LG Innotek said the latest magnet, which it developed together with Sunglim Group Industry Co., reduces the use of heavy rare-earth (HRE) metals, a key ingredient of magnets, by 60 percent compared with previous ones.

Such a magnet is installed in products that need power with its magnetic pushing and pulling force. The company said its magnet can be used for vehicle motors, smartphone cameras, audio speakers and wind power generators.

"It's meaningful since the industry is struggling to find alternatives of HRE metals due to their lack of supply, high price, and environmental pollution issues," it said. "Our development of the eco magnet is particularly significant considering that South Korea imports most of the HRE metals from China."

LG Innotek said its new magnet has improved the magnetic performance for home appliances and vehicle steering motors to 14.8-kilogauss (kG), so far the highest level in the industry.

The magnetic strength of commercialized products normally measures 14.2-14.3kG.

LG Innotek said its "eco magnet" will help reduce the size of a steering motor of a vehicle while increasing output and will be particularly suitable for electric and hybrid vehicles to improve their mileage.

When applied to a smartphone camera, the magnet can deliver clearer images and videos by increasing the driving force of the actuator by about 10 percent, according to the company.

LG Innotek, which began developing the eco magnet with reduced HRE metals in 2017, said it aims to expand the magnet's applications to home appliances, drones and generators in addition to vehicles parts and smartphones.

The company said it also plans to develop a magnet that does not contain HRE metals at all to solidify its technology leadership in magnets. (Yonhap)