Why are most neodymium magnets plated or coated?

Neodymium magnets are composed mainly of Neodymium, Iron, and Boron. If neodymium magnets are not plated, the iron in the material will oxidize very easily if exposed to moisture. Even normal humidity will rust the iron over time. To protect the iron from exposure to moisture, most neodymium magnets are plated or coated.

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