The multistage martensitic phase transformation of a polycrystalline NiTi shape-memory alloy (50.3 at. %Ni-49.7 at. % Ti) has been studied by means of calorimetric measurements. After a conventional thermal treatment followed by successive thermal cycles, the initial two-step forward transformation splits into four-overlapping stages. However, the reverse martensitic transformation maintains the initial two-step sequence, usually assigned to the B19'-> R -> B2 transformation. The correlation between the forward and reverse steps has been established by means of selected thermal cycles together with an estimation of their enthalpy and thermal hysteresis. These results have also provided information about the storage of the elastic strain energy and the frictional works associated with the variants' nucleation. Moreover, the study around the forward transformation temperature range by means of uncompleted thermal cycles undoubtedly shows the presence of temperature memory effects in both stages.
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