Most muzzleloaders use low carbon steel such as 1018, 1112, 1030, 12L14 and such.
Although these steels are not very strong (54,000-70,000 PSI Yield strength for cold drawn material) they are suitable for Black Powder pressures. The key here is that they are normally made out of solid bar stock, not welded tubing.
Modern cartridge guns usually use high strength alloy steels with strengths in the 130,000-260,000 PSI Yield strength zone.
I might point out that the strength of a part is based on its crossectional area in square inches so these big numbers don't mean a part made of the material can be subjected to a internal pressure of 130,000 PSI.
If for instance you had a gunbarrel which was 7/8 inch in diameter it would have a crossectional area of .601 square inches. If it had a bore of 1/2 inch, the bore removes .196 square inches. This leaves a crossectional area of .405 square inches.
If this barrel was made out of a steel with a yield strength of 70,000 PSI it would be able to accept a load up to .405 square inches X 70000 pounds per square inch, or 28348 actual pounds of load without yielding (permanently deforming).
When dealing with internal pressures, the formula used to determine the safe strength is much more complicated than this example but hopefully this example makes some sense to folks.
I might add that when dealing with life/death designs a safety factor of 2 to 4 is used to assure that someone doesn't get killed when they use the part.
zonie