A composition, method for depositing the composition on a downhole component, and a downhole tool. The composition includes about 0.25 wt% to about 1.25 wt% of carbon, about 1.0 wt% to about 3.5 wt% of manganese, about 0.1 wt% to about 1.4 wt% of silicon, about 1.0 wt% to about 3.0 wt% of nickel, about 0.0 to about 2.0 wt% of molybdenum, about 0.7 wt% to about 2.5 wt% of aluminum, about 1.0 wt% to about 2.7 wt% of vanadium, about 1.5 wt% to about 3.0 wt% of titanium, about 0.0 wt% to about 6.0 wt% of niobium, about 3.5 wt% to about 5.5 wt% of boron, about 0.0 wt% to about 10.0 wt% tungsten, and a balance of iron.