A Neodymium magnet (also known as "NdFeB", "Neo" or rare earth magnet) is a permanent magnet composed of neodymium, iron and boron. They are one of the strongest rare earth magnets of all permanent magnets, and are stronger than samarium cobalt (SmCo), alnico, and ferrite. Besides high magnetic strength, they are also comparatively affordable, which makes them ideal for an extensive array of consumer, business, industrial and technological uses.