Specialty chemicals company Graft Polymer UK has signed its third research and development (R&D) and supply agreement with FORPET BALTIC, a European FMCG packaging company.

The companies will co-operate in the research and production of recycled polyethylene terephthalate (rPET).

Upon completion of the joint R&D, Graft will supply FORPET with the new product for manufacturing. The agreement is the third for Graft in the last two months.

The partnership with FORPET is in line with Graft's goal to expand its product ranges and global footprint, as well as establishing partnerships that can enhance its R&D and production methods.

Graft CEO Victor Bolduev said: "We are delighted to forge this new partnership with FORPET, a leader in the field of sustainable and environmentally friendly packaging.

“Our deep expertise in polymer modification will help play a vital role in developing game-changing solutions for the disposable plastic industry."

PET is a lightweight and recyclable plastic, which makes it a suitable option in the packaging industry.

The global PET market is projected to grow from $48.4bn in 2023 to $91.4bn by 2030, driven by the high-quality packaging demand in the pharmaceutical and food and beverage industries.

In addition, the company expects improvement in R&D activities and advancements in polymers to boost PET market growth during this period.

Graft is a specialty chemicals company offering modified polymer solutions for refiners, compounders and processors.

It has advanced R&D and manufacturing facility based in Slovenia.

FORPET managing director Sergey Nikitenko said: "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."