Neodymium magnets are permanent dense magnets that produce powerful magnetic fields and are highly resistant to being demagnetized.

This makes them ideal for use in electronics or any electromagnetic application requiring a reduction in size but an increase in power (power to weight ratio).

These magnets are used in a wide range of other great inventions and products - from computer hard drives, headphones, audio speakers, cordless tools, magnetic resonance imaging equipment (MRI), electric motors, hybrid and electric vehicles, airplanes and trains, to self-powered flashlights, fasteners and toys.

One group was led by John J. Croat of the General Motors Physics Laboratory, and the other was led by Massato Sagawa of Sumitomo Special Metals in Japan.

Both groups invented different manufacturing processes to produce neodymium magnets, which are made from rare earth elements.

Rare earth elements have chemical properties that make them very easy to magnetize with a high magnetic field strength.

Despite the name "rare earth", these elements (metals) are not scarce but widely dispersed in the earth. The reason they're called "rare" is because it is rare to find them in any concentration that is cost effective for mining and extraction.

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