Neodymium magnets are a member of the Rare Earth magnet family andare the most powerful permanent magnets in the world. They are alsoreferred to as NdFeB magnets, or NIB, because they are composedmainly of Neodymium (Nd), Iron (Fe) and Boron (B). They are arelatively new invention and have only recently become affordablefor everyday use.

They are widely used in industries of electronics, machinery,communication equipment, chemistry, biology, medicine and high-techfields such as aerospace, aviation, military etc. Moreover they areused in emerging industries as well like new energy industry ofwind power and new energy vehicles.