Impact of COVID-19 on the Iso-Propyl Alcohol Market
As majority of the COVID 19 vaccines or antiviral drugs are under the trial, The personal hygiene (majorly hand) is extremely important way to prevent the spread of out-break of corona virus. Washing of hands with soap & water for at least 20 seconds is highly effective to neutralize the impact of virus. As the handwashing with water is not always feasible, so the people are preferring the use of alcohol-based sanitizers (contains iso-propyl alcohol 70% vol.) as a quick alternative to washing of hands with water.
Due these properties of iso-propyl alcohol, the chemical manufacturing companies are shifting production at plants to meet the global demand for hand sanitizers. Companies such as Dow Chemical has started production of alcohol-based sanitizers (~200 tonnes per week), similarly the European manufacturer INEOS has also announced plans to manufacture one million bottles of sanitizers at its UK factory. The manufacturers of iso-propyl alcohol such as ExxonMobil has increased its capacity by 3,000 tonnes per month. Covestro (DE) has announced to invest US $1.7 billion in chemical plant at Texas for home cleaning chemicals.
Due to sudden rise in the demand the prices of Iso-propyl alcohol have rose US $3.5 from US $1 in the last month. Though the prices are increasing most of the government are restricting the price for Iso-propyl alcohol.
Currently hand sanitizers may be the growing application for iso-propyl alcohol under the pharmaceutical applications. The pharmaceutical sector which includes application such as alcohol wipes, swabs, hand sanitizers, disinfectants, oral mouthwash, and various other products. The outbreak of pandemic corona virus is also stimulating the demand of these personal hygiene applications. Apart from pharmaceutical application it is also used in the manufacturing of inks, agricultural chemicals, and resin manufacturing etc.
The capacity expansion and installation of new plants will have positive impact on the market and contribute its growth in the coming future.