Molded interconnect devices market share worth USD 225 million in 2015, is predicted to touch USD 692.45 million by the end of 2024, with a CAGR of 13.8% over the period of 2016-2024. Factors such as high functional density and flexible design are predicted to benefit the industry growth over the next few years.
Molded interconnect devices support miniaturization by integrating electronic & mechanical parts and circuits directly on 3D plastic devices. They integrate functions and help in minimizing assembly time, resulting in the production of high-quality parts. This helps in saving costs and reducing the production time as only a few components are involved in the system. High reliability owing to design flexibility of the products and less auxiliary parts along with eco-friendly features are some of the factors predicted to boost the market demand in the next eight years.
These devices are finding growing applications in automotive, medical, telecommunication, industrial, and consumer sectors. They find their implementation in products like cell phones, antennas, joysticks, cars, flashlights, and airplanes.
China molded interconnect device market size, by application, 2012-2023 (USD Million)
Automotive application segment is anticipated to be worth USD 82.5 million by 2024, with a CAGR of 14.8% over the period of 2016-2024 due to rising acceptance of molded interconnect devices in brake-light fixtures.
Medical applications segment worth USD 7.6 million in 2015, is predicted to touch USD 22 million by 2024. Growing awareness about benefits of device use is expected to boost the segment growth over the forecast period.
Telecommunications applications segment is anticipated to record a CAGR of 13.6% over the period of 2016-2024 owing to rising use of antennas.
Asia Pacific molded interconnect devices (MID) market worth USD 175 million in 2015, is predicted to touch USD 555.5 million by 2024 with a CAGR of 14.3% over the forecast timeline. The growth in this region is primarily attributed to the easy availability of components with low costs in countries like China.
Europe MID market size worth USD 24 million in 2015, is anticipated to record a CAGR of 12.2% over the period of 2016-2024 as a result of the large-scale production of vehicles contributing towards the regional growth.
U.S. molded interconnect devices (MID) market share is expected to surpass USD 27.5 million by the end of 2024.
Key industry players include MacDermid Incorporation, Harting Technology Group, SelectConnect Technologies, Molex, and RTP Company.
Written By : Dhananjay Punekar