PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1443357
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1443357
Molded Interconnect Device (MID) Market size was valued at USD 1,589 Million in 2023, expanding at a CAGR of 13.5% from 2024 to 2032.
According to the Molded Interconnect Devices International Association (MIDIA), a Molded Interconnect Device (MID) is a plastic injection molding that combines both mechanical and electrical functions by incorporating a conductive material pattern. This process involves etching a copper circuit trace onto the surface of the plastic part, creating tracks and pads to accommodate electrical components. The result is a sophisticated electromechanical hardware piece known as an MID. MID plating solutions have been specifically optimized to ensure precise selectivity, high yields, and user-friendly application for laser direct structured, catalytic ink, and double-shot molded interconnect devices. The applications of MIDs are rapidly expanding into various exciting areas within the electronics industry. While they were initially popular in mobile devices, opportunities are now emerging in the medical, automotive, and lighting sectors. As these opportunities continue to grow, new materials are being explored to address the physical properties and costs associated with MID applications.
Molded Interconnect Device (MID) Market- Market Dynamics
The increasing adoption of IoT devices is expected to propel the growth the market
IoT devices are known for their need for compact and lightweight designs, which is essential due to their small form factors and the requirement for seamless integration into various environments. Molded Interconnect Devices (MIDs) offer a solution to this challenge by enabling the direct integration of electronic components into the device's housing or enclosure, eliminating the necessity for separate circuit boards and connectors. With the increasing demand for IoT devices in industries such as smart home automation, connected healthcare, and industrial IoT, the market for MIDs is expected to witness significant growth. According to Eurostat, in 2021, 48% of large enterprises utilized IoT compared to 26% of small enterprises. In 2020, global IoT spending amounted to USD 749 billion, with a projected increase to USD 1 trillion in 2022 as per Worldwide IoT Spending Stats. Additionally, the market may benefit from growth opportunities presented by Rapid Prototyping and diverse applications, although challenges related to Manufacturing Complexity could impede market expansion.
Molded Interconnect Device (MID) Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 13.5% over the forecast period (2024-2032)
Based on Product Type segmentation, Antenna and Connectivity Modules, was predicted to show maximum market share in the year 2023
Based on Process segmentation, Laser Direct Structuring (LDS) was the leading Product Type in 2023
Based on Vertical segmentation, Automotive was the leading Product Type in 2023
On the basis of region, Asia pacific was the leading revenue generator in 2023
The Global Molded Interconnect Device (MID) Market is segmented on the basis of Product Type, Process, Verticals, and Region.
The market is divided into four segments based on the Product Type: Antenna and Connectivity Modules, Sensors, Connectors and Switches, Lighting, and Others. The market is expected to witness a surge in demand for advanced antenna and connectivity solutions based on MID technology as the automotive industry progresses towards connected and autonomous vehicles. This growth will further establish the dominance of these key players in the industry.
The market is categorized into two segments based on Process: Two shot Molding, Laser Direct Structuring (LDS), and other methods. The dominant segment in the market is Laser Direct Structuring (LDS). This technology facilitates the accurate structuring of three-dimensional circuitry on plastic components, enabling the seamless integration of antennas and RF (radio frequency) modules directly into device housings.
The market is segmented into four verticals: Telecommunications, Consumer Electronics, Automotive, Medical, and Industrial. The Automotive sector holds the largest share in the market. With the automotive industry moving towards connected and autonomous vehicles, the need for sophisticated antenna and connectivity solutions utilizing MID technology is projected to increase. This will reinforce the leading position of these major players in the market.
Molded Interconnect Device (MID) Market- Geographical Insights
This market is geographically spread across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in business activities. The Asia Pacific region dominates the market due to the growing demand for miniaturization and integration of electronic devices in industries like automotive, healthcare, and consumer electronics. MIDs provide an effective solution for achieving miniaturization while maintaining functionality, which drives their adoption in various industries. China is renowned as the world's largest manufacturer and exporter of electronics. According to statistics, China's consumer electronics market revenue alone is projected to reach USD 230.5 billion by 2023. Europe holds the second-largest region for market growth during the forecast period, primarily due to the increasing need for wireless communication in various applications.
In the competitive landscape of the Molded Interconnect Device (MID) market, companies engage in fierce competition through technological advancements. They allocate significant resources towards research and development to introduce novel materials, manufacturing techniques, and design strategies that enhance the performance, reliability, and functionality of MID products. Companies strive to broaden their market presence by exploring new markets, regions, and applications within the MID sector. This expansion may involve forming strategic alliances, making acquisitions, or investing in order to tap into emerging opportunities or enter new segments. Additionally, competitors concentrate on bolstering their brand recognition, marketing initiatives, and distribution networks to extend their reach to a wider customer base.
In November 2023, the Society of Plastics Engineers (SPE) awarded BASF, General Motors, and Lear Corporation the Automotive Innovation Award in the electric and autonomous vehicle systems category. Their achievement was the development of the battery disconnect unit (BDU) for the 2022 GMC HUMMER EV.
In February 2023, the Molded Interconnect Device (MID) Market introduced a groundbreaking technology that integrates electronic circuits directly into 3D molded plastic components. This innovation combines mechanical and electrical functions, allowing for more flexible designs and compact shapes. MIDs also streamline the manufacturing process, reducing costs by eliminating the need for additional assembly steps.
GLOBAL MOLDED INTERCONNECT DEVICE (MID) MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
BASF SE
EMS-CHEMIE HOLDING AG
DSM
GALTRONICS
HARTING Technology Group
MacDermid, Inc.
LPKF Laser & Electronics AG
Cicor Management AG
YOMURA, RTP Company
S2P smart plastic product
SelectConnect Technologies
Suzhou Cicor Technology Co. Ltd
TE Connectivity
Teprosa GmbH
Tongda Group
Others