Abstract: The present disclosure provides a method, system, apparatus, and related alloy to provide a protective wear coating on a downhole component for a well through a synergistic use of a thermal spraying process in combination with a novel iron-based alloy. The thermal spraying process melts the material to be deposited while a pressurized air stream sprays the molten material onto the downhole component. The coating operation takes place at low temperatures without fusion or thermal deterioration to the base material. The wear resistance is increased while providing a lower coefficient of friction by the wear resistant layer relative to a coefficient of friction of the downhole equipment without the wear resistant layer. In at least one embodiment, the disclosed process using the iron-based alloy can apply a much thicker coating than heretofore has been able to be applied without spatting and without necessitating an intermediate buffer layer.