Neodymium magnets are among the world's strongest permanent magnets. Made from neodymium, iron and boron, they are used in electric vehicles, wind turbines and electronic products such as speakers, smartphones and hard drives. Global demand for permanent magnets is rising, with estimated annual growth rates of up to 8.3%. This makes it essential to recycle scarce rare earth elements such as neodymium, although the process is highly complex.