Hello BMW
  • Home
  • Auto
  • Business and Management
    • Real Estate
    • Finance
    • Marketing and Advertising
  • Fashion
  • Shopping
  • Health and Fitness
    • Food and Drink
  • House and Home
  • Tech News
    • Internet
    • Online Business
    • Web Development
  • Relationships
  • Wedding
  • Travel and Leisure
Home  /  Business and Management  /  How much does corrosion cost the global economy?

How much does corrosion cost the global economy?

Linda Blair October 04, 2021 Business and Management Leave a Comment

When you think of the issue of material corrosion, you probably wouldn’t think about its impact on the economies of the world. You might be shocked to learn that globally corrosion costs $2.5 trillion and this amounts to almost 4% of global GDP. Metal corrosion, in particular, is a major concern for the economies of every country.

Image credit

This explains why governments across the world have been highly focused on corrosion control and prevention initiatives. When you consider the cost of not having a corrosion control policy, industries could be facing issues such as outages, production loss and even accidents as a result of corroded equipment.

Whilst rust looks unattractive, it can also lead to expensive losses for businesses and many such businesses are losing millions due to poor maintenance and a lack of understanding about corrosion control and protection.

For example, in the U.S, the cost of metal corrosion alone for the Federal Highway Administration equates to $276 billion! Sadly, if an organisation leaves such matters for too long, they could find themselves in a situation where the cost of repair outruns the profit of the business.

The damage done to water pipes as a result of corrosion also results in thousands of leaks, floods and the need for replacement piping systems. Prevention and maintenance could save a huge amount of money, as well as destruction of property.

Therefore, it makes great economical sense to target corrosion before the costs spiral out of control. Trillions are lost each year as a result of not understanding the significance of its impact on infrastructure, from physical buildings to transport networks and utility supplies.

There are also significant sustainability problems in terms of the need to replace corroded infrastructure. It is far kinder to the environment to carry out a programme of prevention in the first place.

Image credit

It’s not just utility companies that need to worry about corrosion either. Consider the defence forces of any nation, including planes, ships, tanks and infrastructure. All these things also need to be kept in good condition as the cost of letting corrosion set in does indeed run into the billions.

Ways to solve these issues include adopting corrosion management systems and understanding the specific corrosion that is effecting a particular industry or organisation. In fact, corrosion control should become an integral part of business strategy. Ensuring materials have been treated properly is paramount. For information regarding Surface Treatments, for example, visit Poeton.co.uk

The benefits of corrosion control can be seen today in the automobile industry. Years ago, corrosion was a major problem for vehicles and it was common to see a lot of rust on cars, buses and trains. This drastically reduced the life of vehicles and was costing the automobile industry huge amounts annually.  During the 1970s, greater focus was put onto corrosion prevention, including the use of improved methods of applying paints and coatings and adopting more effective corrosion-resistant materials in production.

Previous Article
Next Article

About Author

Linda Blair

Related Posts

  • Examples of Brand Strategies

    January 21, 2023
  • Business Management The 10 Commandments For The Small Business

    How To Stay Motivated To Start A Business

    December 14, 2022
  • How To Make Money By Writing Articles

    Seven Best Ways To Save Money

    December 4, 2022

Leave a Reply

Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  • Popular
  • Recent
  • How To Make Money By Writing Articles
    How To Make Money By Writing Articles January 2, 2018
  • The Basic Rules Of Personal Finance November 30, 2016
  • cars-with-doors-that-disappear
    Five cars with doors that disappear and other ways to complicate life November 30, 2016
  • dress-in-holiday
    How to dress in holiday season? H & M teaches us your ideas November 30, 2016
  • Three Things to Consider before you Build your Own Home January 31, 2023
  • Popular Occasions to Send Cards January 28, 2023
  • multiversus Rick gameplay
    Exploring the Multiverse: A Rick and Morty Gameplay Guide January 27, 2023
  • Three Reasons Why You Might Move House When you Retire January 21, 2023

Recent Posts

  • Three Things to Consider before you Build your Own Home January 31, 2023
  • Popular Occasions to Send Cards January 28, 2023
  • multiversus Rick gameplay
    Exploring the Multiverse: A Rick and Morty Gameplay Guide January 27, 2023
  • Three Reasons Why You Might Move House When you Retire January 21, 2023

Recent Posts

  • Three Things to Consider before you Build your Own Home
  • Popular Occasions to Send Cards
  • Exploring the Multiverse: A Rick and Morty Gameplay Guide
  • Three Reasons Why You Might Move House When you Retire
  • Examples of Brand Strategies

Categories

  • Business and Management
  • Cars and Trucks
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Food and Drink
  • Health and Fitness
  • House and Home
  • Internet
  • Jobs and Careers
  • Lifestyle
  • Marketing and Advertising
  • Online Business
  • Parenting
  • Pet
  • Real Estate
  • Relationships
  • Reviews
  • Shopping
  • Technology and Gadgets
  • Tips
  • Travel and Leisure
  • Web Development
  • Wedding

Popular Posts

  • How To Make Money By Writing Articles
    How To Make Money By Writing Articles January 2, 2018
  • The Basic Rules Of Personal Finance November 30, 2016
  • cars-with-doors-that-disappear
    Five cars with doors that disappear and other ways to complicate life November 30, 2016
  • dress-in-holiday
    How to dress in holiday season? H & M teaches us your ideas November 30, 2016

Category Posts

  • Examples of Brand Strategies January 21, 2023
  • Business Management The 10 Commandments For The Small Business
    How To Stay Motivated To Start A Business December 14, 2022
  • How To Make Money By Writing Articles
    Seven Best Ways To Save Money December 4, 2022
  • Toxic bosses can form grounds for constructive dismissal December 2, 2022

Tags

2021 Basic Rules Blue Bodybuilding Bridal Business business ideas cars Decoration Design dress in holiday season education Finance Financial health Healthy House House and Home Ideas Important Improve Internet Kitchen Lose Weight net worth New York Personal photography physical planning Public recommendations Relations release date Retirement sink social network strategies Stress travel Web design web development Website wedding Yoga

Pages

  • Contact US
  • Private Policy
  • Sitemap

Archives

  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • April 2021
  • March 2021
  • January 2021
  • December 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • April 2020
  • March 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • May 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
Theme by ThemesPie | Proudly Powered by WordPress