In the present study, the microstructure features and martensitic transformation behaviour of a Ni-Mn-Ga alloy were tailored by adjusting the Ag content. In addition, the effect of Ag content on the thermal stability was also explored. The results revealed that the non-modulated martensite phase and Ag particles coexisted in the Ni-Mn-Ga-Ag alloys. Different martensite variants were in the {112} type I twinning relationship. With increasing Ag content, not only all transformation temperatures but also the thermal hysteresis decreased continuously in a quasilinear manner. This was attributed to the introduction of small and soft Ag particles, which were applied to release the elastic energy during the martensitic transformation. The decreasing trend of elastic energy was highly nonlinear. The alloy with 4 at% Ag addition was the percolation threshold. In addition, the relationship of energy dissipation against Ag is not monotonic. While the energy dissipation of Ni48Mn25Ga19Ag8 is almost zero, the others were much higher. Furthermore, unlike others, Ni48Mn25Ga19Ag8 featured good martensitic transformation stability upon thermal cycling.
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