LG Chem said Tuesday it has developed a new type of plastic that is as durable as aluminum but 50 percent lighter, with plans to apply the raw material for frames of solar panels and auto components.

According to South Korea’s leading chemical company, the new materia -- LUPOY EU5201 -- is designed to withstand long-term exposure to sunlight and exhibits strong resistance to heat and erosion. The material is also able to maintain its original color despite sunlight, as it is resistant to chemical decomposition.

“LG Chem began the sales of the new material in the third quarter and will expand the application to interior and exterior materials for cars,” a company official said.

The new plastic is expected to serve as an alternative to replace heavy aluminum frames, which roughly account for about 10 percent of the weight of solar panels.

At the same time, LG Chem is reviewing a plan to recycle the frames of discarded solar panels and turn them into post-consumer recycled plastic raw materials.