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assuming it involves magnets
I think it involves heating rather than magnets, it's easier to stick to polythene with a meltable glue than a solvent glue. A layered foil comprising adhesive/pigment/carrier/releaser is pressed onto the bottle with a hot die, the glue melts where the die pressure is, sticking the pigment to the substrate, the carrier pulls the remaining pigment and glue off the substrate and the releaser pulls away from the die to allow to tape to be moved to a fresh section ready for the next bottle.
So how do manufacturers pain their bottles? Am assuming it involves magnets.