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Corrosion significantly impacts the economy by leading to costly maintenance, repairs, and replacements of infrastructure, machinery, and equipment. It is estimated that corrosion costs industries billions of dollars annually in lost productivity and material degradation. Additionally, the need for corrosion prevention and control measures increases operational expenses across various sectors, including transportation, construction, and manufacturing. Overall, the economic burden of corrosion can hinder growth and efficiency in affected industries.
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Why does corrosion cause loss to national economy?
Corrosion of metals causes great economic loss. It's estimated that 'bout 15% of the total world production of iron is destroyed by corrosion .This corrosion causes a very serious loss 2 national economy .
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