According to the NACE global study, annual damage is estimated to be $2.5 trillion, equivalent to roughly 3.4% of the world's gross domestic product (GDP), and Implementing corrosion prevention practices could result in global savings of 15-35% of that cost, or $375-$875 billion. For India, the cost of corrosion in 2019 was $ 102 billion (USD) (4.2% of the nation's gross domestic product), and the avoidable cost of corrosion is estimated is around $25 billion (USD), which is equivalent to 25% of the direct cost of corrosion. Thus, the economic as well as environmental impact of corrosion is significant.