I’m not a metallurgist or an expert of any kind, but I thought it might help to summarize some data off Crucible’s website. The link is at the bottom.
As a general matter, knife blades need steel with three properties in order to support the blade and edge geometry necessary for whatever cutting task the knife is designed to address:
1) The steel has to be tough to withstand cracking, chipping and breaking;
2) it has to be strong enough to withstand deformation (basically a function of hardness);
3) and it has to have good wear resistance so the edge doesn’t wear down quickly.
All steels have carbon added to get the hardness up to about 60 HRc. It generally takes about 0.5 percent carbon to get the steel that that hardness. But additional alloys and production methods can give steels used for knives significant advantages over simple carbon steels. Super steels and advanced production methods can do even better.
For example, by adding vanadium to a steel with excess carbon (more than 0.5 percent), the vanadium will combine with the excess carbon and form vanadium carbides, which have a hardness of 82-84 HRc. These carbides will give the steel greater wear resistance and also protect the steel matrix itself from wear.
But with traditional steelmaking processes where steel solidifies slowly, too much vanadium will begin to clump together, weakening the steel and making it more difficult to grind. Traditional steel is limited to about 3 percent vanadium before these problems become serious.
The power steel process of many super steels keeps the carbides uniformly distributed within the steel by atomizing the steel and allowing it to cool quickly. This process prevents the carbides from clumping and allows steelmakers to boost their steel’s wear resistance without losing toughness or while keeping toughness to acceptable levels. The carbides formed in this process are extremely small – 2 to 4 microns, compared to 50 microns or larger with traditional steelmaking processes.
So the power steel process gives us knife blades with 4 percent or more vanadium that have incredible wear resistance and still retain good toughness. The high-speed steels M2 and M4 have almost the same chemistry, but M4 has nearly double the wear resistance because it has 4 percent vanadium vs. 2 percent for M2. M4 can be made only by the powder process. Super steel M4, compared to the traditional O1 steel, is tougher and much more wear resistant. It’s also more stain resistant. O1 is easier to make into a knife.
The powder process can be a win/win/win/win. For example, compared to D2 tool steel made conventionally, powder CPM D2 is stronger, tougher, more wear resistant and easier to manufacture into a knife. The stainless super steel S35VN has the same advantages over the conventional stainless 440C.
http://www.crucible.com/pdfs/SelectorKnifePocketRotatedCrucibleLLC.pdf
I took most of this from a Crucible website:
http://www.crucibleservice.com/eselector/general/generalpart1.html