Coloray Selected for Storage Core New Material List with 'High-Performance Fiber-Shaped Conductive Composite Material'

Coloray announced on the 7th that its recently developed "high-performance conductive composite material for automotive primers" has been selected for the "2023 Core New Material Application List of Zhejiang Province, China."

Previously, the conductive composite material developed by Coloray was already applied for a provincial-level scientific research project in Zhejiang Province, China.

The high-performance conductive composite material developed by Coloray is made by combining the company's proprietary conductive layer film coating technology and surface modification technology based on nano-mica.

Since 2019, Coloray has formed a professional scientific research team and started R&D of high-performance conductive composite materials in collaboration with the Department of Chemical Materials Engineering at JIANGNAN University, a top 1% world-class university in the field of chemical materials research. After four years of technical research, the developed product has already approached the performance of similar foreign competitors' products and holds significant market value and potential.

Currently, materials used for automotive conductive primers in the Chinese market are all dependent on imports. A representative product is developed by Ishihara in Japan, but its average price is about 500,000 to 700,000 yuan per ton (approximately 120 million KRW), which is very high, causing the cost of automotive primer coating materials to increase as well.

China's automobile sales have exceeded 25 million units for seven consecutive years until 2022, maintaining the world's number one sales position since 2009. By the end of 2022, the number of automobiles owned in China reached about 320 million, and if the product is substituted domestically, significant profitability is expected.

A company official stated, "Through years of accumulated technology and experience, Coloray has developed high-performance conductive coating materials, which can simultaneously reduce raw material costs and protect the environment in the automotive industry." He added, "Currently, high-performance conductive composite materials are 100% dependent on imports, but if replaced by Coloray's (domestic) products in the future, great profitability is anticipated."