International.
NACE International published a study 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 study examined the economics of corrosion and the role of corrosion management in establishing industry best practices. The study found that applying corrosion prevention best practices could result in global savings of between 15-35% of the cost of damage, or between US$375-875 billion.
The study called "International Measures for the Prevention, Application and Economics of Corrosion Technology (IMPACT)" also includes a case study of corrosion management within the automotive industry – in which it was found that over time it saved US$9.6 billion or 52% annually in 1999 compared to 1975.
"Looking at success within the automotive industry, corrosion prevention decisions were made at the highest level," said Bob Chalker, CEO of NACE International. "The result has been to reduce corrosion costs for automakers and increase the life of cars for consumers."
To know the complete study go to impact.nace.org
