@vidhu
Yes, it is possible to create a separate component-specific clientlib folder using ui.frontend module.
Create separate <component-name>clientlib.config.js
and set the clientlib path as follows
const CLIENTLIB_DIR = path.join(
__dirname,
'..',
'ui.apps',
'src',
'main',
'content',
'jcr_root',
'apps',
'aem-project',
'components',
'component-name'
'clientlibs'
);
also, you need o update the respective module's configuration in the as same as clientlib.config.js file.