In-Mold Electronics Market

Market Overview

The global in-mold electronics market size was valued at USD 190.2 million in 2023 and is projected to reach  USD 1.7 billion by 2032, registering a CAGR of 27.8% during the forecast period (2024-2032). The expanding use of smart gadgets and the increased integration of electronics into daily items drive the In-Mold Electronics market growth even further.

In-Mold Electronics (IME) is a novel manufacturing technique that directly incorporates electronic functionality into molded plastic or composite items during molding. This technique enables the design of lightweight, durable, and visually appealing electronic products by seamlessly integrating circuitry, sensors, and other electrical components into 3D-shaped surfaces. IME enables the creation of smart surfaces, touch controls, lighting systems, and functional interfaces for various applications in industries, including automotive, consumer electronics, healthcare, and packaging.

The expanding usage of in-mold electronics in the automotive industry and the increasing inclusion of IMEs in white goods such as refrigerators, dishwashers, and air conditioners have all contributed to the Global In-Mold Electronics Market share. However, the complicated production process of these devices may limit market growth shortly. Furthermore, consumer electronics innovation is a crucial global market trend. The increasing deployment of IMEs in the automotive industry is expected to drive market growth considerably. IMEs have transformed various applications in the automobile sector by smoothly integrating electronics into automotive components. 

Highlights

• Silver Conductive Ink Material accounts for the largest share of the market.
• Automotive generates the highest revenue share by application.

Market Dynamics

Global In-Mold Electronics Market Drivers

Demand for Lightweight and Combat Electronics

There is an increasing demand for lightweight and compact electronic equipment in the automotive, consumer electronics, and healthcare industries. IME technology allows for directly integrating electronic functionality into molded substrates, resulting in smaller, lighter, and more ergonomic products. This trend toward downsizing and lightweighting encourages using IME solutions, mainly when space and weight constraints are crucial.

In addition, the car industry is seeing an increase in the lightweight and shrinking of electronic components to improve fuel efficiency, performance, and interior design. According to Statista, global car sales increased to approximately 75.3 million vehicles in 2023, up from around 67.3 million units in 2022. 

Similarly, in the consumer electronics business, there is a demand for thinner, lighter, and more portable gadgets with improved features. According to Statista, consumer electronics retail sales in the United States are predicted to reach USD 512 billion by 2024. 2023 OLED TVs are expected to earn USD 2.3 billion in revenue, while portable gaming consoles will make USD 1.5 billion. Smartphones, tablets, and wearable gadgets include touch-sensitive displays, fingerprint sensors, and biometric authentication systems built into narrow and compact form factors. IME technology enables the smooth integration of electronic components like sensors, antennas, and LED indicators into curved or irregular-shaped surfaces, resulting in creative designs and ergonomic solutions for consumer electronics goods.

Global In-Mold Electronics Market Restraints

Complex Manufacturing Process

The IME method begins with printing elastic conductive inks on a film to construct fully working electrical circuits. A graphic overlay is printed on the second film. These images are compatible with electronic circuitry and can incorporate icons for easy user interaction and beautiful design. As a result, implementing IME technology necessitates significant upfront investment in specialized equipment, materials, and experience. Companies must invest in printing, molding, and embedding machinery and research and development to improve processes and materials. The hefty initial investment creates a barrier to entry for smaller businesses or those with limited resources, stifling industry expansion and adoption.

For example, DuPont, a prominent producer of materials for printed electronics, has invested in cutting-edge production and research facilities to develop and scale up IME solutions. Such investments show the dedication and knowledge required to overcome manufacturing obstacles and bring high-quality IME products to market.

Moreover, the complexity of IME manufacturing processes creates obstacles for process optimization and scalability. A study published in the Journal of Manufacturing Systems found that critical process characteristics, such as ink formulation, curing conditions, and substrate properties, influence the quality and performance of IME products. Optimizing process conditions necessitates iterative testing, data analysis, and continuous improvement initiatives to increase process resilience and productivity.

Global In-Mold Electronics Market Opportunity

Smart Packaging and IoT Devices

IME technology enables the packaging industry to create smart solutions, including embedded electronics such as RFID tags, NFC sensors, and printed displays. Smart packaging provides product identification, tamper detection, and real-time tracking, improving brand visibility, supply chain efficiency, and consumer engagement. IME also facilitates the development of IoT devices and sensors for smart homes, linked appliances, and industrial automation applications by using its expertise in flexible, lightweight, and adaptable electronics.

Furthermore, smart packaging is a novel concept that increases product shelf life while reducing food waste, loss, damage, and supply chain costs. Advanced sensors and indicators in packaging can track a product's condition from manufacture to consumption, improving quality control. For example, TetraPak's Connected box, a type of intelligent packaging, enables producers to transform their products into data carriers by including a unique QR code on each box. Digital printing is also intriguing, with cutting-edge technology allowing unprecedented customization.

In addition, Smithers' research shows that the use of printed electronics in packaging applications is growing, thanks to advances in printing technology, materials, and applications. Printed electronics allow for integrating electronic features such as sensors, displays, and antennas into packaging substrates, providing advantages such as product verification, real-time tracking, and interactive communication. As businesses strive to differentiate their products and improve consumer experiences, the need for printed electronics in smart packaging applications will increase.

Regional Analysis

Asia-Pacific Dominates the Global Market

The global in-mold electronics market analysis is conducted in North America, Europe, Asia-Pacific, the Middle East and Africa and Latin America.

