Neodymium magnets are used in numerous applications requiring strong, compact permanent magnets. They are used in electric motors for cordless tools, in hard drives for most electronic devices and as attachment fasteners for doors, cabinets, blinds, retail displays, high-end product packaging, luggage, purses and jewelry clasps.
Neodymium magnets are also used to make a tight seal on the doors to refrigerators and freezers. They power speakers in stereos, earphones, cell phones, computers, laptops and televisions. They are also used to store data in computers, and are important in scanning machines such as MRIs or magnetic resonance imaging machines.
Originally, the high cost of these magnets limited their use to applications requiring compactness together with high field strength. Both the raw materials and the patent licenses were expensive.
But over the last few decades, NIB magnets have become steadily less expensive, and the low cost has inspired new uses such as magnetic construction toys, as well as a myriad of other hobby, health, engineering, energy-source, construction, display, signage, printing and manufacturing applications.