NAND flash revenue surged over 20% in 2Q25
TrendForce’s latest investigations reveal that the NAND Flash industry posted solid growth in 2Q25 despite slight declines in ASP.
Production cuts by suppliers helped ease the supply-demand imbalance, while supportive policies in both China and the U.S. fueled demand. Overall, bit shipments rose significantly, driving combined revenue among the top five suppliers up 22% QoQ to USD 14.67 billion.
Looking ahead to 3Q25, demand is expected to stabilise as the effects of China’s subsidies and US tariff-driven stockpiling begin to fade. While ASPs may edge higher, weak consumer demand and front-loaded inventory stocking are likely to limit growth, with industry revenue projected to continue expanding but at a slower pace.
Samsung’s revenue climbed 23.8% QoQ to USD 5.2 billion, driven by strong enterprise SSD demand for AI servers. Strategic adjustments to product mixes also helped reduce inventory, lifting Samsung’s market share slightly to 32.9% and keeping it firmly in the top spot.
SK Group (SK hynix + Solidigm), being boosted by Solidigm’s surging enterprise SSD shipments in the second quarter as well as volume production of SK hynix’s 321L NAND Flash, saw its revenue soar to a record USD 3.34 billion, up 52.5% QoQ. The group’s market share jumped from 16.6% in 1Q25 to 21.1%, marking a historic high and securing second place.
Kioxia’s revenue reached USD 2.14 billion, up 11.4% QoQ, ranking third. Growth was fueled by strong AI server demand and normalised inventory levels among PC and smartphone customers.
Despite a 3.7% QoQ revenue increase to USD 2.1 billion, ASP declines weighed on Micron’s results. Still, shipment volumes grew sharply, leading to better-than-expected revenue. Micron’s overall market share dipped slightly to 13.3%, dropping to fourth place, though its client and data centre SSD market shares both hit record highs.
SanDisk’s revenue rose 12.2% QoQ to USD 1.9 billion, supported by price recovery in distribution channels and restocking of client SSD and retail products. However, utilization rates at its joint venture fabs with Kioxia have yet to fully recover, and limited penetration in enterprise SSDs continues to leave it trailing rivals in AI server and data center applications.
| Rank | Company | Revenue (USD million) | Market share | ||
| 2Q25 | QoQ (%) | 2Q25 | 1Q25 | ||
| 1 | Samsung | 5,200.0 | 23.8% | 32.9% | 31.9% |
| 2 | Sk Group (SK hynix + Solidigm) | 3,335.2 | 52.5% | 21.1% | 16.6% |
| 3 | Kioxia | 2,135.0 | 11.4% | 13.5% | 14.6% |
| 4 | Micron | 2,100.0 | 3.7% | 13.3% | 15.4% |
| 5 | SanDisk | 1,901.0 | 12.2% | 12.0% | 12.9% |
| Total top 5 | 14,671.2 | 22.0% | 93.0% | 91.3% | |
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