There are 2 types of magnets:permanent magnets and electromagnets. Permanent magnets emit a magneticfield without the need for any external source of power. Electromagnets requireelectricity in order to behave as a magnet. There are various different types ofpermanent magnet materials, each with their own unique characteristics. Eachdifferent material has a family of grades that have properties slightlydifferent from each other, though based on the same composition.