Indorama Ventures is stepping up its push into sustainable packaging with a new partnership aimed at bringing commercial-scale circular PET production to Thailand.

 

Through its packaging business, Indovida, the company is teaming up with Suntory Holdings, Suntory PepsiCo Beverage (Thailand) and Iwatani Corporation to introduce Flake-to-Preform (FtoP) Direct Recycling Technology to the Thai market.

 

The project will be delivered through Indovida (Thailand), a joint venture between Indorama Ventures and Iwatani. It will mark the first commercial deployment of FtoP technology in Southeast Asia, with production expected to generate recycled PET preforms equivalent to about 400 million PET bottles a year.

 

Starting in 2028, the recycled PET preforms will be supplied to Suntory PepsiCo Beverage Thailand.

 

The FtoP technology, jointly developed by Suntory and three partners, including Japanese recycling company Kyoei Industry, allows PET preforms to be made directly from recycled PET bottles. The technology is designed to streamline the recycling process while reducing its environmental footprint.

 

The partnership also deepens Indorama Ventures’ position across the PET packaging value chain, combining its capabilities in PET, recycled PET and packaging manufacturing with Suntory’s recycling technology and Iwatani’s industrial expertise.

 

Suntory Holdings Chief Sustainability Officer Jun Asaki said the project would help accelerate the use of sustainable PET bottles in Thailand and Southeast Asia.

 

"We see the introduction of this FtoP technology in Thailand as a significant step forward in expanding the adoption of sustainable PET bottles, a key target of the Suntory Group. Through collaboration with a wider range of partners, we aim to promote PET bottles as a sustainable packaging solution in Thailand and across Southeast Asia, contributing to the realization of a circular society and environmental impact reduction."

 

Iwatani Corporation Director Kenji Motoori said the company would work with its partners to establish a reliable supply of recycled PET preforms.

 

“We are delighted to begin this initiative with the Suntory Group to advance the commercialization of FtoP technology in Thailand. Through our joint venture with Indorama Ventures, we will support this project by ensuring a stable supply of high-quality recycled PET preforms. We will continue to work closely with our partners to help realize a circular economy.”

 

Indorama Ventures Group CEO Aloke Lohia said the partnership would strengthen the company’s circular packaging business while advancing its broader growth strategy.

 

"This collaboration reflects Indorama Ventures’ commitment to reimagining chemistry for a more circular future by advancing circular PET packaging in Thailand and beyond. By combining our integrated PET value chain with world-class recycling technology and strong industry partners, we are expanding our ability to deliver differentiated circular packaging solutions while reinforcing our downstream packaging platform. 

 

"This partnership reflects our IVL 2.0 strategy of building market-leading businesses through focused partnerships, innovation and disciplined investment, creating lasting value for our customers, shareholders and other stakeholders.”

 

The company said the Thailand project could also serve as a springboard for further circular packaging opportunities across Southeast Asia, supporting its IVL 2.0 strategy while helping customers meet their sustainability targets.