Molded interconnect devices (MID) market size was valued at over USD 225 million in 2015, with 13.8% CAGR growth forecast from 2016 to 2023.
Molded Interconnect Devices (MID) Market size is forecast to be worth USD 629.5 million by 2023; as per a new research report by Global Market Insights, Inc.
These products enable integration of mechanical and electronic components and circuits directly on 3D plastic components. They also aid in integrating chips with their assemblies, and allow the antennas in smartphones or netbooks to be installed directly within the housing.
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This in turn facilitates in saving a great amount of space and also enables miniaturization. Optimal design flexibly as well as high functional density is predicted to propel molded interconnect devices market size over the forecast timeframe.
Medical applications were valued at USD 7.6 million in 2015. Rising awareness regarding benefits offered by these products is projected to fuel industry demand, over the next seven years.
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The industry is forecast to have substantial impact on economization owing to the capability of these devices to essentially integrate numerous mechanical and electrical functions into one circuit. Since they require fewer additional components, they help save considerable capital, which is projected to drive molded interconnect devices market growth.
In addition, these systems are likely to save manufacturing time as they have shorter process chain as well as assembly chain owing to the involvement of fewer parts in the system.
High reliability offered by these products owing to minimal failure ratio is expected to fuel the molded interconnect devices market size in the coming years. This can be attributed to less complexity of the systems due to existence of very less number of auxiliary components in the product. They are anticipated to have superior environmental benefits as they use thermoplastic materials with minimal additives.
Major benefits also include high level of design freedom and lesser assembly steps when compared to conventional printed circuit boards (PCB).
Furthermore, integration of functions and sensors into space saving assembly aids in reducing the number of individual components and assembly times required, and also help in reducing the number of production steps. This is expected to optimize the supplementary costs and also facilitate in manufacturing high quality components.
Techniques such as direct bare chip assembly on the substrates are anticipated to further fuel the industry demand over the forecast timeframe. Selective metallization offered by these devices is expected contribute in revenue generation.
MIDs offer substantial design flexibility as they enable the placement of circuits & SMDs at various defined angles along with the accurate relationship with other components.
Key insights from the report include:
Automotive molded interconnect devices market is forecast to grow at 14.8% CAGR from 2016 to 2023. It is expected to be valued at over USD 75 million by 2023. Surging implementation of these devices in brake-light fixtures is expected to propel growth.
Two-shot molding MID market is estimated to be valued at over USD 490 million by 2023. High tooling costs involved in this procedure is projected to negatively impact the industry.
These products offer wide range of application in numerous industry segments such as telecommunications, automotive electronics, domestic appliances, medical equipment and computers. In terms of product, these devices have found implementation from joysticks to cell phones, flashlights to antennas and cars to airplanes.
Complex production process is likely to challenge molded interconnect devices (MID) market size through 2023. Two shot molding process results in high tooling cost during manufacturing, and this is likely to hamper demand. As a result, this process finds application mainly in high volume production.
Asia Pacific molded interconnect device market share is estimated to witness growth and hit USD 505 million by 2023, growing at 14.3% CAGR from 2016 to 2023. It is forecast to be the most attractive regional industry. China is anticipated to be the key region, owing to availability of low priced components across the region.
North America and Europe are forecast to be driven by steady demand across end-use sectors.
Major players operating in the industry are Molex, Harting Technology Group, TE Connectivity, MacDermid, SelectConnect Technologies, LPKF, RTP Company, etc.