Highlights
- LG Innotek introduces a high-performance eco-friendly magnet without heavy rare earth elements, potentially disrupting the industry.
- The new magnet offers industry-leading performance, cost reduction, and environmental benefits for various applications including EVs.
- LG Innotek aims to expand the magnet’s use in smartphones, appliances, and robotics, with plans to develop a magnet free of all rare earth elements.
Korean company LG Innotek Co (opens in a new tab). reports to the press the introduction of eco-friendly magnet less use of any heavy rare earth elements. The electronics parts manufacturer under South Korea’s giant LG Group, announced on Wednesday that it has successfully developed the high-performance product.
As magnets are essential components in the growing decarbonized economy, heavy rare earth elements are a key ingredient in magnets and have been used to maintain magnetism at high temperatures.
With geopolitical and economic risks such as price volatility and supply instability as they are produced only in specific countries such as China, many companies now look for disruption in technology to disrupt the current status quo. The existing products are associated with negative environmental externalities as well, reports Nam Hyun-woo for The Korea Times (opens in a new tab).
A Disruptive Product?
LG was on a mission to develop a magnet that entirely removes the need for expensive heavy rare earth elements such as terbium and dysprosium. Collaborating with the Korea Institute of Materials Science (opens in a new tab), the firm sought to develop a multi-element alloy material, the first of its kind in the industry, as a replacement for heavy rare earths.
Applying the alloy evenly to the magnet along with heart treatment was meant to ensure uniform absorption.
And this high-performance eco-friendly magnet according tp the company includes an industry-leading magnetic performance of 13.8 kilogauss (kG) and can withstand temperatures up to 180 degrees Celsius.
What are the implications?
Should this product make into broad circulation it could possibly even stabilize magnet supply chains by reducing dependence on specific countries for heavy rare earths. Moreover, at least according to company claims, the product could help cut raw material costs to 60 percent of previous levels.
The company reported to Korean media that by replacing existing magnets in electric vehicles with these high-performance eco-friendly magnets this could reduce pollutants by about 45 kilograms per vehicle.
LG Innotek plans to apply the magnet to its products, such as smartphone actuators, to enhance product cost competitiveness. Application will be extended to appliances and robotics in the future.
“We are currently developing a magnet entirely free of rare earth elements, including light rare earths,” said LG Innotek Chief Technology Officer Noh Seung-won. “We will continue to introduce innovative materials and components ahead of the curve to create differentiated customer value.”
The Company
LG Innotek Co., Ltd, an affiliate of LG Group (opens in a new tab), an electronic component manufacturer headquartered in Seoul, South Korea. LG Innotek produces core components of mobile devices, automotive displays, semiconductors, and smart products. Most of the company's revenue is generated from selling camera modules for the iPhone (opens in a new tab).] (opens in a new tab)
LG Innotek was set up as Goldstar Precision in 1970. LG Innotek spun off its defense business, NEXFuture1, and sold it to LIG Group in 2004. LG Innotek merged LG Micron, another LG Group component-producing arm, in July 2009.
In Oct 2024. LG Innotek said it has developed a high-performing magnet that requires zero heavy rare-earth metals in collaboration with the Korea Institute of Materials Science.
Daniel
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