The NAND market is highly competitive, with second-tier manufacturers actively investing.

Unlike the DRAM market, which is dominated by three giants—Samsung Electronics, SK Hynix, and Micron—the NAND market is highly competitive and volatile. While the top two players, Samsung Electronics (32%) and SK Hynix (20%), are reducing NAND production and focusing on DRAM, second-tier manufacturers like Japan's Kioxia (ranked third, 14%) and the US's SanDisk (ranked fifth, 12%) are actively investing to gain market share. Kioxia and SanDisk recently extended their joint venture agreement in Yokkaichi, Japan, for another five years, until December 31, 2034. Originally scheduled to expire in 2029, this extension aims to address the explosive growth in demand for NAND flash memory.