June 2017, Vol. 244, No. 6

Features

NACE's Impact Study: A Good Place to Begin the Conversation

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). Studies in other countries have shown a similar percentage of GDP. Recently, NACE International embarked on a new study that went beyond the economic effects of corrosion, emphasizing the integration of corrosion technology with management systems to improve corrosion-related decisions, both from economic and s