A component (10) including a substrate material (12) and a wear alloy coating (14) applied to the substrate by a cold spray process. Particles of the wear alloy coating material (16) are directed toward a target surface (18) of the substrate at a velocity sufficiently high for the particles to deform and to adhere to the target surface. The size and/or composition of the particles may be varied during the cold spray process to produce a coating with a varying property across the depth of the coating. Particles of the wear alloy material may be applied by cold spraying along with particles of a second material such as a lubricant or a ceramic material. For Group 5 hard facing materials, the size and distribution of the embedded carbide nodules may be controlled by controlling the selection of the carbide particles being sprayed. The cold spray process permits a wear alloy coating to be applied proximate a brazed joint or over a directionally stabilized or single crystal material without degrading the underlying material.