Thailand’s Indorama Ventures has announced plans to invest US$1.5 billion in recycling as the environmental impact of single-use plastic becomes increasingly important to consumers and as regulatory pressures mount.
Indorama’s main business is the production of PET resin, used in the manufacture of plastic bottles, fibres and tyres. In the 12 months to June 30th 2019, Indorama produced nearly 5,000 kilotons of PET.
US$1 billion will be invested over the next five years, including greenfield and brownfield mergers and acquisitions focusing on bottle-to-bottle recycling.
Indorama currently has 11 recycling sites around the world, including plants in Thailand, Mexico and France, and aims to step up its green credentials in response to new regulation being introduced by governments and changing expectations from customers.
After 2023, Indorama plans to invest an additional US$500 million by 2025 to help customers achieve then European Commission’s target of incorporating 25% of recycled plastic in PET bottles.
AcuComm’s WasteView projects database includes 187 plastics recycling facilities, of which 23 are in Asia. Click here to view them all.