SOURCE: NACE International, The Corrosion Society
HOUSTON, TX--(Marketwired - November 14, 2013) - NACE International announces the commencement of its new global study on costs related to corrosion, an initiative to determine the financial and societal impact of corrosion on industry sectors including infrastructure, manufacturing, utilities, transportation, and government. The two-year study led by NACE International with participation from industry partners worldwide is now underway and will be managed by longtime corrosion industry advocate and former NACE International President, Elaine Bowman.
The study will integrate research based on international, regional, and academic participation and will focus on economic data to provide statistics and models that asset owners can use to implement asset preservation, management, and/or replacement.
"Corrosion is an inevitable, but controllable process which can result in destructive, even catastrophic incidents when not properly prevented and managed," said Bowman. "Costs associated with corrosion control include direct expenses like repair and replacement of assets, but there are additional costs, indirect costs like production lost due to closure for repairs, or the environmental and physical impact of corrosion-related failures. This study will explore direct and indirect costs of corrosion to several industry sectors around the world and identify ways to save as much as 30 percent of those costs."
A 2001 study funded by the U.S. Congress with oversight by the Federal Highway Administration (FHWA) and support from NACE International provided broad research on direct and indirect costs for U.S. industry sectors. The results of the study indicated the annual estimated direct cost of corrosion in the U.S. was $276 billion. The study led Congress to develop a Corrosion Policy and Oversight (CPO) office within the Department of Defense (DoD); the CPO has demonstrated up to a 40:1 return on investment for corrosion control programs implemented by DoD. The study also resulted in Congressional support for the launch of the world's first undergraduate degree on corrosion.
"This is an essential study for industry stakeholders and governments worldwide," said Bob Chalker, NACE International's Executive Director. "It will be the most comprehensive study to look at costs associated with the impact of corrosion and the resulting data will contribute to future project plans, regulations, education, and more."
NACE International will provide updates on the progress of the study periodically via press release and at www.nace.org.
About NACE International
Founded in 1943, NACE International, The Corrosion Society, serves 32,000 members in 130 countries. Based in Houston, Texas, with offices in the U.S., China, Malaysia, and Saudi Arabia, the organization serves all industries impacted by corrosion and provides the most specified technical training and certification programs, conferences, industry standards, reports, and publications focused on corrosion prevention and mitigation.
About NACE International Founded in 1943, NACE International, The Corrosion Society, serves 33,000 members in 130 countries. Based in Houston, Texas, with offices in the U.S., China, Malaysia and Saudi Arabia, the organization serves all industries impacted by corrosion and provides the most specified technical training and certification programs, conferences, industry standards, reports, and publications focused on corrosion prevention and mitigation.
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