Neodymium iron boron, also known as NdFeB magnet, is a tetragonal crystal system formed by neodymium, iron and boron (Nd2Fe14B). The NdFeB magnet was discovered in 1982 by Masato Sagawa of Sumitomo Special Metals in Japan. The magnetic energy product (BHmax) of this magnet is larger than that of samarium cobalt magnet, and it is the material with the largest magnetic energy product in the world at that time. Later, Sumitomo Special Metals developed the powder metallurgy process. General Motors developed the successful melt-spinning process, which was able to prepare NdFeB magnets. These magnets are the most powerful permanent magnets available today and the most commonly used rare earth magnets.