Study of the influence of the artificial ageing temperature on the ... - Hal

Study of the influence of the artificial ageing temperature on the AA2024 alloy microstructure Nicoleta Radutoiu, Jo¨el Alexis, Lo¨ıc Lacroix, Marioara Abrudeanu, Jacques-Alain Petit

To cite this version: Nicoleta Radutoiu, Jo¨el Alexis, Lo¨ıc Lacroix, Marioara Abrudeanu, Jacques-Alain Petit. Study of the influence of the artificial ageing temperature on the AA2024 alloy microstructure. Key Engineering Materials, 2013, vol. 550, pp. 115-125. .

HAL Id: hal-00835701 https://hal.archives-ouvertes.fr/hal-00835701 Submitted on 19 Jun 2013

HAL is a multi-disciplinary open access archive for the deposit and dissemination of scientific research documents, whether they are published or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers.

L’archive ouverte pluridisciplinaire HAL, est destin´ee au d´epˆot et `a la diffusion de documents scientifiques de niveau recherche, publi´es ou non, ´emanant des ´etablissements d’enseignement et de recherche fran¸cais ou ´etrangers, des laboratoires publics ou priv´es.

Open Archive Toulouse Archive Ouverte (OATAO) OATAO is an open access repository that collects the work of Toulouse researchers and makes it freely available over the web where possible.

This is an author-deposited version published in: http://oatao.univ-toulouse.fr/ Eprints ID: 9139

To link to this article: DOI: 10.4028/www.scientific.net/KEM.550.115 URL: http://dx.doi.org/10.4028/www.scientific.net/KEM.550.115

To cite this version: Radutoiu, Nicoleta and Alexis, Joël and Lacroix, Loïc and Abrudeanu, Marioara and Petit, Jacques-Alain Study of the influence of the artificial ageing temperature on the AA2024 alloy microstructure. (2013) Key Engineering Materials, vol 550 . pp. 115-125. ISSN 10139826!

Any correspondence concerning this service should be sent to the repository administrator: [email protected]!

6WXG\RIWKHLQIOXHQFHRIWKHDUWLILFLDODJHLQJWHPSHUDWXUHRQWKH$$ DOOR\PLFURVWUXFWXUH  



1LFROHWD5DGXWRLX -RsO$OH[LV /RwF/DFURL[D0DULRDUD$EUXGHDQX -DFTXHV$ODLQ3HWLW  

8QLYHUVLW\RI7RXORXVH/*3(1,7,137DYHQXHG¶$]HUHL[%37DUEHV)UDQFH  8QLYHUVLW\RI3LWHVWL6WU7DUJXOGLQ9DOHQU3LWHVWL$UJHV5RXPDQLH  D ORLFODFURL[#HQLWIU

 .H\ZRUGVRYHUDJHLQJWUHDWPHQW$$DOXPLQXPDOOR\PLFURVWUXFWXUHPHFKDQLFDOSURSHUWLHV 

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“ƒ& IRU  KRXU TXHQFKHG LQWR FROG ZDWHU DQG DUWLILFLDO DJHG 7KUHH GLIIHUHQW DUWLILFLDO DJHLQJ WHPSHUDWXUHV ZHUH VWXGLHG ƒ& ƒ& DQG ƒ& 7KH PHFKDQLFDO SURSHUWLHV PRGLILFDWLRQV ZHUH IROORZHG E\ 9LFNHUV PDFURKDUGQHVV PHDVXUHPHQWV7KHWUHDWPHQWGXUDWLRQIRUHDFKWHPSHUDWXUHGD\VIRUƒ&KUVIRUƒ& DQGKUVIRUƒ& ZDVGHWHUPLQHGE\DJLYHQPDFURKDUGQHVVUHGXFWLRQ 7R FKDUDFWHUL]H WKH RYHUDJHG $$ DOOR\ PLFURVWUXFWXUH D VWDWLVWLFDO DQDO\VLV RI WKH VXUIDFH IUDFWLRQ DQG VXUIDFH GHQVLW\ RI LQWHUPHWDOOLF SDUWLFOHV ZDV PDGH 7KH LQWHUPHWDOOLF SDUWLFOH GLPHQVLRQ GLVWULEXWLRQ GHSHQGLQJ RQ WKH RYHUDJHLQJ WHPSHUDWXUH ZDV DOVR REVHUYHG 7R GR VR VFDQQLQJ HOHFWURQ PLFURVFRSH REVHUYDWLRQV ZHUH FDUULHG RXW DQG LPDJH DQDO\VHV ZHUH SHUIRUPHG IURPEDFNVFDWWHUHGHOHFWURQLPDJHV 

