South Korean electronic parts manufacturer LG Innotek Company announced it had developed a powerful magnet which it claimed was also more environment friendly than those currently in use.

LG Innotek claimed the new magnet, which it developed jointly with local company Sunglim Group Industry Company, reduces the use of heavy rare-earth (HRE) metals by 60% compared with technology currently in use.

The magnet’s stronger power output also improves the performance of electric motors currently used to drive electric vehicles, as well as home appliances and electronic products.

LG Innotek said in a statement: “This is a meaningful development since industry is struggling to find alternatives of HRE metals due to their lack of supply, high price and environmental pollution issues.

“The development of the eco magnet is particularly significant considering that South Korea imports most of its HRE metals from China.”

The company added the new technology helps improves the performance of magnets in home appliances and vehicle motors to 14.8-kilogauss (kG), compared with 14.2-14.3kG which it said is the typical strength of magnets in commercial use today.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

See also: Nissan testing new rare earth recycling process