Samsung SDI, a battery and electronic materials manufacturer and part of South Korea-based Samsung Electronics, has started construction of a second factory in Seremban, Malaysia. The company will invest a total of $1.8bn (Won1.7trn) in the facility, which will begin mass producing cylindrical batteries in 2024. The site is expected to be fully completed in 2025.
The opening forms part of Samsung SDI’s strategy to meet growing demand for cylindrical batteries globally. The batteries produced will be used across several industries, from electrical tools and micro-mobility to electric vehicles.
In a press release, president Yoonho Choi commented: “Today’s groundbreaking ceremony will serve as a starting point for realising our vision to become a global top-tier company by 2030. With successful completion and early stabilisation of Plant 2, we will make Samsung SDI Energy Malaysia [SDIEM] the centre of the global battery industry. With the support from the Malaysian state government and partner companies for best quality, we will be able to realise the vision much faster.”
In addition, the Menteri Besar of Negeri Sembilan (the head of government in the Malaysian state of Negeri Sembilan), Aminuddin Harun, said: “Investments from high-impact industries such as Samsung SDIEM are integral to our vision of driving robust economic growth in Malaysia and Negeri Sembilan, which is outlined in our Malaysia Vision Valley 2.0 plan. Not only is this testament to our economic potential in Negeri Sembilan, but also the investment-friendly policies implemented by the state.”
The global cylindrical battery market is expected to increase from 10.2 billion cells in 2022 to 15.1 billion in 2027, showing an annual growth rate of 8% on average.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData