Neodymium magnet (also known as NdFeB, NIB, or Neo magnet), is a most widely-used type of rare-earth magnet, and a permanent magnet made from an alloy of neodymiumm, ironn, and boron to form the Nd2Fe14B tetragonal crystalline structure. It was developed in 1982. Neodymium magnets are the strongest type of permanent magnet made. They have replaced other types of magnets in the many applications in modern products that require strong permanent magnets, such as motors in cordless tools, hard disk drives, and magnetic fasteners. Because neodymium magnet have greater strength which allows the use of smaller, lighter magnets for a given application.