LG Innotek Unveils the Industry's First Eco friendly and HRE Free Magnet with High efficiency

• Reduced dependence on certain countries for key raw materials, contributing to stabilizing the magnet supply chain
• Significant reduction in environmental pollutants, marking a win for ESG-focused global customers
• Development of rare earth-free magnets also underway, eliminating the need for even light rare earth elements

SEOUL, South Korea, Nov. 5, 2024 /PRNewswire/ -- LG Innotek (CEO, Moon Hyuksoo) announced on November 5, 2024, that it has developed a 'high-performance eco-friendly magnet' with the world's strongest magnetic force without using any Heavy Rare Earth (HRE) metals.

Magnets are essential parts of a variety of power-driven products, including smartphone actuators, vehicle motors, and audio speakers. The push and pull forces of magnets provide this power.

Until now, HRE metals have been used as a key material for magnets, essential for maintaining magnetic strength at high temperatures. However, these metals are primarily sourced from only a few countries, such as China, and are known to have high price fluctuations and supply instabilities due to geopolitical risks.

Additionally, the mining process generates severe environmental pollution. Therefore, developing HRE-free products has been considered an urgent challenge for the industry.

• Industry-first alloy that replaces HRE metals

In 2021, LG Innotek introduced a magnet with 60% lower HRE metal content compared to previous magnets. The company's newest product, however, does not use any expensive HRE metals, such as terbium (Tb) or dysprosium (Dy).

This achievement was made possible through collaboration with the Korea Institute of Materials Science, leading to the development of a pioneering multi-component alloy capable of replacing HRE metals. This alloy, uniformly pasted to each magnet and heated for even diffusion, resulted in the development of the 'high-performance eco-friendly magnet' recently unveiled by LG Innotek. The company's 'high-performance eco-friendly magnet' boasts an industry-leading magnetic performance of 13.8kG (kilogauss, a unit of magnetic field strength).