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At that time there was a great need to find a suitable cost effective replacement for SmCo permanent magnets because of its rising costs.Today the these magnets are manufactured via two production forms - sintered (powdered) and bonded magnet process. Approximately 45000 to 50,000 tons of sintered magnets are produced every year in comparison to 5500 tons of bonded magnet. The difference can be attributed to the demand and supply issue. The remanence i.e. the measure of strength of magnetic field of a magnet is high for a sintered magnet. The Curie temperature (named after Pierre Currie, famous French physicist and husband of Marie Curie) is the temperature at which the magnet loses its magnetism is same for both forms of neodymium magnets (approx 310 to 400o C). The Curie temperature of these magnets can be increased to 800o after alloying them with terbium and dysprosium.The neodymium rare earth magnets are also known as neodymium iron boron magnets. No prizes for guessing why. Other popular names by which it is referred by is neodymium rare earth magnets. The unique aspect about these magnets is that they have an exceptionally high resistance to get demagnetized. This makes them very useful for various mechanical as well as industrial applications. As a small size magnet form is very powerful, the neodymium magnets are portable. And probably the best aspect is they are affordable making them perfect for lab experimentation and research. One can easily find neodymium disc magnets and neodymium ring magnets.

The downside of these magnets is that they are very corrosive in nature; hence need to be handled with absolute caution. A couple of these magnets used with little care can easily snap your finger. So it needs to be used with caution and attention. They can catch fire at high temperatures but work well in conditions where low temperatures are maintained.There are immense uses of neodymium rare earth magnets. They are used in healthcare industry (in MRI machines), in security equipment such as alarms and switches, to hard disk of computers.Life is easier all thanks to a pretty handy invention back in 1982.

Neodymium, pronounced nee-o-dim-ee-um, is a chemical element denoted by the symbol Nd and atomic number of 60.1. Carl Auer von Welsbach, an Australian chemist discovered it in 1885, it is present in the ore minerals monazite and bastnäsite. However it is not found naturally and has to be refined for further use.2. The name neodymium is devised from the Greek word 'neos' meaning new and 'didymos' meaning twin. The reason it was given that name was because it was separated from Praseodymium, which in turn means green twin.3. A soft silvery material, it gets oxidized in air, it's classified as 'rare earth' and most of the neodymium is mined in China. The first commercial use of this element was in glass dyes in 1927 and is still a popular additive. It has a reddish purple tinge to it, which varies based upon the lighting conditions. It is also used to make neodymium magnets, which are the most powerful magnets known to mankind.