The molded interconnect device (MID) market is expected to grow from US$ 1,203.5 million in 2021; it is expected to register at a compound annual growth rate (CAGR) of 14.5% from 2022 to 2028
Molded interconnect devices (MID) allow the amalgamation of mechanical and electrical components and circuits directly on 3D plastic components. MIDs combine the housing, cables, and circuit board that comprises traditional product interfaces and integrate them into a single functional, compact part. It also offers design flexibility, which helps in space savings in a product by eliminating the need for additional components. This helps in reducing the total weight of the product.
Molded interconnect devices help reduce assembly times and production steps through the integration of various circuits and sensors, which optimizes the additional costs incurred and manufacture high-quality components, which is driving the molded interconnect device market. A few other factors propelling the market growth are the increasing use of laser direct structuring (LDS) process to produce 5G antennas that lead to enhanced speed and efficiency of wireless communication)and the growing demand for IoT devices. However, high raw materials prices and tooling costs required during the manufacturing process of MIDs are hampering the molded interconnect device market growth.
The "Global Molded Interconnect Device Market Analysis to 2028" is a specialized and in-depth study of the market with a special focus on the global market trend analysis. The report aims to provide an overview of the market with detailed market segmentation and key market statistics of the leading players. It also offers key trends and opportunities in the molded interconnect device market.
The molded interconnect device market is segmented into product, end-users, and process. Based on product, the market is segmented into antennae and connectivity modules, sensors, connectors and switches, lighting systems, and others. Based on end-users, the market is categorized into automotive, consumer electronics, medical, telecommunications, military and aerospace, and others. Based on process, the market is segmented into LDS, two-shot molding, and film techniques.
The global molded interconnect device market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. The report covers analysis and forecast of 18 countries globally along with current trends and opportunities prevailing in the region.
Asia Pacific is expected to witness the highest CAGR during the forecast period. The growth is mainly attributed to the presence of several key original equipment manufacturers (OEMs), semiconductor devices, product manufacturers, and associations and regulatory bodies in the region. A few countries, such as Taiwan, South Korea, and China, offer advanced semiconductor fabrication services and assembling services for electronic systems. Also, a few of the leading manufacturers of MIDs gain a considerable cost advantage by manufacturing their products in Taiwan and China. Further, Johnan, Sunway Communication, Suzhou Cicor Technology, Yomura Technologies, Yazaki Corporation, Chogori Technology, Suzhou Zeeteq Electronics, Toyo Connectors, and SINOPLAST are among the leading companies operating in the molded interconnect device market.
The below figure showcases the revenue growth trend in the molded interconnect device market:
Source: The Insight Partners Analysis
The report analyzes factors, such as drivers, restraints, opportunities, and future trends, that impact the molded interconnect device market. It also provides exhaustive PEST analysis of the factors affecting the market.
IMPACT OF COVID-19 PANDEMIC
The molded interconnect device market is adversely impacted by the COVID-19 pandemic. This is majorly due to the declining demand and production activities in the consumer electronics & automotive sectors. In 2020, several government bodies and associations across the globe imposed lockdowns and restrictions on international imports and exports, leading to the shutdown of various manufacturing plants, thus, hampering supply chain activities.
The reports cover key developments in the molded interconnect device market. Various companies are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Inorganic growth strategies such as acquisitions, partnerships, and collaborations have encouraged the expansion of business and the customer base of market players. The market players are anticipated to experience lucrative growth opportunities in the coming years with the rising demand for MIDs. The list of a few companies engaged in the molded interconnect device market is mentioned below:
- Arlington Plating Company
- HARTING Technology Group
- LPKF Laser and Electronics AG
- MacDermid, Inc.
- Molex, LLC
- Multiple Dimensions AG
- RTP Company
- TE Connectivity
- TEPROSA GmbH
The report includes the profiles of key molded interconnect device companies, along with their SWOT analysis and market strategies. It also focuses on leading industry players with information such as company profiles, components and services offered, financial information for the last three years, and key development in the past five years.
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.