The global economy came to a virtual standstill in the first half of 2020 as countries introduced lockdown measures in a bid to control the COVID-19 virus. As a result, there were fewer cars on the road and therefore less demand for fuel. This forced refineries for both crude oil and biofuels to turn production down.
This caused a collapse in crude oil values, since supply took many weeks to adjust to the fall in demand, which made biodiesel uncompetitive. The resulting fall in biodiesel demand and consequently production meant that its by-product glycerol became in short supply. Glycerol is a key ingredient for hand sanitiser and demand has soared during the pandemic, with prices, in some cases, almost tripling in value compared to early 2020.
Jennifer Hawkins
Consultant – Phenol, Acetone, Epoxy Resins, Epichlorohydrin
Phone: +44 207 924 3955
jennifer.hawkins@orbichem.com
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