Advantages of cold working

(i)  No heat is needed.

(ii)  Better surface finish is get.

(iii)  Superior dimension control.

(iv)  Improved strength and hardness properties.

(v)  Contamination problems are decreased.

(vi)  Better reproducibility and interchange ability of parts.

(vii)  No loss of metal.

Disadvantages of cold working:

(i)  Higher forces are required for deformation.

(ii)  Heavier and more powerful equipment is needed.

(iii)  May obtain undesirable residual stresses.

(iv)  Not clean and scale free surfaces.

(v)   Less ductility is available. 

(vi)  Strain hardening happens(required immediately annealing).

(vii)  More energy is required than hot working.