Japan Cross Laminated Timber Market Projected to Cross a Volume of 382,771 Cubic Metre by 2023

Over the recent years, the Japan cross laminated timber market has been witnessing a robust growth on account of several initiatives undertaken by the Government. This growth can also be accredited to the design flexibility, cost-effective nature and environment-friendly advantages of cross laminated timber.

According to the latest report by IMARC Group, titled “Japan Cross Laminated Timber Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the Japan cross laminated timber market reached a volume of 68,224 Cubic Metre in 2017. Cross laminated timber refers to a prefabricated engineered wood panel which is made from two or three layers of solid sawn lumber. Each layer of the panel is placed perpendicular to the adjacent layer and are usually combined together in odd numbers using an adhesive, beech screws, dowels and aluminium nails. In Japan, cross laminated timber has been gaining popularity owing to its cost-effectiveness, design flexibility and eco-friendly properties. Moreover, in comparison with conventional building materials like concrete and steel, cross laminated timber is considered a sustainable building material due to which it finds vast applications in residential building, educational institutes, government building, and commercial as well as industrial spaces.

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Immense support from the government of Japan has been the primary growth-inducing force for the market growth. In the year 2010, the Government implemented the Promotion of Use of Wood in Public Buildings Act, based on which all the government buildings, up to three stories high, have to be constructed using wood. Additionally, constructional projects using concrete materials result in the production of huge amounts of carbon dioxide. Therefore, the Government is encouraging the employment of green construction materials, such as cross laminated timber, so as to prevent a rise in the greenhouse gases. This has led to the widespread adoption of cross laminated timber in Japan. Further, due to Japan’s location on the joint of four different plates, it is vulnerable to frequent tremors as well as earthquakes. As cross laminated timber structures are considered to be more resilient to earthquakes than other building materials, it is widely accepted among the masses in the region. Apart from this, upcoming commercial building projects, for instance Olympic Games (2020), are envisaged to strengthen the overall growth of the market. Looking forward, the market is projected to cross a volume of 382,771 Cubic Metre by 2023, expanding at a CAGR of around 33% during 2018-2023.

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Market Summary:

Based on application, the cross laminated timber market in Japan has been segregated as Residential, Government/Public Buildings, Commercial Buildings and Educational Institutes.

The competitive landscape of the market has also been examined with some of the key players being Meiken Lamwood Corporation, Yamasamokuzai Co. Ltd. and Chuto.

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This release was published on openPR.