Neodymium magnets are rare earth magnets made of neodymium, iron, and boron. Magnet type first developed by General Motors in 1982. There are two different processes used to produce neodymium magnets; classical and rapid freezing process. To get more details about neodymium magnets you may check here https://www.rochestermagnet.com/rare-earth-magnets/neodymium-magnets.
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Classical process for the production of neodymium magnets made through powder metallurgy or sintered magnets process. This process requires that neodymium, iron, and boron were melted and cast into ingots.
This ingot cooled after they are transformed into fine particle strength. The particles undergo liquid phase sintering causes the particles to magnetically align. Once they are aligned particles simultaneously heated and compressed to produce magnets.
Quick compaction is done by taking the alloy Nd-Fe-B and melt spinning the thin ribbon. The tape that was produced by the melt spinning process has random grain oriented.
The band then ground into small particles. A polymer is then added to the particles and a good mix of injected molded or compressed into a bonded magnet.
About 50,000 to 55,500 tons of neodymium magnets are produced each year. These magnets are used in MRI machines, hard drives, speakers, electric motors, and other applications.
For example, the Toyota Prius uses 1 kilogram of neodymium to produce a motor that is in the car. Special attention should be taken when handling neodymium magnets because of their magnetic strength.
Even as small as a few centimeters magnet can cause damage to the body when the skin or other body parts caught between the magnets.
If the magnet closes to each other that they may collide with enough force to cause those chips. The magnetic field also dangerous for watches, credit card strips, magnetic media, and other devices.