Delivering International Market Due Diligence for Plastic Recycling Technology

The Anthesis team were a real pleasure to work with.  The team had direct experience in the textile market and were quick to accurately evaluate a wide range of topics from supply feedstock through to end-product production and technology; using their own internal network contacts. Due diligence conducted with customers was handled with sensitivity and information collected from customers was helpful to both investors and the company. I would gladly recommend this team.”


Anthesis prepared a commercial market due diligence report for an investor group that was considering an investment in PerPETual Global Technology Ltd (PGTL). PGTL owns a proprietary, fully commercialised technology to convert PET plastic flakes into polyester filament and potentially other products using its own patented process. Its first operational plant is in India.

The investment aimed to expand the existing demonstration facility in India, as well as potentially expanding operations worldwide.


Anthesis prepared a commercial market due diligence report for a client planning to invest in an innovative PET  plastic recycling technology in India.

The report provided an independent review of the availability of PET bottles globally, with a more in-depth focus and coverage of PET bottles availability in India. It reviewed the international competition in the manufacturing of sustainable polyester yarn made from used plastic bottles, plus the demand and pricing in the global polyester and recycled polyester fibre market.

The project involved:

  • Providing a high-level global view of the availability and flows of PET bottles as the input material.
  • A comprehensive understanding of the Indian PET bottle recycling market and relevant input into the client’s financial model to evaluate the risks and opportunities with this investment.
  • Commercial benchmarking of PGTL’s chemical recycling process against existing mechanical recycling processes, as well as against direct competition from other producers of chemically recycled PET (rPET).
  • Commercial benchmarking against other indirect competition from other innovative fibre-to-fibre textile recycling solutions.
  • A comprehensive understanding of the international market for recycled polyester fibre for textiles and the competition with virgin polyester in the market.


The investor group received a concise executive summary with infographics presenting key elements of the complex market analysis, key trends and drivers and conclusions describing future market volumes, level of competitive pressures and pricing implications in the PET bottle recycling and polyester fibre markets.

The commercial due diligence found:

  • Continued growth demands in the international PET bottle recycling market due to environmental pressures and increasing efforts to introduce formal collection systems in India and other developing countries.
  • Growing demand for rPET from mechanical and chemical recycling, as well as increasing demand for bio-based products and emerging closed loop textile recycling from the apparel sector.
  • Demand for rPET outstripping supply in the apparel sector, in particular demand for high quality fibres able to directly replace virgin polyester.
  • Increasing commitments from the apparel sector to increase its use of sustainable fibres and consequently considerable growth in the global demand for rPET.
  • Complex international supply chains shaped by key brands and fibre buyers relying on fibre mills to ethically source suitable recycled materials and comply with respective standards.
  • Limitations in existing mechanical recycling technologies which were being replaced by environmental chemical recycling processes.

The project provided the investor with key commercial information for the recycled polyester market, including input availability and costs of PET bottle waste in India along with international demand for rPET filament yarn, output pricing, competitive pressures and market drivers.

The client decided to further develop the existing PET recycling operation in India and expand into the global market. PerPETual has already increased the capacity of its existing plant by 30% and has started work to further expand capacity by 250%.