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Į6 SKDVH ILHOG LV JHQHUDOO\ FRQVLGHUHG WR EH DV IROORZV 666ĺ ]RQH *3%ĺ 6

ĺ 6 ĺ6 $O&X0J >@ $ FRPSOH[ PLFURVWUXFWXUH FRQVLVWLQJ RI PDQ\ LQWHUPHWDOOLFV LV IRXQG DIWHU WKH WKHUPRPHFKDQLFDO WUHDWPHQW RQ WKH $$ DOOR\ 7KHUH DUH KDUGHQLQJ SUHFLSLWDWHV ZLWK D VL]H RI KXQGUHGV QDQRPHWHUVDQGFRDUVHLQWHUPHWDOOLFSUHFLSLWDWHVZLWKDVL]HRIVRPHPLFURPHWHUV 

7ZR W\SHV RI FRDUVH LQWHUPHWDOOLF SDUWLFOHV FKDUDFWHUL]HG WKH PLFURVWUXFWXUH RI $$ DOOR\ 6 $O&X0JSKDVHSDUWLFOHVDUHVPDOOURXQGSDUWLFOHVRISDUWLFXODULQWHUHVWEHFDXVHWKH\DUHUHSRUWHGWR DFFRXQW IRU  RI SDUWLFOHV ODUJHU WKDQ  —P >@ ,Q FRQWUDVW WR WKH 6SKDVH SDUWLFOHV WKH $O&X0Q)H6L  LQWHUPHWDOOLFV SUHVHQW LUUHJXODU VKDSHV DQG VL]H W\SLFDOO\ ODUJHU WKDQ  —P ,Q D VWXG\RIWKHSLWWLQJFRUURVLRQRQWKH$$7DOOR\XVLQJQXFOHDUPLFURSUREHDQDO\VLV%RDJHW DO >@ KDYH FRQILUPHG WKH SUHVHQFH RI LQWHUPHWDOOLF SDUWLFOHV FRQWDLQLQJ $O &X 0Q )H DQG 6L ZLWK DQ DYHUDJH VL]H RI  —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±DJHLQJZHUHVWXGLHGORFDOO\PDWUL[DQG LQWHUPHWDOOLFSDUWLFOHV XVLQJQDQRLQGHQWDWLRQDWYHU\ORZORDGV ([SHULPHQWDO 7KH $$ DOOR\ PLFURVWUXFWXUH LQ WHUPV RI GLVWULEXWLRQ DQG VL]H RI LQWHUPHWDOOLF SDUWLFOHV ZDV VWXGLHG DIWHU WKH RYHUDJHLQJ SURFHVV 7KH FKHPLFDO FRPSRVLWLRQ RI $$ DOOR\ LV VKRZQ LQ 7DEOH$OOVSHFLPHQVZHUHFXWLQRUGHUWRWHVWWKHORQJLWXGLQDO/ GLUHFWLRQRIWKHPDWHULDO &KHPLFDO HOHPHQW ZW

