A neodymium magnet (also known as NdFeB, NIB or Neo magnet) is the most widely used type of rare-earth magnet. It is a permanent magnet made from an alloy of neodymium, iron, and boron to form the Nd2Fe14B tetragonal crystalline structure. Developed independently in 1984 by General Motors and Sumitomo Special Metals, neodymium magnets are the strongest type of permanent magnet available commercially. Because of different manufacturing processes, they are divided into two subcategories, namely sintered NdFeB magnets and bonded NdFeB magnets. They have replaced other types of magnets in many applications in modern products that require strong permanent magnets, such as electric motors in cordless tools, hard disk drives and magnetic fasteners.