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.