7DEOH&KHPLFDOFRPSRVLWLRQPDVV RIWKHVWXGLHGDOOR\ $O &X 0J 0Q )H =Q 6L %DVH













7L

&U





 7DEOHVKRZVWKHKHDWWUHDWPHQWVSHUIRUPHGRQWKHVDPSOHV7KHVDPSOHZLWKVL]HRIFPZHUH WUHDWHG DW  “ ƒ& LQ DQ DLU FLUFXODWLQJ IXUQDFH IRU  KRXU TXHQFKHG LQWR FROG ZDWHU DQG LPPHGLDWHO\DJHGDWWKUHHGLIIHUHQWWHPSHUDWXUHVƒ&ƒ&DQGƒ&7KHWUHDWPHQWGXUDWLRQ IRUHDFKWHPSHUDWXUHGD\VDWƒ&KUVDWƒ&DQGKUVDWƒ& ZDVGHILQHGDIWHUWKH PDFURKDUGQHVVVWDELOL]HG9LFNHUVKDUGQHVVPHDVXUHPHQWVZHUHPDGHZLWKDORDGRIGD1DQG GD17KHH[SHULPHQWDOYDOXHVREWDLQHGIRUWKHWZRORDGVDUHDOPRVWVLPLODU  7DEOH+HDWWUHDWPHQWVIRUWKH$$DOOR\   'HVLJQDWHGQDPHVIRUWKHKHDWWUHDWPHQWV

'HWDLOV

7

6ROXWLRQWUHDWHGDW“ƒ&TXHQFKHGVWUHWFKHG DJHGDWURRPWHPSHUDWXUH

7

7VROXWLRQWUHDWHGDW“ƒ&IRUPLQ ZDWHUTXHQFKHGDJHGGD\VDWƒ&



7

7VROXWLRQWUHDWHGDW“ƒ&IRUPLQ ZDWHUTXHQFKHGDJHGKUVDWƒ&

7

7VROXWLRQWUHDWHGDW“ƒ&IRUPLQ ZDWHUTXHQFKHGDJHGKUVDWƒ&

 7KHPHWKRGRIVXUIDFHSUHSDUDWLRQLVLPSRUWDQWIRUWKHVWXG\RILQWHUPHWDOOLFSDUWLFOHV7KHVXUIDFH SUHSDUDWLRQFRQVLVWHGRIPHFKDQLFDOSROLVKLQJIURP6L&SDSHUJUDGH WRD GLDPRQGDEUDVLYHRI—PDQG—P)LQDOSROLVKLQJ—PLVSHUIRUPHGXVLQJDSXUHKHDY\ JUDGHRIVLOLFRQGLR[LGH6L2 7KH9LEURPHWSROLVKLQJUHPRYHVWKHGHIRUPDWLRQOD\HUUHPDLQLQJ DIWHUDFODVVLFDOPHFKDQLFDOSUHSDUDWLRQ 7KH HYROXWLRQ RI WKH VXUIDFH GXULQJ SROLVKLQJ ZDV IROORZHG E\ PHDVXUHPHQWV RI URXJKQHVV URXJKQHVV DULWKPHWLF 5D URXJKQHVV WRWDO 5W  ZKLFK ZHUH SHUIRUPHG XVLQJ WKH RSWLFDO SURILOHU 9HHFR177KHUHVXOWVDUHVXPPDUL]HGLQWKH7DEOH  $O&X0Q)H6L

$O&X0J

ђP



)LJXUH2SWLFDODQDO\VLVRIWKHVDPSOHRIWKH$$DOOR\  7DEOH5RXJKQHVVRIWKHVDPSOHVRIWKH$$DOOR\   5DȝP 

5WȝP 

7





7





7





7







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—PZHUHGHWHFWHG    



7DEOH5HVXOWVLQWKHHYROXWLRQRILQWHUPHWDOOLFSDUWLFOHV 7 7 7

7

)V 

“

“

“

“

'V SDUWLFOHVPP 

“

“

“

“

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

0J &X $O

&X

 

&X  













NH9

 )LJXUH6(0PLFURJUDSK\RIDQ6SKDVHSDUWLFOHDQGWKHDVVRFLDWHG('6DQDO\VLV  7KH FKHPLFDO FRPSRVLWLRQ ZDV FDOFXODWHG IRU D FHUWDLQ QXPEHU RI WKH $O&X0J SDUWLFOHV DQG WKH DYHUDJHYDOXHLVSUHVHQWHGLQWKHWDEOH&DOFXODWHGFKHPLFDOFRPSRVLWLRQLVSUDFWLFDOO\LGHQWLFDO ZLWKWKHVWRLFKLRPHWULFFRPSRVLWLRQ$ODW&XDW0JDW   7DEOH&KHPLFDOFRPSRVLWLRQRIWKH$O&X0JSDUWLFOHV $ODW  &XDW  0JDW   7







