Enhancing wear and corrosion resistance of an industrial component by depositing a Ni-based alloy coating having a thickness of at least about 50 microns onto a surface of the industrial component by high velocity oxyfuel propulsion of a Ni-based alloy powder containing a) Cr, b) from about 15 to about 25 wt % Mo, c) no more than about 1 wt % Fe, and d) no more than about 1 wt % elements having an atomic number greater than 42. A Ni-based alloy powder for HVOF deposition containing a) Cr, b) from about 15 to about 25 wt % Mo, c) no more than about 1 wt % Fe, and d) no more than about 1 wt % elements having an atomic number greater than 42. A Ni-based coating on an industrial component having enhanced corrosion and wear resistance.