1 - Cost of corrosion

<!-- START_ABSTRACT --> <p> Over the past 50years, several national costs of corrosion studies have been conducted. Using different approaches, the studies all arrived at corrosion costs equivalent to about 3%–4% of each nation's gross domestic product (GDP). Using a 3.4% of global GDP (2013), the global cost of corrosion can then be estimated to be US$2.5trillion. 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 $875billion annually on a global basis. This chapter describes financial tools to manage corrosion and an approach to save cost through improved corrosion management. An argument is made to reduce corrosion costs by incorporating corrosion management into an organization's corporate management system. </p> <!-- END_ABSTRACT --> <!-- START_TEMPLATE --> <ul> <li> Source: </li> <li> Tags: </li> </ul> <!-- END_TEMPLATE -->