Degradable downhole tools, tool components, and balls are formed from a polyvinyl alcohol (PVA) compound. The PVA compound exhibits strength and elasticity properties that are comparable to existing degradable downhole polymers and further exhibits degradability properties that are superior to existing degradable downhole polymers. For different components, the PVA compound may include a reinforcing material such as fiberglass. Usage of tools, tool components, and balls formed from the disclosed materials eliminates the requirement that such equipment be drilled out after use as the PVA compound quickly degrades in standard downhole fluids.