Is it "polyethylene terephthalate"? Probably, and if so it's
perfectly safe. Polyethylene terephthalate is the plastic soda
bottles are made from.
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Polyethylene terephthalate (PET) fits the definition of a
polyester so the name is redundant. I think PETP is simply an old
abbreviation for PET.
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The components used to make Polyethylene terephthalate is
plastics. They take recycled plastics and mold them into
polyethylene terephthalate. If you want the chemical formula for
polyethylene that would be (C10H8O4)n.