LG may have closed its smartphone division, but the electronics giant is still innovating, and this particular innovation may have helped Samsung's Galaxy Z Fold 3 a great deal.

According to LG Chem, researchers have developed a new flexible material that is "as hard as glass on the surface and as flexible as plastic in the folded portion. This could be a pivotal moment for foldable devices, providing durability and solving problems related to folds. The ability to fold both inside and out also paves the way for potentially mind-blowing designs.

We don't know much about this material yet, but LG calls it the "Real Folding Window."

According to LG Chem, the foldable display is thinner than the tempered glass found in typical smartphones. The company achieved this by covering both sides of the thin plastic film with a small layer of newly developed material, making the display both durable and highly flexible.

Since LG just recently closed its own mobile business unit, this new display could spur healthy competition with other handset makers and Samsung. Or at the very least, the material could be marketed for Samsung's next foldable. At this point, the technology is expected to be in mass production by 2022 and smartphone makers will be able to include it in their products by 2023; LG also notes that it has already received collaboration proposals from "several clients."

Interestingly, LG plans to offer this technology not only in smartphones, but also in tablets and laptops. This means that if this display becomes popular in the industry, it could be applied to a wider range of foldable products, not just smartphones.

But if you think waiting until 2023 is too long for a new LG-powered foldable device, be sure to check out our list of the best foldable smartphones available today.