International. NACE International published the study "International Measures for the Prevention, Application and Economics of Corrosion Technology (Impact)" in which the global cost of corrosion is estimated to be US$2.5 trillion, equivalent to approximately 3.4% of the world's gross domestic product (GDP).
The two-year global study was presented at the Corrosion 2016 conference in Vancouver, Canada, and examines the economics of corrosion and the role of corrosion management in establishing best practices in the industry.
The study revealed that the application of best practices in corrosion prevention could result in global savings of between 15 and 35% of the cost of damage, or what is the same a saving of between US $ 375 thousand and US $ 875 billion.
"The Impact study reinforces what the latest headlines have been demonstrating: there needs to be a change in how corrosion decisions are made," said Bob Chalker, CEO at NACE International. "Whether it's a pipeline, an airplane, a water treatment plant or a highway bridge, corrosion prevention and control is essential to avoid catastrophic events before it's too late."
"Impact" also includes a case study on corrosion management within the automotive industry (in which savings of US$9.6 billion were found, which is equal to 52% per year in 1999 compared to 1975. "Looking at success within the auto industry, decisions about corrosion prevention were made at the highest levels," Chalker said.
Source: ITPTS