7







7







6WRLFKLRPHWULF FRPSRVLWLRQ 63KDVH$O&X0J







 7KH VHFRQG JURXS GHWHFWHG LV $O&X0Q)H6L  SDUWLFOHV >@ ,Q WKH OLWHUDWXUH LW H[LVWV PDQ\ GLIIHUHQW SKDVHV GHSHQGLQJ RQ WKH FKHPLFDO FRPSRVLWLRQ $O)H6L $O0Q6L >@ $O)H&X $O&X 0Q >@ )LJXUH  VKRZV D 6(0 PLFURJUDSK\ RI D $O&X)H0Q6L  SDUWLFOH DQG WKH DVVRFLDWHG ('6 VSHFWUXP 7KH WDEOH  SUHVHQWV WKH DYHUDJH YDOXHV FDOFXODWHG IURP FKHPLFDO FRPSRVLWLRQ  

FSVH9 

  

)H 0Q 0J 6L &X $O

0Q )H

&X

  

&X

0Q )H

 













NH9

 )LJXUH6(0PLFURJUDSK\RIDQ$O&X0Q)H6L SDUWLFOHDQGWKHDVVRFLDWHG('6DQDO\VLV  7DEOH&KHPLFDOFRPSRVLWLRQRIWKH$O&X0Q)H6L SDUWLFOHV 6LDW  0JDW  $ODW  &XDW  )HDW  0QDW   7













7













7













 $ VWDWLVWLFDO DQDO\VLV RI WKH LQWHUPHWDOOLF SDUWLFOHV GLPHQVLRQ GLVWULEXWLRQ ZDV UHDOL]HG ,PDJH DQDO\VLV KDV EHHQ SHUIRUPHG RQ WKH LQWHUPHWDOOLF SDUWLFOHV WR FKDUDFWHUL]H WKH HYROXWLRQ RI WKH HTXLYDOHQW GLDPHWHU )LJXUH  VKRZV WKH GLVWULEXWLRQV RI WKH HTXLYDOHQW GLDPHWHU $W WKH DJHLQJ FRQGLWLRQ 7 DQG 7 WKH PDMRULW\ RI LQWHUPHWDOOLF SDUWLFOHV   KDYH WKH HTXLYDOHQW GLDPHWHU EHWZHHQ  ȝP DQG DW WKH DJHLQJ FRQGLWLRQ 7 DQG 7 WKH SURSRUWLRQ RI LQWHUPHWDOOLFSDUWLFOHVZLWKWKHHTXLYDOHQWGLDPHWHUEHWZHHQ—PLVVRPHZKDWORZHU 7KH PDMRULW\RIWKHSDUWLFOHVWKDWIRUPVDIWHUDKHDWWUHDWPHQWDUH6SKDVHSDUWLFOHV 

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

,Q)LJXUHDQGDUHSUHVHQWHGWKHORDGGLVSODFHPHQWFXUYHVIRUWKH$$7DOOR\DQGWKH RYHUDJHG $$ DOOR\ UHVSHFWLYHO\ WKH ORDG GLVSODFHPHQW FXUYHV IRU WKH PDWUL[ WKH 6SKDVH $O&X0J DQGWKH$O&X0Q)H6L SDUWLFOHVRIWKHDOOR\$$7 )URPORDGLQJ±XQORDGLQJFXUYHVWKHPHFKDQLFDOEHKDYLRULVGHWHUPLQHGE\FDOFXODWLQJWKHUDWLRRI SODVWLF GHIRUPDWLRQ ZRUN DQG WKH HODVWLF GHIRUPDWLRQ ZRUN 7KLV UDWLR LQFUHDVHV VOLJKWO\ DIWHU TXHQFKLQJ 

 )LJXUH/RDG±GLVSODFHPHQWIRUWKH$$7DQG$$RYHUDJHLQJ  

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

>@ >@ >@ >@

>@ >@ >@ >@ >@ >@ 



-5 'DYLV HGV  $60 6SHFLDOW\ +DQGERRN $OXPLQXP DQG $OXPLQXP $OOR\V $60 ,QWHUQDWLRQDO0HWDOV3DUN2+86$  -06LOFNRN-,QVW0HW S ,1.KDQ0-6WDULQNDQG-/