The main goal of the combined Cold Spray – Sintering technology development is to obtain high density ductile Fe- Al intermetallics based thermal barrier coatings as an alternative to conventional ZrO 2 coatings widely applied in industry. The task of this paper is to examine the structural changes of cold sprayed Al-AISI 316L composite coatings due to synthesis of Fe-Al intermetallics during annealing and find the conditions of high density composite formation. A dense Fe/Al intermetallic-Al composite coating is obtained. Three factors are found to play the main role in the structure formation of dense Fe-Al intermetallic composite coating: i) layered structure, ii) particle size and thickness of Fe and Al layers, iii) annealing temperature.