Internal Collaboration

Indorama Ventures strives to develop an organizational culture that continually supports and promotes innovation and talent, and which provides an environment that encourages creativity, risk taking and learning. Through empowered teams, our employees are encouraged to share ideas and rapidly translate concepts to prototypes for evaluation.

As a global company, we have defined innovation, and research and development as crucial topics for our strategy meetings. Every year, senior executives and staff from around the world who are involved in innovation are invited to participate in the meeting to discuss development strategies and how best to respond to market competition. We focus on strategic planning to increase product development, improve customer relationships, and encourage sustainable operations.

We use Lean Six Sigma in our organization to improve operational efficiencies and are now leveraging Design for Six Sigma (DFSS) fundamentals to benefit our innovation process.

Within Indorama Ventures, Six Sigma serves as an important competency with respect to our operations. By including elements of design for Six Sigma, we can introduce the fundamentals, and predictive tools and capabilities to implement quality into the system as part of our innovation process.

Vitality Index

(means revenue generated from the sale of products developed during the last five years)

Fibers Business

2023 Performance

Target = 22.0%

Actual = 18.0%

Combined PET Business

2023 Performance

Target = 21.0%

Actual = 27.3%

Indovinya Business

2023 Performance

Target = 15.0%

Actual = 17.7%

External Collaboration


This year, IVL entered into a license agreement with Shandong Binhua New Material Co., Ltd. To build and operate a co-production unit in China for Propylene Oxide (PO), t-Butanol (TBA), and Methyl t-Butyl Ether (MTBE). At the core of this project is IVL’s world-leading and innovative MTBE ‘single-step’ reaction technology, which simplifies the production process, thereby reducing operating costs while increasing MTBE yield.


In early 2022, we launched the Challenge, inviting companies, universities, associations, research institutes, and startups to propose innovative solutions that mitigate the social challenges faced by communities near our operations and support local development through sustainable, creative and efficient projects.