EXCLUSIVE: PolyProtic Co-Founder on Strengthening India’s Rare Earth Metal Ecosystem

ChemAnalyst in conversation with their Co-Founder Rajesh Goyal

India’s race toward self-reliance in critical minerals is gaining pace, and companies like PolyProtic Chemical India Limited are at the forefront of this transformation. In this exclusive interview, Rajesh Goyal, Co-Founder and Managing Director of PolyProtic Chemical Limited, speaks with ChemAnalyst about India’s evolving rare earth ecosystem, technological innovation, and the sustainable future of metal recovery.

Q1: How has India’s rare earth elements landscape evolved in the last few years?

Rajesh Goyal:

The change has been quite remarkable. Government of India has shown tremendous initiative and commitment toward strengthening this sector. Under the Ministry of Mines, several new programs and policies have been introduced to encourage domestic innovation and production.

We’re also seeing strong industrial participation — more companies are coming forward to develop solutions. It’s an exciting time for anyone working in the rare earth ecosystem.

Q2: Your company has developed two proprietary technologies — Metscap TBB and Metscap DEPA. Could you explain these in simple terms?

Rajesh Goyal:

Certainly. Rare earth elements and critical metals like lithium, cobalt, and nickel are often mixed together in ores or battery waste. Our products — Metscap DEPA, Metscap TBB, and Metscap Ultra — act like chemical magnets that selectively extract specific metals from these mixtures.

For example, Metscap Ultra is highly selective for cobalt, while Metscap DEPA performs exceptionally well for manganese and zinc. This helps in achieving high-purity metal recovery from complex sources like battery black mass.

Q3: Have these technologies been tested or used in real applications?

Rajesh Goyal:

Yes, our solvents are being tested for metal recovery from spent lithium-ion batteries. When batteries reach the end of life, they are shredded into a “black mass.” From this, our products help extract valuable metals like cobalt and nickel.

For instance, Metscap Ultra has shown outstanding selectivity in separating cobalt from nickel mixtures, outperforming conventional solvents. This makes our solutions not just effective but also more cost-efficient and sustainable.

Q4: Where do you see the biggest growth opportunities for rare earth metals in the next 5–10 years?

Rajesh Goyal:

The most obvious growth driver is the electric vehicle (EV) industry, followed by wind turbines and clean energy technologies. We also expect growth in semiconductors and magnets, both of which are heavily dependent on rare earth elements. 

Q5: Which regions will see the most demand for your products?

Rajesh Goyal:

Currently, most rare earth refining happens in China, followed by South Korea and Finland. These regions are our target markets for solvents. However, India, with its growing EV and clean energy industries, will emerge as a significant user in the near future.

In short, Asia-Pacific will remain the hub of growth in the coming years.

Q6: What are the major bottlenecks India faces in this industry?

Rajesh Goyal:

The biggest challenge is raw material availability. India lacks abundant rare earth reserves.

Secondly, this industry requires continuous R&D investment and innovation, which is still building up in India.

And third, the battery recycling ecosystem is still fragmented and informal. Greater structure and policy support are needed for smoother growth.

Q7: Sustainability is a major global concern. How do your products contribute to a greener future?

Rajesh Goyal:

That’s one area we’re very proud of. Our solvents enable a chemical extraction process that operates at ambient temperature, unlike traditional high-temperature metallurgical processes (pyrometallurgy). This reduces energy consumption dramatically.

Moreover, our solvents are reusable — they can perform extraction and then be recycled repeatedly. This makes the process circular and sustainable.

Lastly, our manufacturing methods are safer and less hazardous than many conventional solvent production routes, enhancing worker safety and environmental performance.

Q8: PolyProtic recently received a government grant. Could you tell us more about it?

Rajesh Goyal:

Yes, thank you. We received a grant under the PRISM SMT scheme from the Ministry of Mines. This initiative supports R&D-driven startups in developing prototypes and scaling up promising solutions.

We had already demonstrated success at the lab level for Metscap DEPA and Metscap Ultra. The grant now helps us take these technologies to pilot and commercialization stages. 

Q9: What are your current scale-up and commercialization plans?

Rajesh Goyal:

We’ve nearly completed our pilot plant, which should be operational in the coming months. For commercial production, we’re pursuing a partnership model — utilizing underutilized facilities instead of building our own full-scale plant immediately.

This allows faster market entry, lower investment risk, and quicker revenue generation — a strategic move for startups like ours.

Q10: What are some common myths about the rare earth industry you’d like to clarify?

Rajesh Goyal:

The biggest myth is that recycling or extracting rare earths is too difficult. It’s challenging, yes, but with proper technology and innovation, it’s absolutely feasible.

Another misconception is that rare earths are truly rare. In reality, they are abundant in nature — but often not economically extractable. For example, lithium exists in seawater, but in very small quantities and research is ongoing to extract it from seawater. I mean, 70% of Earth is water so we got a huge amount of lithium. Now could it be commercially viable? That is a question still we need to address, but I think we need to probably go beyond the traditional way of thinking and do a little bit more innovation to extract it.

Q11: How are geopolitical changes, like tariffs and trade restrictions, impacting your sector?

Rajesh Goyal:

Interestingly, our segment is somewhat insulated because rare earths are strategic materials. However, export restrictions — like India’s recent ban on battery black mass exports — do affect market dynamics.

For PolyProtic, the situation is slightly favorable. Some countries prefer non-Chinese suppliers, which opens opportunities for Indian companies like ours.

Q12: What are your main challenges today?

Rajesh Goyal:

There are a few.

•             Since our products are CapEx items, they are not frequently re-ordered — which means slow sales cycles.

•             Being a startup, we need to build customer confidence against large established players.

•             The battery black mass export trend in India reduces local processing, which impacts domestic demand for our chemicals.

•             Finally, global raw material supply constraints affect our customers, and indirectly, us.

Q13: What’s next for PolyProtic?

Rajesh Goyal:

We’re expanding our focus beyond solvents into ion-exchange resins — a technology more suited for low-concentration metal recovery.

Additionally, we’re entering new verticals such as agrochemicals and partnering with MNCs that seek local manufacturing solutions in India. Our long-term goal is to make PolyProtic a hub for R&D-driven specialty chemical manufacturing.