Engineers....
Oh wait, I am one...
It's all top secret James!!!
Although I too find it interesting to compare the tensile, ultimate and yield strength's of materials and how different componds alloyed into materials change their characteristics..
The conversation gets a bit dry.
Typically all the "usual suspects" in axle material are high purity vacuum melted materials. Hy Tuff , 4340 and 300M are made into axles from billet bars, they are machined and heat treated. Some are forged though. The High Manganese matereals like 1541, 1541H and others are forged as blanks then rough machined and heat treated. When a axle needs to be made the hardened blaks are then finish machined.
There are a lot of arguments about the best process and the best materials. Cost of Materials plays a role as well, usually the 1500 series steels are cheaper and easier to manipulate the high carbon alloys are usually more expensive and difficult to machine.
A 24 spline Hy Tuff shaft will probably take more twisting cycles than a 1541H shaft but the yeild strength remains pretty close to the same, but this also depends a lot on the heat treat.
I can make a shaft from each material and their performance in the same application will also be similar and in most cases the shaft will be stonger than the gears driving it, so then it boils down cost and availabilty. I use 4340, 1541H and 300m in various applications to try and bring products to the customer at a reasonable price with excellent strength.
I could go on, but then I'd need a beer. The problem there is that when I drink beer I can't seem to get my Slide Rule to power up properly..