With little fanfare, a significant milestone in the effect of corrosion on the U.S. economy occurred in 2013 when the total cost of corrosion in the US exceeds $1 trillion annually for the first time. In a widely-cited study (NACE Corrosion Costs Study) by the National Association of Corrosion Engineers, NACE, the direct cost of corrosion in the U.S. was estimated to equal $276 Billion in 1998, approximately 3.1 % of GDP. However, this estimate is incomplete and outdated.
Closer examination of the 1998 NACE corrosion study’s own analysis, along with a calculation of inflation since the report was produced, indicates that total corrosion costs in the U.S. now exceed $1 trillion dollars a year, and probably exceeds $5 trillion annually around the world (assuming 6% of the GWP of 84.97 Trillion in 2012) . The indirect cost of corrosion of is estimated to be at least equal to the direct cost. In that case, the total cost of corrosion is $993 B in March 2013 and estimated to exceed $1 trillion June 2013 (based on estimates of GDP from http://forecasts.org/gdp.htm).
The infographic below illustrates the growth in corrosion costs and shows how large of a draw on our economy corrosion is.
Source:http://www.g2mtlabs.com/2011/06/nace-cost-of-corrosion-study-update/
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