Corrosion of storage tanks is costing the United States economy more than $7 billion annually. According to a landmark study conducted by the U.S. Federal Highway Administration in 2002, corrosion is costing the American economy an astronomical $276 billion per year, which is more than 3% of the nation’s total Gross Domestic Product (GPD). The NACE International estimations are very similar, with corrosion costs at $2.5 trillion, making up 3.4% of the GDP.
This study was certainly the most thorough examination of the real cost of corrosion. However, the costs of corrosion will likely pass the $1 trillion mark in the near future. Not only that, but currently, corrosion of storage tanks that are designed for hazardous materials, such as oil, gas, and other HAZMAT materials, cost the United States more than $7 billion, not to mention a range of negative health and environmental effect from chemicals spills.
With all of that being said, tank coatings can actually be a part of the solution for preventing this type of damage. Advanced anticorrosion coatings that involve epoxy, urethane, zinc, other enamels, abrasive blasting, and more can help create water resistant, environment resistant, and high-temperature coatings. There are four major benefits of protective paint coating, like tank coating, that can fight this corrosion problem.
- Reduce repair costs: Exposure to elements and chemical or electrochemical reactions can result in the deterioration of the whole exposed surface of a metal. Some parts and equipment require total replacement when they are affected by corrosion, which gets costly. Tank coatings can protect the metals from these reactions, almost eliminating the need for repair and replacement costs.
- Prevent operating losses: When equipment gets corroded and needs to be fixed or replaced, it takes a lot of time. Operations can be frequently put on hold when corrosion issues arise, only increasing losses from the delay in production.
- Lives Saved: Corrosion protection can literally save lives. Any sort of damage to equipment can lead to accidents in productions. Corrosion can cause these malfunctions, and malfunctions can cause injuries and even loss of lives.
- Protection against legal liabilities: Corrosion protection can help avoid legal liabilities as it makes equipment last longer and extends efficiency. With this extension, health, environmental, and safety issues caused by corrosion decrease, therefore decreasing legal liability.
While the corrosion of storage tanks in continually costing the United States more and more money, it’s important to remember that there is a solution. Tank coatings for these storage tanks can be of serious use to those need it. It helps reduce repair costs, prevents operation losses, protects against legal liability, and even saves lives.