European demand for denatured ethanol recently doubled.
Cargill told Reuters the spike comes as denatured ethanol is an ingredient in hand sanitizers, and demand for hand sanitizers has surged in recent weeks amid the global outbreak of the new coronavirus.
The virus has spread to more than 105 countries across the globe, with more than 100,000 cases reported and 3,800 deaths, globally.
The U.S. Centers for Disease Control recommends people use hand sanitizers with a minimum of 60 percent alcohol to combat the virus.
However, the best precaution, according to medical experts, is regular and thorough handwashing.
A study released in September of last year reported the denatured ethanol market was projected to grow 6.8 percent in revenue by 2024, reported before the outbreak.
At the time, MarketWatch said demand was low with excess supply.
Since the outbreak, hand sanitizers have been quickly selling out on store shelves and online, as the global population seeks to protect itself from the virus.