Indorama Ventures Public Company Limited, a global sustainable chemical company, has announced a strategic partnership to advance commercial-scale circular PET packaging in Thailand. Through Indovida, its packaging business segment, Indorama Ventures has partnered with Suntory Holdings Limited, Suntory PepsiCo Beverage (Thailand) Co., Ltd. and Iwatani Corporation. Together, the companies aim to strengthen the circular economy for PET packaging while expanding the use of recycled materials across the packaging value chain. The collaboration will also reinforce Indorama Ventures’ downstream packaging platform and strengthen its position in circular packaging solutions across Southeast Asia.
Indovida Introduces Flake-to-Preform Recycling Technology
As part of the partnership, Indovida (Thailand) Limited—a joint venture between Indorama Ventures and Iwatani Corporation—will introduce Flake-to-Preform™ (FtoP) Direct Recycling Technology to Thailand. The patented technology, jointly developed by Suntory and three partner companies, including Japanese recycling specialist Kyoei Industry Co., Ltd., enables manufacturers to produce PET preforms directly from recycled PET bottles. The process can improve recycling efficiency and reduce the environmental impact associated with conventional PET production. The project marks the first commercial deployment of FtoP technology in Southeast Asia. The facility is expected to produce recycled PET preforms equivalent to approximately 400 million PET bottles annually. Beginning in 2028, Indovida will supply these recycled PET preforms to Suntory PepsiCo Beverage (Thailand).
Strengthening Indorama Ventures’ Circular Packaging Platform
Through Indovida, Indorama Ventures continues to expand its integrated packaging platform by combining expertise in PET, recycled PET and packaging manufacturing with advanced recycling technologies and strategic partnerships. In addition, the collaboration strengthens the company’s circular packaging capabilities in Thailand and creates opportunities for future expansion across Southeast Asia. The initiative also supports Indorama Ventures’ IVL 2.0 growth strategy, which focuses on building market-leading businesses through innovation, strategic partnerships and disciplined investment. At the same time, the project aims to help customers achieve their sustainability goals by increasing the availability of high-quality recycled PET packaging solutions.
Partners Combine Expertise Across the PET Value Chain
Each partner brings complementary capabilities to the circular PET packaging initiative. Indorama Ventures contributes its expertise in recycled PET, integrated materials and packaging manufacturing. Meanwhile, Suntory provides the FtoP recycling technology and implementation expertise developed in Japan. Iwatani Corporation adds its industrial capabilities and long-standing partnership with Suntory. Furthermore, Suntory PepsiCo Beverage (Thailand) will become the first commercial customer to use the recycled PET preforms produced through the project. This integrated approach brings together technology, recycling, materials and commercial application, thereby helping accelerate the transition towards more sustainable PET packaging.
Suntory Sees Major Potential for Sustainable PET Bottles
Jun Asaki, Chief Sustainability Officer of Suntory Holdings, said the introduction of FtoP technology in Thailand represents an important step in expanding the adoption of sustainable PET bottles. He added that Suntory aims to work with a broader network of partners to promote PET bottles as a sustainable packaging solution in Thailand and across Southeast Asia while contributing to a circular economy and reducing environmental impact.
Partnership Supports the Circular Economy
Kenji Motoori, Director of Iwatani Corporation, said the company is pleased to begin the initiative with the Suntory Group to support the commercialization of FtoP technology in Thailand. Through its joint venture with Indorama Ventures, Iwatani will help ensure a stable supply of high-quality recycled PET preforms. The company also plans to continue working with its partners to support the development of a more circular economy.
Aloke Lohia, Group CEO of Indorama Ventures, said the collaboration reflects the company’s commitment to advancing circular PET packaging in Thailand and beyond. By combining its integrated PET value chain with advanced recycling technology and strong industry partnerships, Indorama Ventures aims to deliver differentiated circular packaging solutions while further strengthening its downstream packaging business.
Advancing Sustainable Packaging Across Southeast Asia
The project demonstrates how collaboration across the PET and packaging value chain can accelerate the transition towards a circular economy. By increasing the use of recycled PET, improving resource efficiency and reducing dependence on fossil-based materials, the partners aim to create a more sustainable packaging ecosystem. As per the press release, the collaboration could also provide a platform for expanding circular PET packaging solutions across Southeast Asia, supporting both industry sustainability goals and the region’s transition towards a more resource-efficient future.
