Molded Interconnect Devices Market to Hit $840M by 2024

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Molded Interconnect Devices (MID) Market is poised to surpass USD 840 million by 2024; according to a new research report by Global Market Insights, Inc. The molded interconnect devices market is projected to witness a strong growth across consumer device applications owing to the ability of the devices to integrate numerous electrical and mechanical functions, reduce circuit density, and facilitate miniaturization of the products.

The devices require fewer auxiliary components, thereby saving considerable costs and driving the industry growth. Low failure ratio and high reliability of these devices can be attributed to the existence of less auxiliary components and a low degree of system complexity. These devices also have superior environmental benefits such as recyclable thermoplastic materials with minimal additives.

These devices enable the combination of mechanical components and electrical circuits on three-dimensional thermoplastic materials. The technology allows to integration of chips directly with their assemblies, saving space and facilitating miniaturization. For instance, the smartphone antennas can be installed directly within the housing with the help of the devices. The products can be manufactured with fewer assembly steps as compared to the traditional PCB manufacturing and offer a high degree of freedom to circuit designers. Integration of sensors and functions reduces assembly time and production steps, resulting in high-quality components and optimization of supplementary costs. These factors are anticipated to positively impact the MID market growth over the coming years.

LDS molded interconnect devices market is expected to grow at a CAGR of over 15% over the forecast timespan. Several industrial and aerospace & defense manufacturers are developing compact and advanced models by integrating mechanical & electrical functions in a single product. This helps manufacturers to save production costs and offer aesthetically-improved features along with the reduction in their production times. With miniaturization driving the consumer electronics industry, the LDS market is growing in popularity by allowing smaller designs with integrated functionalities. These processes have presented new and efficient forms of production from a single component to mass production and have also led to innovative product designs, thereby driving the LDS MID market demand.

A major trend driving the molded interconnect devices market is the implementation of the devices for LDS in the automotive industry. These devices are used for reducing vehicle weight and increasing reliability owing to the benefits such as the elimination of circuits boards and wired circuitry. Rapid technological advancements in seatbelt safety system, position sensors, brake sensors, motorcycle LED lights, steering wheel hubs, and control switches are generating several opportunities for the industry growth. Moreover, the devices provide video-based driving assistance by using vehicle camera systems, thereby strengthening the driver safety. Vehicle tracking systems are majorly implementing these devices in the LED displays and monitors to assist parking and traffic situations and monitor the driving behavior. Design flexibility and low cost of the solution are expected to drive the growth of the automotive molded interconnect device market.

The Asia Pacific MID market is projected to exceed USD 400 million by 2024. Strong growth in the region can be attributed to the presence of several companies including Samsung Electronics, Co., Ltd. and Sony Corporation. These companies are expanding and upgrading their product portfolio thereby offering several opportunities for vendors operating in the molded interconnect devices market. Several players in the region are also entering into collaborations for the development of new technologies. They are offering high-end products at competitive prices and are adopting aggressive marketing strategies. The exponential advancements in the technology and increasing commercialization of several innovative products have resulted in high growth prospects thereby attracting more players to the MID market.

Key industry players operating in the molded interconnect devices market include MacDermid Enthone, Harting Mitronics, Molex, SelectConnect Technologies, and RTP Company. The designers and electronic developers have expanded their capabilities in the prototyping and functioning of the final device by using advanced 3D design tools such as the Target 3001. The MID market growth can be attributed to the rise in advancements in thermoplastic materials and the development and adoption of LDS technology. A major portion of production volume is concentrated on antennas for telecommunication and smart computing devices such as smartphones, laptops, smart watches, and tablets, among others.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.