Neodymium magnets are a member of the Rare Earth magnet family and are the most powerful permanent magnets in the world. They are also referred to as NdFeB magnets, or NIB, because they are composed mainly of Neodymium (Nd), Iron (Fe) and Boron (B). They are a relatively new invention and have only recently become affordable for everyday use.
 

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