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Its main virtue is that it is fully recyclable as you can recover its polymer chains, unlike most other plastics. (see also: Recycling of PET Bottles)
Depending on its processing and thermal history, it may exist both as an amorphous (transparent) and as a semi-crystalline (opaque and white) material.
PET was patented in 1941 by the Calico Printer's Association of Manchester.
The PET bottle was patented in 1973.