ColorRay "Focusing on Industrial Pearl Luster Pigment Market"

[Asia Economy Reporter Park Jihwan] Coloray, a Chinese company specializing in pearl luster pigments for cosmetics, announced on the 16th that one of its management goals this year is to focus on targeting the industrial pearl luster pigment market.

As a key growth driver, Coloray plans to concentrate on expanding the industrial pigment market, which accounted for 10% of last year's sales, and launching high value-added new products. The production volume is planned to increase from the current annual level of 500-700 tons to 1,500 tons. The sales revenue target is to nearly double from around 5 to 7 billion KRW to 15 billion KRW.

To boost sales of industrial pearl luster pigments, Coloray presented three key strategies: expanding domestic sales in China, developing overseas markets, broadening the industrial pearl luster lineup, and reducing production costs.

First, to expand domestic sales and develop overseas markets, Coloray has reorganized to form a dedicated sales team for industrial pearl luster pigments. The sales teams in various regions of China will be further segmented. Efforts will also be intensified to develop overseas markets such as Europe and Korea, and the sales network will be expanded through overseas branches in each region.

Coloray plans to achieve cost reduction through a smart new factory and process improvements. By implementing a smart system in the new factory expanded in March last year, they have realized cost savings through improved quality of pearl pigments, increased productivity, and enhanced operational efficiency.

Zhou Zhongbiao, CEO of Coloray, said, "This year is a year where opportunities and challenges coexist. We will continuously expand the company's pearl pigment business with a focus on market expansion and strengthening product competitiveness."

This content was produced with the assistance of AI translation services.