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I think until more than half of the PGA Tour players are using them, golfers won't be willing to pay extra for graphite iron shafts. I don't know if that will happen any time in the next 30 years. Steel iron shafts are light enough, very low torque, consistent, and relatively cheap to make. I personally am not trying to maximize the distance out of my irons very often so I don't see myself paying more for graphite that won't help me hit it any closer. Isn't the percentage of tour players currently using graphite shafted iron sets less than 10%? Kuchar, Snedeker, Rich Beem, and Boo Weekly are the only ones I can think of off the top of my head.
It is still lower than 10%.
However I should add that graphite does not just mean lighter and distance.
It can be every bit as stable as steel.
It wasn't all that long ago that tour players were still using steel shafts in their titanium drivers and fairway woods. Now they are all using graphite (or at least 98%+). I think it's just a matter of time before we start seeing the conversion on the iron side... as quality continues to improve and production costs diminish, I can see steel shafts going the way of the buggy whip. I wouldn't have thought this even possible, but I hit a demo club with the new Recoil shafts and now I'm a believer it will definitely happen. At least that's my two cents.