A hard phase material is provided for increasing the hardness of a matrix material and improving the wear resistance thereof. The hard phase material is an aluminum boride material having the structure AlB8-16. The aluminum boride hard phase may be incorporated into a matrix material by mixing particulate aluminum boride with the matrix material and through precipitation of aluminum boride from the matrix material. Materials including the aluminum boride hard phase may be used in coating applications to provide a hard and wear resistant coating. Aluminum boride hard phase may also be incorporated into metallurgical products to improve the hardness and wear resistance of the metallurgical products.