month, Coloray announced plans to build a new synthetic mica industrial base with an annual capacity of 6,000 tons. Coloray plans to invest a total of 80 million yuan (approximately 14.3 billion KRW) in the synthetic mica new industrial base, which is expected to be completed by January 2024 and become one of the world’s top three synthetic mica production bases.
Mica, the raw material for pearl luster pigments, is broadly divided into natural mica and synthetic mica. Among these, high-quality natural mica is gradually depleting worldwide, causing the price of natural mica to rise and its quality to decline, leading to synthetic mica replacing it. Synthetic mica is mica synthesized using common minerals by reproducing the components and structure of natural mica. By adjusting the raw material ratio and controlling core synthesis technology, it surpasses natural mica in all aspects such as quality (insulation, heat resistance), corrosion resistance, stability, and purity.
A Coloray representative stated, “Through the construction of the synthetic mica new industrial base with an annual capacity of 6,000 tons, we expect a significant enhancement in the safety of Coloray’s product supply chain.” He added, “As of the first quarter of this year, Coloray’s purchase amount of synthetic mica accounts for 10% of raw material costs, and by producing synthetic mica directly, we aim to secure cost competitiveness.”
Additionally, Coloray plans to launch a large number of pearl pigments using synthetic mica, which is expected to contribute greatly to the company’s growth by enabling faster entry not only into cosmetics but also into high-end industrial paints, automotive paints, and textiles.
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