The cost of corrosion exceeded $1 trillion in United States in 2013

 

Cost of Corrosion Estimate for 2013 by G2MT Labs

Cost of Corrosion Estimate for 2013 by G2MT Labs

The infographic above illustrates the growth in corrosion costs and shows how large of a draw on our economy corrosion is. 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 However, this estimate is incomplete and outdated.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).

For more information, see the full G2MT Lab’s Cost of Corrosion page.

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