Magnet
A permanent magnet is an object made from a material that is magnetized and creates its own persistent magnetic field. An everyday example is a refrigerator magnet used to hold notes on a refrigerator door. Materials that can be magnetized, which are also the ones that are strongly attracted to a magnet, are called ferromagnetic (or ferrimagnetic). These include the elements iron, nickel and cobalt, some alloys of rare-earth metals, and some naturally occurring minerals such as lodestone. Although ferromagnetic (and ferrimagnetic) materials are the only ones attracted to a magnet strongly enough to be commonly considered magnetic, all other substances respond weakly to a magnetic field, by one of several other types of magnetism.
Exchange spring magnet
An Exchange Spring Magnet is a magnetic material with high coercivity and high saturation properties derived from the exchange interaction between a hard magnetic material and a soft magnetic material, respectively. Coehoorn et al. were the first able to observe an actual exchange spring magnet. Exchange spring magnets are cheaper than many magnets containing rare earth/transition metals (RE-TM Magnets), as the hard phase of the magnet (which commonly comprises RE-TM material) can be less than 15% of the overall magnet by volume.