The Battery Recycling Paradox
The market can grow while the recycler’s profit pool shrinks.
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Summary
India’s battery recycling industry may experience rapid volume growth while suffering declining recoverable material value per tonne.
As LFP and other low-cost chemistries gain market share, conventional metal-recovery economics will become increasingly unattractive, favouring operators with scale, secured feedstock, low-cost processing and diversified revenue streams.
Recycling will remain necessary, but its economics may increasingly depend on producer-funded services and regeneration technologies rather than commodity recovery alone.