International Measures of Prevention, Application, and Economics of Corrosion Technologies Study

<!-- START_ABSTRACT --> <p> NACE International initiated the International Measures of Prevention, Application, and Economics of Corrosion Technologies (IMPACT) study to examine the current role of corrosion management in industry and government and to establish best practices. The global cost of corrosion is estimated to be US$2.5 trillion, which is equivalent to 3.4% of the global Gross Domestic Product (GDP) (2013). By using available corrosion control practices, it is estimated that savings of between 15 and 35% of the cost of corrosion could be realized; i.e., between US$375 and $875 billion annually on a global basis, an astronomical savings. In addition, these costs typically do not include individual safety or environmental consequences. The high cost of corrosion has been known for years; Uhlig performed a comprehensive study in 1949 that revealed a cost of corrosion equivalent to 2.5% of the U.S. GDP. </p> <!-- END_ABSTRACT --> <!-- START_TEMPLATE --> <ul> <li> Source: </li> <li> Tags: </li> </ul> <!-- END_TEMPLATE -->