Neodymium Magnets, also known as NdFeB, NIB, or Neo magnets, are the most widely-used type of rare earth magnets. It is the strongest type of permanent magnet made from an alloy of Neodymium, Iron, and Boron with the Nd2Fe14B tetragonal crystalline structure. It has replaced other types of magnets in many applications in modern products that require strong permanent magnets, such as motors in cordless tools, hard disk drives, and magnetic fasteners.