A New Approach to Corrosion Monitoring

    Most assets depreciate, losing value over time as a result of wear and tear, age, or obsolescence. Corrosion, like depreciation, results in the often hidden cost of a non-cash expense — measurable in terms of reduced operating life — that reduces the value of assets. Many engineers in the chemical process industries (CPI) see corrosion on a “straight-line basis” in terms of repair, maintenance and replacement during fixed-interval turnaround inspections. New technology, however, can assess corrosion deterioration in realtime, using the plant control-and-automation system. The latest technology links corrosion to process conditions more directly and immediately. It also allows corrosion depreciation to be assessed in much-shorter time intervals with the ability to control and mitigate the rate of damage, and more accurately factor-in its true economic impact on plant operations. Illustrating the importance of corrosion depreciation is the fact that corrosive attack leads to plant breakdowns with some very considerable costs. Consider these figures based on recent studies:     The annual cost of corrosion in the U.S. is estimated to be about $300 billion (about 4% of the gross domestic…