Wall Colmonoy Ltd has developed a new generation of Iron-based powder alloys providing superior resistance to dry wear and excellent corrosion resistance. These alloys are economically interesting because they contain none or very low levels of expensive and market sensitive metals such as nickel and cobalt. These powders are marketed under the trade name Colferoloy. This paper details the properties and advantages of Colferoloy when compared to current “traditional” surface treatment methods and consumables. Metallurgical examination of the Colferoloy deposits showed that the alloy formed sub-micron structures which afford excellent dry-wear resistance, whilst the high chromium content provides good resistance to corrosion. Colferoloy alloys were applied using HVOF techniques to engineering components producing dense coatings with a hardness in the range of 950-1000 Vickers. The cost benefits of using an Iron-based alloy with low density hard phases were studied and comparisons with traditional materials were performed. This study showed that Colferoloy is a viable alternative to current hardfacing alloys and treatments.