High performance properties in new powder developments can often only be realized by meta-stable phases, fine microstructures or a combination of both. Despite the short time scales of exposure to higher temperatures, even recently launched HVOF or plasma spray techniques can not guarantee to retain carefully adjusted structures and microstructures of the spray material. In cold spraying, process temperatures can be well tuned. Thus, the thermal history of respective spray feedstock before and during coating formation is very well defined, which makes the technique suitable for new applications of especially designed powders. As examples for various influences on coating formation and performence, the present study summarizes results obtained for cold sprayed bulk amorphous alloys, derived nanocrystalline material and for fine dispersed metal-ceramic composites. On that basis, the potential of cold spraying for functionalized powder feedstock with respect to various properties is discussed.