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A method of forming a composite overlay compound on a substrate includes forming a mixture including at least one component from a first group of component materials including titanium, chrome, tungsten, vanadium, niobium, and molybdenum. The mixture also includes at least one component from a secon

A method of forming a composite overlay compound on a substrate includes forming a mixture including at least one component from a first group of component materials including titanium, chrome, tungsten, vanadium, niobium, and molybdenum. The mixture also includes at least one component from a second group of component materials including carbon and boron, and the mixture further includes at least one component from a third group of component materials including silicon, nickel, and manganese. The mixture of selected component materials is then applied to a substrate material to form an overlay compound on the substrate material. The overlay compound is fused to the substrate to form a metallurgical bond between the substrate material and the overlay compound.

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What is claimed is: 1. A manufacturing method comprising: forming a mixture including a first component from a first group of component materials including titanium, chrome, tungsten, vanadium, niobium, and molybdenum, the mixture also including a second component from a second group of component m

What is claimed is: 1. A manufacturing method comprising: forming a mixture including a first component from a first group of component materials including titanium, chrome, tungsten, vanadium, niobium, and molybdenum, the mixture also including a second component from a second group of component materials including carbon and boron, and the mixture further including a third component from a third group of component materials including silicon, nickel, and manganese; applying the mixture of selected component materials to a substrate melting the first, second and third components of the mixture to synthesize a boride compound and a carbide compound, said melting further precipitating the boride and carbide compounds to form a composite overlay that is metallurgically bonded to the substrate. 2. The method of claim 1, wherein the overlay compound includes a matrix and a plurality of particles in the matrix. 3. The method of claim 2, including melting at least a portion of the mixture. 4. The method of claim 3, wherein melting at least a portion of the mixture synthesizes at least one of carbide and boride. 5. The method of claim 4, including precipitating the at least one of the carbide and boride while melting at least a portion of the mixture. 6. The method of claim 5, wherein applying the mixture includes substantially uniformly distributing the at least one of the carbide and boride in the overlay compound. 7. The method of claim 5, wherein precipitating the at least one of carbide and boride occurs while applying the mixture. 8. The method of claim 7, wherein applying the mixture is performed by at least one of thermal spraying, brushing, dipping, spraying and laminating the mixture onto the substrate. 9. The method of claim 2, wherein the matrix includes steel. 10. The method of claim 1, wherein forming a mixture Includes homogenously mixing the selected component materials. 11. The method of claim 1, wherein applying the mixture includes applying the mixture until the thickness of the overlay on the substrate is greater than about 0.5 mm. 12. The method of claim 1, wherein fusing the overlay includes welding the overlay to the substrate using an arc welding process. 13. The method of claim 12, wherein the arc welding process is a plasma transfer am welding (PTA) process. 14. The method of claim 1, including at least one of carburizing and boronizing the first component material to form a respective carbide and boride material. 15. The method of claim 14, wherein the at least one of carburizing and boronizing is performed before forming the mixture. 16. The method of claim 1, including introducing at least one of carbide particles and boride particles to the mixture. 17. The method of claim 1, wherein applying the mixture includes at least one of thermal spraying, brushing, dipping, spraying, and laminating the mixture onto the substrate, and wherein fusing the overlay to the substrate includes using at least one of an arc lamp/laser fusion process, furnace fusion/brazing process, and an induction heating process. 18. The method of claim 1, wherein the at least one component from the second group of component materials is at least one of a carbide particle and a boride particle including the respective carbon or boron. 19. The method of claim 18, including substantially uniformly distributing the at least one of the carbide and boride in the overlay compound. 20. The method of claim 18, including melting at least a portion of the mixture to synthesize at least one of carbide and boride. 21. The method of claim 20, including precipitating the at least one of the carbide and boride within the matrix so that the overlay includes a bimodal particle size distribution. 22. The method of claim 18, including forming the mixture with at least one of the carbide and boride with volume fraction up to 50%. 23. The method of claim 1, including fusing the overlay to form the metallurgical bond uses one of an arc lamp, a laser, a furnace, and an induction heating process. 24. The method of claim 1, wherein forming the mixture includes forming a laminate of prefabricated cloths having the at least one component from the first, second, and third groups disposed thereon. 25. The method of claim 24, wherein applying the mixture includes placing the prefabricated cloth on the substrate. 26. The method of claim 1, wherein fusing the overlay includes a high energy beam assisted overlay process. 27. The method of claim 26, wherein the high energy beam is a high intensity arc lamp. 28. A method of forming a composite overlay compound on a substrate, comprising: forming a mixture including a first component material and a second component material, the second component material including particles of one of carbide and boride; applying the mixture to a substrate material to form an overlay compound on the substrate; precipitating the one of carbide and boride while applying the mixture; and fusing the overlay to the substrate using a plasma transfer arc welding process to form a metallurgical bond between the substrate material and the overlay compound. 29. The method of claim 28, wherein the particles have a diameter that is substantially within the range of 5 to 200 micrometers.