What is the significance of ND in Permanent magnets?

NdFeB are high strength permanent magnets with superior magnetic properties used in various applications such as electronic devices, electric motors and generators for windmills. There is a large commercial potential because of iron as it is cheap and abundantly available. The worldwide demand of NdFeB magnets has increased from 6700 tons to 16,142 tons from year 2018 to 2022 making it extremely important with the progressive technology shift in rare earth magnet industry.

Source: Garside, M. (2021, 03 08). Statista. Retrieved from Mining, Metals & Minerals