I need to select a wave washer that will hold up under salt and chlorinated water enviroment. The 316 costs approximately 12x times as much as stocked 17-7 PH/C. Is 316 worth the additional cost?
The worth of a material selection can be estimated by factoring all the related expenses along the projected life of the construction, including downtime, repair, maintenance etc. Also the meaning of "hold up" should be refined. Will some superficial pitting be tolerated?
On the other hand it maybe that duplex stainless would hold better than 316. A detailed comparative study should probably be conducted.
I don't see that 316 will be much better than 17-7. Both will pit and rust stain. There is a risk of stress cracking with both of them. You need a higher alloy material. At least duplex 2205, or a 6% Mo stainless (254SMO, AL6-XN), or a Ni based alloy (C276, C-22, 59, 686).
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Rust never sleeps
Neither should your protection