As the world is awakening to a new green era, one of the biggest inefficiencies is left unaddressed. It is estimated that 40% of all new steel is used to replace steel damaged or destroyed by corrosion. This equates to an estimated 3.2% of the world’s CO2 emissions on maintenance alone.1
Within the oil and gas industry, corrosion is known to be one to the main reasons for the failures of infrastructure.2 According to NACE International, the annual cost of corrosion to the oil and gas industry in the United States alone is estimated at $27 billion – leading some to estimate the global annual cost to the industry as exceeding $60 billion.3