What are the economic impacts of metal corrosion?

Metal corrosion significantly increases maintenance costs, reduces product lifespan, and can lead to economic losses in various industries.

Corrosion, the natural process that converts refined metal back into a more stable form such as oxide, hydroxide, or sulphide, has a significant economic impact. It is estimated that the annual cost of corrosion worldwide is over £1.8 trillion, which is about 3-4% of the world's Gross Domestic Product (GDP). This cost includes direct costs such as repair and replacement of corroded equipment, and indirect costs like production losses due to equipment failure.

In industries such as construction, transportation, and manufacturing, metal is a primary material. Corrosion can lead to the weakening of structures, causing safety hazards and necessitating costly repairs or replacements. For example, in the construction industry, the corrosion of steel reinforcement bars is a major issue that can compromise the structural integrity of buildings and bridges. This not only leads to increased maintenance costs but also poses a risk to public safety.

In the transportation industry, vehicles and infrastructure like bridges and railways are susceptible to corrosion, particularly in coastal areas where the salt in the air accelerates the process. This can lead to increased maintenance costs, reduced lifespan of vehicles and infrastructure, and potential safety risks.

In the manufacturing sector, corrosion can cause equipment to fail, leading to production downtime and loss of revenue. It can also affect the quality of the products being manufactured, leading to potential recalls and damage to the company's reputation.

Furthermore, corrosion can have environmental impacts, which also have economic implications. For example, the corrosion of underground storage tanks can lead to the leakage of harmful substances into the environment, resulting in clean-up costs and potential fines for environmental damage.

In conclusion, the economic impacts of metal corrosion are significant and wide-ranging, affecting many sectors of the economy. It is therefore crucial for industries to invest in corrosion prevention and control measures to minimise these costs.