August 2018, Vol. 245, No. 8

Features

NACE’s Impact Study

Over past two decades there have been significant studies in various parts of the world on the cost of corrosion and its effects on the economy. The often-cited 2002 study, “Corrosion Costs and Preventive Strategies in the United States,” revealed that the total annual estimated direct cost of corrosion was $276 billion – equivalent to about 3% of the U.S. gross domestic product (GDP).

NACE International embarked on a study that went beyond the economic effects of corrosion to focus in depth on its impact in energy, utilities, transportation and infrastructure segments. The results of "The NACE International IMPACT Study" were first reported in 2016 and are now available for review and download from the NACE website.

Areas covered in the report include:

• Assessment of the global cost of corrosion
• The Corrosion Management System Framework, a documented set of processes and procedures required for planning, executing, and continually improving the ability of a company to manage the threat of corrosion for new and existing assets
• Assessment and benchmarking of existing corrosion-management practices, including case studies and survey results from hundreds of companies.
• Corrosion-management tools such as life-cycle costing
• Education and training programs and opportunities
• Preventive strategies for effective corrosion management.

[Related article: NACE President Looks to Bolster Corrosion Education]