A neodymium magnet (also known as NdFeB, NIB, or Neo magnet), the most widely-used type of rare-earth magnet, is a permanent magnet made from an alloy of neodymium, iron, and boron to form the Nd2Fe14B tetragonal crystalline structure. neodymium magnets are the strongest type of permanent magnet made. They have replaced other types of magnet in the many applications in modern products that require strong permanent magnets, such as motors in cordless tools,