3D NAND Flash Memory Market to Surpass USD 118.8 Billion by 2032 | Smartphones &Tablets to Control More than 37% Demand, Says Astute Analytica

Global market faces a cautious recovery in the short-term, with technology and infrastructure offering potential resilience. Over the medium-term, growth will be moderate as technological advancement reshapes industries. NAND 3D Flash Memory stands to benefit from this technological focus, driven by AI, cloud infrastructure, and growing demand for consumer electronics.

New Delhi, March 19, 2024 (GLOBE NEWSWIRE) — Global 3D NAND flash memory market is projected to surpass the market valuation of US$ 118.8 billion by 2032 from US$ 29.7 billion in 2023 at a CAGR of 16.65% during the forecast period 2024–2032.

The global market is moving towards a cautious recovery. Inflationary pressures, the ongoing Ukraine war, and supply chain disruptions could all hold back the potential for strong growth. However, there are some bright spots to keep in mind. Technological sectors and infrastructure investments are expected to be successful. The NAND 3D Flash Memory market could benefit from this shift; as technology progresses, data centers and cloud computing infrastructure will increasingly need more high-performance storage options. Over time, the global market is predicted to experience less robust growth than it did before the pandemic hit. Areas that have heavy ties with technological transformation — AI, automation, sustainability solutions — will see greater dynamism than other sectors of the market. These shifts directly impact the NAND 3D Flash Memory market; AI-driven devices and sustainable technologies both require high-density, reliable storage solutions in order to succeed.

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As a result of these changes in demand, dynamics for consumer electronics grows in emerging 3D NAND flash memory market where middle-class populations are increasing will further support NAND 3D Flash Memory’s growth trajectory. Astute Analytica don’t expect 3D NAND flash memory’s momentum to slow down anytime soon though. Continuous innovation has seen larger capacities and faster speeds being developed, and as enterprise applications and consumer electronics adopt solid-state drives (SSDs) profitability for this tech will increase further still. This is evident in SK Hynix acquiring Intel’s NAND and SSD business recently.

Key Findings in 3D NAND Flash Memory Market

Market Forecast (2032) US$ 118.8 Billion
CAGR 16.65%
Largest Region (2023) Asia Pacific (59.8%)
By Type Multi-Level Cell (MLC) (35.6)
By Application Smartphone & Tablets (37.0%)
By End User  Consumer Electronics (45.3%)
Top Trends
  • Surge in IoT applications and the advent of 5G technology
  • Increased adoption of AI and IoT in consumer and enterprise applications
Top Drivers
  • Proliferating usage of smartphones and connected devices
  • The rise of data-driven business models across industries
Top Challenges
  • Economic constraints in emerging countries and business market obstacles
  • High manufacturing costs and precision requirements
  • Volatility in pricing due to fluctuating demand and production cycles

Technological Developments and Market Trends

The technology driving the development of 3D NAND flash memory market is still moving at a quick pace. Currently, the most advanced devices have 32- to 48-layers with future predictions suggesting that we could see as many as 112 layers. Manufacturers such as SK Hynix and Micron are working hard to push the limits even further. SK Hynix has been developing what they call ‘4D NAND’, which will feature an impressive 321 layers and Micron has already made chips featuring 232 layers. These companies’ efforts may pay off soon, as Samsung’s Kinam Kim has predicted that there could be 1,000-layer flash by the year 2030. Although these advancements are exciting, it’s worth noting that layer increase has been slowing down in terms of its historical trends. So far though, these developments in density should help to lower costs, improve power efficiency and provide higher bandwidth for users on all fronts.

Smartphones &Tablets to Control More than 37% Revenue Share of Global 3D NAND Flash Memory Market Demand

The worldwide market for smartphones and tablets will make a massive comeback in 2024, which is going to significantly affect NAND flash memory demand. The global smartphone market is expected to grow by 4% YoY in 2024, following two years of decline. Integration of new on-device AI capabilities, rise in consumer spending, increase in average selling price, are among many factors that are positively driving this resurgence. According to Astute Analytica, Global smartphone shipments will increase about 4% to 1.186 billion units in 2024 and another roughly 4.4% to 1.209 billion units in 2025; Shipments for smartphones alone are anticipated to increase by around 7% compared with this year’s total. When it comes to emerging economies across the Middle East, Africa and Latin America, smartphone shipments growth is also predicted at around 9% in the global 3D NAND flash memory market. Goldman Sachs has placed its own estimate on the global share for smartphone shipments at around 1.186 billion units in 2024 and about another nearly 2% upward at approximately $1.209 billion units by 2025.

There’s no debate that growth fueled by emerging economies will be crucial as they were hit hardest by COVID-19 pandemic due to their limited access to vaccines. With such strong outlooks plus smartphone and tablet sales surge translates directly into an extreme boost needed on NAND Flash Memory demand as these components are essential storage pieces within your everyday phone or tablet device.

