Molded Interconnect Devices (MID) Market size is slated to exceed USD 2 billion by 2030, according to new research report by Global Market Insights Inc.
The mounting usage of advanced and compact wearable devices in the healthcare sector is driving for the MID industry growth. According to data from Tracxn, wearable technology is one of the active sectors for investors, recording nearly USD 25 billion in funding in more than 2,000 companies. MID is widely deployed as a preferred technology to design smart, connected, healthcare devices such as fitness bands.
Design flexibility and other favorable attributes of LDS process
On the basis of the process, the report segregates the market into two-shot molding, laser direct structuring (LDS), and others. Of these, the LDS (Laser Direct Structuring industry captured around 30% of the molded interconnect devices market share in 2021. As compared to traditional MID processes such as two-shot molding and hot stamping, the LDS process ensures shorter assembly time, design flexibility, 3D prototyping, and miniaturization. This has significantly increased manufacturer preference for this process.
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High preference for MID technology in the automotive sector
The automotive segment will depict a CAGR of more than 15% through 2030, driven by the high adoption of molded interconnect devices technology as a substitute for multi-layer circuit boards in the industry. MIDs are deployed in instrument clusters, in-vehicle infotainment systems, head-up displays, and other auto systems to reduce the number of couplers, connectors, and wirings. This results in a smaller vehicle footprint, consequently driving segmental expansion.
Browse key industry insights spread across 310 pages with 355 market data tables and 42 figures & charts from the report “Molded Interconnect Devices (MID) Market Size By Process (Laser Direct Structuring (LDS), Two-Shot Molding), By Application (Automotive, Consumer Products, Healthcare, Industrial, Military & Aerospace, Telecommunication & Computing), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents
North America to emerge as a key hub for MID industry participants
The North America molded interconnect devices market valued at USD 80 million in 2021, owing to the robust presence of major technology players such as Apple and Microsoft and their rising efforts toward upgrading existing MID tech. The report further cites that several healthcare organizations are deploying the latest technologies to offer enhanced healthcare services and improve the accuracy of medical procedures in the region. These factors will escalate the usage of molded interconnect materials in medical sensors and other devices and, in turn, fuel regional growth during 2022-2030.
Business collaborations to remain a prominent growth strategy
The competitive landscape of the molded interconnect devices industry is expected to witness collaboration initiatives among industry players. For example, in September 2021, Cicor partnered with SABIC to adopt liquid crystal polymers to manufacture 3D-molded interconnect devices for 5G networking, automotive, and consumer electronics applications. Some of the key players profiled in the report include TE Connectivity, Mitsubishi Engineering-Plastics Corporation, GALTRONICS, Molex LLC, RTP Company, BASF, and SelectConnect Technologies Suzhou Cicor Technology Co. Ltd (Cicor Group), among others.