The petrochemical industry was severely impacted when Hurricane Harvey struck the Gulf in August. In the wake of that disaster, we're now left to pick up the pieces and assess the extent of the damage throughout the region—including rising costs solvents like acetone. Here's what we're finding out, and how Solvent Recycling Systems can help:
Acetone Prices are Soaring
US truck and rail acetone prices in the US Gulf and Midwest are surging ($265-287/tonne), and these increases are being pushed by tight supply in the US Gulf and Midwest regions as a result of Harvey.
Producers and sellers have made various nominations for a total increase of around 12-13 cents/lb ($265-287/tonne), while other sellers could increase pricing close to 6-9 cents/lb, according to the ICIS Group.
It's a situation where the loss in production outweighs the loss in consumption. ICIS Group went even further to say that although acetone demand from the large-buyer barge market is expected to be softer by the end of September, the demand from the solvents sector is strong and thus prices will continue to rise.
Industries Impacted by the Acetone Shortages
Nearly 7 million tons of acetone are manufactured on a yearly basis. Acetone is commonly used in laboratories, hospitals, medical institutions, automotive, 3D printing, Agricultural chemicals, paints and coatings, rubber processing, polymer and resin processing, adhesives, and printing ink. Due to its low VOC profile, it's no wonder a number of industries use it: it's a very good solvent choice because of its cleaning capabilities and low environmental footprint. The challenge with Acetone, as with many virgin solvents, is that it is expensive. Sometimes these costs are unavoidable, but in many cases, recycling acetone is an excellent alternative. In fact, Acetone is easily recoverable back roughly 98% of its virgin form.
Consider Acetone Recycling Options
With excessive waste storage costs and having to deal with rising acetone solvent prices in the wake of Hurricane Harvey, recycling acetone is a must, and now it's easier than ever. There are many benefits to on-site solvent distillation, but in the past, it wasn't the most affordable or economical option to facilities. Now thanks to Solvent Recycling Systems' IoT-enabled solvent recyclers, plant managers can streamline the supply chain management of solvent waste on site. You get clean solvent fit to your waste stream at all times, with the ability to replenish on-site.
Contact Solvent Recycling Systems to start recycling your acetone today.