In addition to electronic devices such as smartphones and laptops, the utilization of lithium-ion batteries is expected to experience a steady rise in the automotive industry of Malaysia.
KUALA LUMPUR (Nov 30): Fitch Solutions Country Risk & Industry Research said lithium-ion battery (LiB) recycling will become an industry that grows exponentially over the next decade and that growth poses a number of upside risks to automakers, battery manufacturers and mining companies.
The companies will set up a lithium-ion battery manufacturing plant in the country and introduce a lithium-ion battery recycling policy by working with the government.
The current LIB recycling market is estimated to be worth approximately $1.7 billion and is expected to increase significantly over the next ten years. In the ASEAN region there is only one such recycling facility in Singapore with a recycling capacity of 14 tonnes of Lithium-Ion batteries per day.
"The setting up of a Lithium-Ion Battery Recycling Plant is the right step in furthering Ni Hsin's green mission in support of the government's commitment towards a more sustainable, resilient and inclusive development in line with the United Nations' 2030 Sustainable Development Goal (SDG).
It is worth noting that Malaysia does not prohibit the export of used lithium ion batteries, but there are some regulations and procedures that need to be followed by the exporters. Overall, e-waste flow in Malaysia is yet to form a circular loop, with the presence of numerous leakages.