Asia-Pacific is the most significant global in-mold electronics market shareholder and is estimated to grow at a CAGR of 27.5% over the forecast period. This market share is due to the increased presence of global electronics manufacturers in India, China, Japan, Taiwan, and South Korea. In addition, consumer electronics and technology sales in the Asia Pacific area are predicted to rise in 2023, owing to value-conscious customers in markets such as India, Malaysia, Indonesia, and Vietnam. As a result of the region's increased need for consumer electronics, in-mold electronics technology is being used more frequently. For example, total retail sales in China's consumer electronics sector are predicted to expand 4% to 2.2 trillion yuan (USD305 billion) this year, with a further 5% increase in 2024. People's disposable incomes in the region are rising, particularly in emerging economies such as China and India, as healthcare infrastructure and the automobile sector increase. All of these variables contribute to the region's IME growth. 

Furthermore, there is an increase in demand for home renovation items, which is driving market expansion. Many top electronics manufacturers are expanding their regional operations thanks to supporting government regulations. All of these factors are propelling the region's in-mold electronics market.

North America is anticipated to exhibit a CAGR of 27.7% over the forecast period because North American industries are increasingly adopting cutting-edge and creative technologies. Countries with capital-intensive economies, such as the United States and Canada, have a larger demand for automation and the adoption of innovative technologies. According to a recent Deloitte report, more than half of firms expect to implement AI and automation technology by 2023.

Furthermore, the region has a growing demand for luxury consumers, healthcare, wearables, and automotive items, driving the adoption of in-mould electronics among diverse product manufacturers. In October 2023, the United States' disposable personal income was USD 20,451.71 billion, the amount of money available for spending or saving after deducting personal current taxes. This is a 4.2% gain over the preceding 12 months, with per capita income rising from USD 57,386 at the end of 2022 to USD 61,084 by the end of 2023. growing disposable income, increasing desire for luxury electronic devices, and growing demand for automobiles among North American consumers have all contributed to the expansion of the in-mold electronics market in this region.

The European IME market is expanding rapidly, driven by advances in printing technologies, material sciences, and flexible electronics. IME technology allows for directly integrating electronic functionalities onto moulded substrates, providing advantages like weight reduction, space savings, and more design freedom. In addition, European automakers are using IME technology to improve vehicle interiors' design, functionality, and user experience.

Segmental Analysis

The global in-mold electronics market is segmented based on product and application.

The market is further segmented by product into silver-conductive ink and carbon-conductive ink.

The silver conductive ink material category dominated the market, accounting for almost 45%. Silver conductive inks are made by dispersing silver nanoparticles or flakes in a solvent or binder matrix. Silver is highly conductive and has good electrical qualities, making it an ideal choice for applications that require high conductivity and dependability. Silver conductive inks are widely used in IME technology to print conductive traces, electrodes, and interconnects on flexible surfaces. These inks have low resistance, good adherence to many substrates, and are compatible with printing procedures such as screen printing, inkjet printing, and flexographic printing.

In addition, silver conductive ink materials are ideal for various applications, including touchscreens, flexible circuits, and RFID antennas that require excellent performance and endurance. This significant market share is due to its application in in-mold electronics, which offer superior thermal stability and electrical conductivity. Silver conductive ink has low contact resistance, good stickiness, strong electrical conductivity, and a simple application method.

Carbon conductive inks are carbon-based particles, such as carbon black or graphite, suspended in a binder or solvent. Carbon ink materials have moderate conductivity and are more cost-effective than silver ink. Carbon inks are frequently utilized in IME applications where reduced conductivity or economic considerations are necessary. Carbon conductive inks are ideal for printing conductive traces, sensors, and electrodes on flexible substrates for use in membrane switches, capacitive touch controllers, and printed sensors. Carbon inks have excellent adhesion, flexibility, and environmental stability, making them ideal for various practical and ornamental applications in IME technology.

The market can be bifurcated by application into Automotive, White Goods, Medical, and Aerospace.

The automotive category dominated the market, accounting for almost 80%. In the car industry, IME technology is used in various interior and exterior components, helping to improve functionality, aesthetics, and user experience. Automotive applications of IME include touch controls, capacitive switches, lighting systems, and integrated sensors incorporated directly into molded surfaces such as dashboards, center consoles, door panels, and steering wheels. IME technology provides benefits such as weight reduction, space optimization, and design flexibility, making it ideal for automotive applications that prioritize lightweight, compactness, and customization. For example, IME-enabled touchscreens and control panels improve driver interaction and vehicle communication, while IME-enabled lighting systems improve automobile interiors' visibility and ambiance.

Furthermore, electronics have always been a critical component of car design. The designers are working on more advanced 3D architecture to create a modern cockpit experience. To reduce yield, design complexity must also be reduced. New technologies are making it easier to put more electronics into automobiles. IME is the best illustration of this. Integrating electronics into plastic parts results in lighter, thinner components with a more intricate appearance.

White goods are major household appliances that can integrate IME technology to improve functioning, energy efficiency, and user convenience. Examples include refrigerators, washing machines, dishwashers, and ovens. IME-enabled white goods include integrated touch controls, displays, and sensors built directly into the appliance surfaces, removing the need for external control panels or interfaces. IME technology offers the seamless integration of electronic functionality into appliance design, resulting in space savings, simplicity of use, and increased aesthetics. For example, IME-enabled refrigerators may have touch-sensitive displays for temperature control, inventory management, and recipe suggestions, which improves user interaction and appliance functionality.

Recent Developments

• May 2024- DuPont Performance Building Solutions, a material science innovator, launched Tyvek® Trifecta™, the latest generation breather membrane. 
• May 2024- Polestar® (Nasdaq: PSNY), a Swedish electric performance car brand, and Finnish smart surface pioneer TactoTek® formed a partnership to investigate the integration of Injection Molded Structural Electronics (IMSE®) technology into Polestar vehicle programs. Polestar will license TactoTek's IMSE technology, products, and solutions to investigate new lighting and human-machine interface (HMI) applications.