Molded Interconnect Devices Market forecast to witness growth at 13.8% from 2016 to 2023: Global Market Insights Inc.
Global Molded Interconnect Devices Market share expected to reach USD 629.5 million by 2023, impelled by economization & high environmental compatibility. These devices are reshaping electrical and mechanical designs in many applications, particularly those in telecommunication and automotive sectors. They lead to more effective low cost designs and are best options for replacing many parts of a circuit board product by integrating electrical& mechanical functions in a single product.
MID are cost effective for complex electromechanical functions and minimize the number of parts in circuit saving space & reducing assembly time. All these factors have contributed to the growth of the global industry during forecast period. High designing flexibility and functional density is predicted to fuel the demand and growth of the industry. RTP Company had set its production unit in China in 2006. The new specialty thermoplastic compound facility provided technical support, product development and customer support to its clients in China along with increased support and service to international clients.It was the second production unit establishment of the company in Asia after it first opened its manufacturing set up in Singapore in 2002. The firm has seven production units set up in three continents along with sales representatives in Asia Pacific, Europe and North America. Global molded interconnect devices market is segmented into key geographical regions including North America, Asia Pacific, Europe, Latin America and MEA. Asia Pacific molded interconnect devices market size was evaluated at more than $175 million for 2015. The growth can be attributed to availability of low cost parts in countries like China. European industry is predicted to witness high growth due to presence of many automotive industries in the region. It was evaluated at $24 million for 2015 and is predicted to register CAGR of 12.2% during the forecast period. US molded interconnect devices market size is predicted to surpass $25 million by end of forecast period. This has contributed to the rapid growth of the industry in North America.
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