Graft Polymer (UK) PLC (LSE:GPL) told investors it has inked a new research, development and supply agreement, its third in two months, to work with new partner FORPET BALTIC.
The latest agreement sees the companies working together to research the production of recycled PET, a sustainable and environmentally friendly form of polyethylene terephthalate – the type of plastic used in water bottles, food containers and other packaging.
It is described as a growing market that is forecast to expand from around US$48.4 billion this year to over US$91 billion by 2030.
"We are delighted to forge this new partnership with FORPET, a leader in the field of sustainable and environmentally friendly packaging,” said Victor Bolduev, Graft Polymer chief executive.
“Our deep expertise in polymer modification will help play a vital role in developing game-changing solutions for the disposable plastic industry."
FORPET managing director Sergey Nikitenko, meanwhile, added: "We look forward to working with Victor and his team.
“We have been impressed by Graft's scientific and proven approach to problem solving which together with surety of supply from the newly commissioned industrial facility made them an obvious choice for this important project."
The companies believe that a "growing inclination toward high-quality packaging in the pharmaceutical and food & beverage industries" will drive industry adoption of recycled PET products.
Graft noted that it remains focused on expanding its product ranges and global footprint, establishing partnerships to help it compete effectively through cutting edge R&D and production methods.