A 1999 article published on the subject listed 5 grades of common electric motor shaft materials.
(Not including Monel)
Plain carbon steel (1018, 1045, etc.) Used up to about 500 HP. Can be welded.
Chrome molybdenum steel (4140, 4150) High strength Crusher duty, propeller shafts,
transmission shafts. Do not weld this material.
Resulfurized steel (C1144) Higher strength than C4150. Can be welded successfully.
Nickel chrome molybdenum (C4340) Annealed higher strength than C1144, heavy duty.
Do not weld this material.
17-4PH Magnetic stainless ( 400 series) Used for explosion proof motors that require
magnetic shaft properties.
John