Thailand Indorama Ventures: PET Recycling and CBAM Positioning
IVL FY2024 revenue USD 15.53B (vs USD 15.40B 2023); IVL 2.0 strategy delivering benefits. 396,666 tons post-consumer PET diverted from landfill in 2024 (=26.4B bottles); 71% waste diverted from landfill in operations. CBAM definitive phase from 1 Jan 2026 β IVL's recycled-PET franchise positions for the cost-of-carbon premium that CBAM creates.
Key takeaways
- 1
IVL FY2024 revenue (vs 2023); IVL 2.0 strategy delivering benefits.
- 2
2024 PET recycling: 396,666 tons of post-consumer PET diverted (= bottles); operational waste diverted from landfill.
- 3
World's largest integrated PET producer β virgin and recycled PET, fibers, oxide-derivatives.
- 4
CBAM definitive phase from 1 January 2026 β recycled-PET franchise structurally positions for cost-of-carbon premium.
- 5
IVL 2.0 transformation buttresses earnings against industry headwinds (lacklustre global PET demand cycle).
Questions this report answers
How exposed is IVL to the EU CBAM framework, and what's the recycled-PET franchise worth in that context? CBAM definitive phase started 1 Jan 2026; IVL's recycled-PET output qualifies for lower embedded-carbon ratings than virgin PET, which translates into a cost advantage over virgin-only competitors selling into EU. The exposure is most material for IVL's Europe-region revenue, which is broken out in the 2024 revenue document.[, , ]
What's the IVL 2.0 strategy delivering and on what timeline? Per company press releases, IVL 2.0 is starting to deliver in 2024 β earnings improvement against the lacklustre global-demand backdrop. The strategic frame is portfolio rationalisation, recycling capacity scaling, and operational-efficiency gains. Watch FY2025 results for the next data point.[, , ]
How does IVL's recycled-PET scale compare with global peers? 396,666 tons of post-consumer PET diverted in 2024 places IVL among the world's largest plastic recyclers; this is structurally above subscale competitors and creates a moat against virgin-PET-only producers facing CBAM cost pressure.[, , ]
What's the cyclical-vs-structural read for IVL? The PET cycle remains soft (lacklustre global demand per company commentary). IVL's structural advantages β scale, vertical integration, recycled-PET franchise, CBAM positioning β should compound through cycle softness; the FY2024 revenue (~+ YoY) shows resilience rather than growth in the down-cycle.[, , ]
IVL revenue trend (USD billion)
2023
Revenue (USD B)
15.40
YoY
n/d
Notes
Lacklustre global PET demand cycle
2024
| Year | Revenue (USD B) | YoY | Notes |
|---|---|---|---|
| 2023 | 15.40 | n/d | Lacklustre global PET demand cycle |
| 2024 | 15.53 | +0.8% | IVL 2.0 strategy delivering; resilient against industry headwinds |
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