Steel shafts for golf clubs came about in the 1920s, with approval by golf's governing bodies by 1931. Graphite shafts came about 44 years later, and they debuted for sale at the 1970 PGA merchandise show. Properties of graphite shafts have made them the popular choice for drivers and fairway metals, so the question of graphite vs. steel shafts mainly comes down to the choice with irons.
Weight
Graphite shafts are much lighter than steel, which can help golfers generate more clubhead speed. That's a big reason graphite is mainly used in the clubs used for distance. For example, a Project X graphite shaft, a preferred shaft among PGA Tour players, ranges from 64 to 102 grams. A steel shaft by the same company ranges from 115 to 135 grams.
Length
Because of the difference in weight, graphite shafts are sold at a standard length that is longer than standard steel shafts, about an inch longer for drivers and fairway metals and 1/2 inch longer for the irons. That extra length makes for a bigger swing arc and longer shots.
Flexibility
Graphite shafts offer a greater flexibility than steel shafts, which helps players with slower swing speeds generate the whip-like effect that improves clubhead speed and adds distance to shots.\
Feel and Consistency
Graphite shafts feel softer than steel and offer a measure of shock absorption that can help players who suffer from arthritis.
Installation
Installing graphite shafts requires greater care, both in trimming the shaft to fit and when changing grips. A cutting blade can weaken a graphite shaft if the blade scrapes or nicks the graphite fibers under the outer protective layer.
Cost
Graphite materials cost more than steel for shafts. For example, a pricing of irons from Callaway, Ping and TaylorMade online in September 2010 found a difference of about $100 to $200 per set between graphite and steel shafts.
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