Democrat is a noun, Democratic is an adjective. Republican is both (depending on context).
"Republican" and "Democratic" are modifying the noun "Party" when referring to the political organizations, so you use the adjective in those cases.
"Republican" and "Democratic" are modifying the noun "Party" when referring to the political organizations, so you use the adjective in those cases.
EDIT: I'm a recentish immigrant, so help me out with this inconsistency: Why Democrats and not Democratics? Why Republicans and not Republics?