This review of the current state of magnetocalorics is focused on materials exhibiting a giant magnetocaloric response near room temperature. To be economically viable for industrial applications and mass production, materials should have desired useful properties at a reasonable cost and should be safe for humans and the environment during manufacturing, handling, operational use, and after disposal. The discovery of novel materials is followed by a gradual improvement of properties by compositional adjustment and thermal or mechanical treatment. Consequently, with time, good materials become inferior to the best. There are several known classes of inexpensive materials with a giant magnetocaloric effect, and the search continues.
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