Permanent magnets constitute a very important and highly sophisticated class of engineering materials with a wide range of industrial and commercial applications.
Permanent magnets are a vital part of modern life.
They are found or used to produce almost every modern convenience today. The permanent magnets are used in everything from refrigerator and bulletin board magnets, to the most advanced magnets used in computer applications. Permanent magnets are superior to electromagnets in many uses because they maintain their fields without expending electrical power and without generating heat. In the last decade, the permanent magnet industry has been on the brink of far reaching and possibly fundamental changes. Also, the need for sophisticated gadgets used in everyday life from the automobiles to audio speakers and security alarms have contributed to the growth in this industry.