Cost of Corrosion Annually in the US Over $1 Trillion

Corrosion will cost the US economy over $1 trillion in 2014. That’s one of the largest expenditures NACE Corrosion Costs Study. However, this report leaves out the enormous (at least as much as direct costs) tally of indirect costs that the consumers experience from corrosion and the inflation increases since 1998.

we make, and it’s all going down the drain. The total annual corrosion costs in the U.S. rose above $1 trillion in the middle of 2013, illustrating the broad and expensive challenge that corrosion presents to equipment and materials. The most commonly quoted figure for corrosion costs is $276B in 1998 and was reported in the

From $276B to $1 Trillion: Understanding the Real Cost of Corrosion

The NACE sponsored report examines each industry in depth, providing discussions of the causes, costs, and results of corrosion, and arrived at a figure of $276B in direct corrosion costs. Indirect costs were estimated to be at least as much as direct costs.  In the 15 years that have passed since the study was released, inflation has driven both the direct and indirect costs of corrosion over $500 billion annually, totalling over $1 trillion in 2013.

At over 6.2% of GDP, corrosion is one of the largest single expenses in the US economy yet it rarely receives the attention it requires. Corrosion costs money and lives, resulting in dangerous failures and increased charges for everything from utilities to transportation and more. For a more thorough breakdown of specific corrosion costs by industry, see the NACE Corrosion Costs Study(and approximately double the numbers to have a good estimate of current values).

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About the author: Dr. Jackson is part of G2MT Labs, a company at the cutting-edge of new technologies that promise to dramatically reduce the costs (both economic and social) of corrosion.  

source:http://www.g2mtlabs.com/corrosion/cost-of-corrosion/