To answer your specific question, Shotpeening of stainless and high alloy steels reduces galling. Shot peening also improves fatigue strength by putting outer surface in compression. In my opinion, It also helps to minimize corrosion by "homogenizing" the surface finish, eliminating major differences (pits and highspots) that could set up galvanic cells.
In my experience, there are three ways that peening can improve performance: cold work effects, Surface effects, and compressive stress of surface effects.
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