Consumer Electronics Industry is Leading End Users in 3D NAND Flash Memory Market, Contribute 45% Market Share

In 2023, revenues of the global consumer electronics market rose to $1,014bn, an increase of 11.9% compared to the previous year’s sales. However, it didn’t start well as the first half of 2023 saw a decline of 12% in revenue and an 8% drop in unit sales compared with H1 2022. This shows a certain volatility in the market. Nonetheless, this highly diverse sector is expected to continue growing and analysts anticipate a further rise to $1,170bn in revenue for next year — which represents a growth rate of 15.4%. The industry covers many different product categories such as personal computing devices, audio and video systems, mobile devices and smart home technology. The biggest piece of the pie is telephony.

The 3D NAND flash memory market is closely tied to these industries thanks to its role in providing storage solutions for devices. The demand for high-capacity storage solutions for smartphones, computers and data centers are key factors contributing to the upbeat outlook for the NAND Flash market. Opportunities are also expected from emerging applications such as AI, IoT (Internet-of-Things) and autonomous vehicles. However there have been setbacks that have hurt the market including economic repercussions from the Covid crisis causing shaky demand for consumer electronics; semiconductors being hit by supply-chain disruptions caused by Russia-Ukraine war resulting in shortages of critical raw materials hurting manufacturing operations.

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Asia Pacific is Giant in 3D NAND Flash Memory Market, Controls More than 59% Market Share

Asia Pacific is a force in NAND flash memory. Both the biggest producer and consumer of the technology, this trend is likely to continue. An expanding residential sector, rising disposable incomes and a booming housing industry all fuel investment, consumption and economic growth. Economic expansion in countries such as China, Southeast Asia and India will drive up disposable income and increase purchases of consumer electronics. The Asia Pacific region leads with highest CAGR in 3D NAND Flash Memory market, holding significant market share. This is driven by the strong demand for smartphones in developing countries like India, Indonesia and China. The presence of large semiconductor fabrication facilities in China, Korea and Singapore helps to support regional activity and demand.

Governments are active in promoting technology; investment in data centers and cloud infrastructure require more NAND Flash. For example: Made in China 2025 initiative has attracted significant capital from multinational memory manufacturers into China’s market. With strong domestic demand and robust manufacturing capabilities, China leads global 3D NAND flash memory market. Primary manufacturing hubs for NAND flash memory are found in South Korea, Japan and China, where South Korea holds largest market share followed by Japan.

Samsung was dominant player in 2023 with significant market share followed by Kioxia & WDC. Primary applications of NAND flash memory include smartphone, SSD, PC etc., where smartphone is the largest consumer.

In 2023, APAC represented over 60% of global 3D NAND demand. South Korea & China are innovation & manufacturing powerhouses setting industry benchmarks. Recently inaugurated multiple cutting-edge NAND flash memory production facilities by China reflects its aspiration for technological self-reliance. Over past one-year sales of more than 300 million devices with integrated 3D NAND flash memory were reported driven by increasing IoT penetration, need for advanced features & advent of data-centric apps across various industries.

Recent Developments in 3D NAND Flash Memory Market

  • Samsung Electronics is set to introduce its next-generation V9 QLC NAND solution, which will push flash memory layer technology to 280 layers, boasting a storage density of 28.5Gb per square millimeter and a maximum transfer rate of 3.2 Gbps
  • SK Hynix revealed the world’s highest-layer 321-layer NAND flash memory samples in August 2023, with plans for mass production by 2025. This technology achieves a 59% efficiency improvement over the previous 238-layer 512Gb generation
  • Both Samsung and SK Hynix have ambitious plans, with Samsung aiming to stack V-NAND to over 1000 layers by 2030, and SK Hynix starting production of 238-layer 3D NAND with a 2.4 GT/s interface
  • Kioxia and Western Digital are also working on developing 3D NAND products with over 300 layers.

Global 3D NAND Flash Memory Market Key Players

  • Advanced Micro Devices
  • Apple Inc.
  • Intel Corp.
  • Lenovo Group Ltd.
  • Micron Technology Inc.
  • Samsung Electronics Co. Ltd
  • SanDisk Corp.
  • SK Hynix Inc
  • ST Microelectronics
  • Toshiba Corp.
  • Other prominent players

Key Segmentation Overview:

By Type

  • Single-level cell
  • Multi-level cell
  • Triple-level cell
  • Quad-level cell
  • Penta-level cell

By Application

  • Camera
  • Laptops & PCs
  • Smartphones & Tablets
  • Others

By End Users 

  • Automotive
  • Consumer Electronics
  • Enterprise
  • Healthcare
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa (MEA)
  • South America

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About Astute Analytica

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

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