Rigs and Oilfield Mats Market: Global Industry Analysis and Forecast (2023-2029)

Rigs and Oilfield Mats Market size was valued at US$ 2.42 Bn. in 2022. Rigs and Oilfield Mats will bring a great deal of transformation in Oil and Gas Industry.
Rigs and Oilfield Mats Market Overview:
Oilfield mats and rigs are moveable platforms designed to support the equipment used in oil drilling operations. In delicate wetland areas, rigs and oilfield mats provide suitable ground conditions. These mats can be utilized as structural highways during rainy or wet seasons. These roads allow workers to get to work even when the weather isn't cooperating. Rigs and oilfield mats can serve as temporary highways for vehicles in distant regions or over tough terrain.
Rigs and Oilfield Mats Market Snapshot
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Rigs and Oilfield Mats Market Dynamics:
Safety and stability are two of the most important things construction sites need for oil and gas exploration and other high-performance applications. The oilfield and rig mat market provides a work platform that makes it easy to carry heavy equipment and provides workers with a clean and safe working environment. Sustainable demand from oil and gas exploration is a major driver of growth in the drilling rig and oilfield mat markets. Rig and oilfield mats provide a stable platform and safety to the worker at the worksite driving the growth of the rig and oilfield market.

Oilfield mats and rig mats are one of the essential components used in most manufacturing operations in the oil and gas industry, and their demand grows at a remarkable rate as remote oil exploration activities increase. End users in the construction and forestry sectors are also creating demand for rigs and oilfield mats with unique performance features such as high stability and durability. Leading players in the oil rig and oilfield mat market are increasingly focusing on the introduction of innovative, high-quality engineering materials, as most end users switch from wood mats to composite mats, primarily due to poor wood quality. Among these, they have gained a competitive advantage in market trends.

Oil and natural gas cover 50% of the world's energy demand. Natural gas consumption increased by 5.5 % in 2020. Global oil consumption is expected to reach 104.1 mb / d by 2026, an increase of 4.4 mb / d compared to 2020. The rapid urbanization and industrialization of the drilling rig and oilfield mat market are expected to increase the demand for oil and gas resources.

Process and environmental safety are important drivers of the rig and oilfield mat market through the forecast period. In downstream activities, rigs and oilfield mats protect the underground by stopping the mixing of contaminants that may come from workstations. Therefore, government regulations related to exploration activities are expected to boost the oil rig and oilfield mat markets.

The installation of drilling rigs and oilfield mats depends on factors such as area dimensions and load-bearing capacity. Therefore, customization is costly to install oil rigs and oilfield mats. These factors are restraining the growth of the market.

The only most important factor driving the oil rig and oilfield mat market is increased oil and gas exploration activity. Rigs and oilfield mats are in high demand from the market as they provide a stable platform and security for construction site employees. The extraordinary advantages of drilling platforms and oilfield mats, such as high strength, lightweight and cost efficiency, are expected to have a positive impact on the market. Some areas of construction sites are not allowed to use drilling rigs or oilfield mats, which is hampering the market growth.
COVID-19 Analysis:
Governments in several countries around the world have put in place strict containment measures to limit the spread of the coronavirus. The movement of people and economic activities, related to goods and services, have stopped due to the lockdown. Supply has not been able to adapt to the drop in consumption. This leads to significant hoarding of crude oil and gas in storage. Low prices and unprecedented demand declines have created difficulties for the upstream sector in regions with unfavorable manufacturing economies. Oilfield platforms and mats are used in the oil and gas industry. As a result, investment restrictions on new exploration projects are hindering the global oil rig and mats market.
Rigs and Oilfield Mats Market Segment Analysis:
By Product, the Composite segment is expected to grow at a CAGR of 7.8 % through the forecast period. Composite mats are preferred owing to their quality and cost-effectiveness, along with their eco-friendly properties. Technological advancements such as the use of skid-proof materials and anti-static fibers in the design of rig and oilfield mats. These factors are expected to drive the growth of the segment through the forecast period.

The wood segment growth is declining in the market. Environmental restrictions have been established by regulating authorities in the United States, Canada, and the European Union. Globally, strict rules have been enacted to limit the production of wood mats. According to the Texas Forest Commission, growing a milling size tree for a wood mat takes 60 years. Despite the fact that wood mats are less expensive than composite mats, people prefer composite mats over wood mats due to quality differences.
Rigs and Oilfield Mats Market Regional Insights:
ME&A region dominated the market with a 45% share in 2020. Offshore developments & discoveries by countries such as, the UAE, Qatar and Saudi Arabia are expected to drive the rigs & oilfield mats market in this region. Bahrain has announced the discovery of around 80 Bn. barrel oil fields. According to MMR Report, well intervention in the ME&A is anticipated to rise at a faster pace, with around 10000 active offshore wells on oil fields with average well age of 16 to 21 years compared to an average well age of 10 to 15 years in other regions. These factors are driving the growth of the market in this region.

North America is expected to grow at a CAGR of 4.5 % through the forecast period. The demand for rig and oilfield mats has readily increased as manufacturers in the region are targeting utility companies after oil and gas operators, due to continued urbanization and growing population. These factors are expected to drive the growth of the market in this region through the forecast period.

The objective of the report is to present a comprehensive analysis of the Rigs and Oilfield Mats market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the market dynamics, structure by analyzing the market segments and project the market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the market make the report investor’s guide.
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Rigs and Oilfield Mats Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 2.42 Bn.


Forecast Period 2023 to 2029 CAGR:
7.5 %
Market Size in 2029:
US $ 4.02 Bn.


 Segments Covered:
by Product
Wood
Composite
Steel


by End Use
Oil and Gas
Helipad
Wind
Others



Rigs and Oilfield Mats Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Rigs and Oilfield Mats Market, Key Players are
1. New park Resources Inc.
2. YAK MAT
3. Diamond T Services
4. Horizon North Logistics Inc.
5. Signature Systems Group, LLC
6. Strad Energy Services Ltd
7. Checkers Safety Group
8. Spartan Mat
9. Rig Mats of America Inc.
10. Quality Mat Company
11. Canada Rig Mats Ltd.
12. Alberta Rig Mats
13. Access Terrain Services

FAQ:

1] What segments are covered in the Rigs and Oilfield Mats Market report?
Ans. The segments covered in the Rigs and Oilfield Mats Market report are based on Product and End Use.

2] Which region is expected to hold the highest share in the Rigs and Oilfield Mats Market?
Ans. MEA Region is expected to hold the highest share in the Rigs and Oilfield Mats Market.

3] What is the market size of the Rigs and Oilfield Mats Market by 2029?
Ans. The market size of the Rigs and Oilfield Mats Market by 2029 is US $ 4.02 Bn.

4] Who are the top key players in the Rigs and Oilfield Mats Market?
Ans. Newpark Resources Inc., YAK MAT, Diamond T Services, Horizon North Logistics Inc., Signature Systems Group, LLC, Strad Energy Services Ltd, Checkers Safety Group, Spartan Mat, Rig Mats of America Inc., Quality Mat Company, Canada Rig Mats Ltd., Alberta Rig Mats, Access Terrain Services.

5] What was the market size of the Rigs and Oilfield Mats Market in 2022?
Ans. The market size of the Rigs and Oilfield Mats Market in 2022 was US $ 2.42 Bn.