IVL commenced business operations in 1994 with the establishment of the first worsted wool yarn producer in Thailand.

[2] In November 2011, it acquired the PET and Polyester fibers recycling businesses of Wellman International in Europe,[citation needed] and in January 2012, IVL acquired FiberVisions Holdings, a manufacturer of specialty mono and bicomponent fibers based in Duluth, Georgia, USA.

[citation needed] As of February 2021, IVL was the market leader in PET in the US,[3] and the largest polyester fiber producer in Thailand.

[5][6] Indorama Ventures and its subsidiary, Avgol Industries, have been listed on the database in light of their involvement in activities related to "the use of natural resources, in particular water and land, for business purposes".

[7][8][9] In response to the listing, Indorama Ventures and Avgol announced that they are moving their operations outside of the West Bank.