Heavy upsurge in crude oil prices and a significant amount of activities in the oil and gas industry in the world has created substantial demand for the rig and oilfield mats over the last few years. Ongoing pipeline operations across the globe are expected to fuel this demand and market growth.
NEWARK, DE / ACCESSWIRE / September 9, 2024 / The rig and oilfield mat market is expected to increase moderately. From 2024 to 2034, Future Market Insights' main analysts predict a 5.1% CAGR. Several technological improvements and investments in improving production procedures are in the works. Such innovations are expected to increase the market value of rig and oilfield mats to USD 2.94 billion by 2034.
Oilfield mats, crucial for providing stability and reducing ground pressure in drilling operations, are increasingly in demand as exploration activities intensify in various regions, particularly North America and the Middle East.
The growing need for cost-effective and durable solutions in challenging terrains, coupled with environmental regulations limiting ground disturbance, has spurred the demand for rig mats. In addition, oilfield operators are focusing on improving operational safety, further boosting the adoption of these mats.
Rig and oilfield mats come in various configurations, including composite, wood, and steel materials, catering to different operational needs. Composite mats, known for their high durability and low weight, are rapidly gaining market share, especially in regions with harsher environments.
With significant investments in oil and gas infrastructure, particularly in offshore drilling, the demand for high-performance rig mats is projected to rise. Major market players are focusing on sustainable product development to align with evolving environmental regulations and customer preferences.
Factors Shaping the Future of Global Rig and Oilfield Mats Market?
Growing Remote Operations in the Oil & Gas Industry
Key players in the oil and gas industry are entering remote areas for exploration, drilling, and production activities. Key oil and gas operators in these regions are acquiring contracts for such remote sites. Some of these remote sites are exposed to wet and humid conditions. Such an environment is also not suitable for common operations, and hence, matting solutions are required.
Thus, drilling operations in remote sites are directly driving the adoption of the rig and oilfield mats. USA-based oil and gas operators are moving towards Alaska and other sites for drilling applications, which is expected to drive the rig and oilfields mats market growth in the near future.
Increasing Adoption of Composite Mats
Sales of composite mats are being driven by Western European countries and the USA. This is majorly due to the reduction in the quality of timber. Wood mat manufacturers are currently switching to composite or engineered mats in these regions.
In addition, governing bodies in the USA, Canada, and European Union have laid regulations to stop environmental degradation. Though wood mats are cheaper than composite mats, users prefer composite mats over wood mats due to differences in quality.
Minimizing Local Environmental Concerns
Environmental concerns regarding deforestation have strongly impacted the production and sales of wood mats in European countries. Strong regulations have been laid globally to curb the production of wood mats. According to the Texas Forest Commission, it takes 60 years to grow a milling-size tree for a wood mat.
In addition to that, oil field equipment, cranes, offshore equipment, and other heavy-duty equipment are getting bigger, and thus, require strong and quality wood mats in wet field conditions.
Some of the Challenges for the Rig and Oilfield Market Growth
In areas with adverse production economies, cheaper rates and frequent unprecedented reductions in demand have made it impossible for the upstream industry to operate profitably, thereby reducing the business use of rigs and oilfield mats. The global rigs & oilfield mats market opportunities are negatively impacted by delaying expenditures in new drilling projects.
Drivers and Opportunities:
Several factors are driving the rig and oilfield mat market, including the expansion of oil and gas seal activities globally, especially in untapped regions. As environmental concerns increase, there is a rising demand for eco-friendly mats that reduce soil contamination and restore land post-drilling. Additionally, technological advancements in material composition are making mats more durable and adaptable to different climates and terrains, further boosting market growth.
Opportunities lie in the development of innovative materials that reduce costs and environmental impact. The adoption of biodegradable mats and mats with higher load-bearing capacities offers a growth opportunity for market participants.
Key Takeaways from Market Study:
The rig and oilfield mat market is projected to grow at a CAGR of 5.1% between 2024 and 2034.
Composite mats are expected to witness the fastest growth due to their lightweight, durability, and eco-friendly properties.
North America and the Middle East are anticipated to remain key regional markets due to robust oil and gas exploration activities.
Market players are increasingly focusing on developing sustainable and recyclable mat materials.
"Rig and oilfield mats are essential for providing stable, secure ground surfaces in challenging terrains, ensuring the safety and efficiency of heavy equipment used in oil and gas operations. These durable mats protect sensitive environments from damage, reduce the risk of accidents, and offer reliable support for drilling rigs and other machinery. Their robust design makes them ideal for withstanding the harsh conditions of oilfield sites." opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Component Insights:
The rig and oilfield mat market is segmented based on material type, including composite, wood, and steel mats. Composite mats, due to their lightweight and durability, are becoming more popular, especially in remote and environmentally sensitive regions. Steel mats, known for their strength and load-bearing capacity, remain a staple for heavy-duty operations. Wood mats are preferred for short-term projects where cost-effectiveness is a priority.
Who is the Biggest Vendor of Water Quality Testing Equipment in the World?
Currently, Danaher Corporation holds a significant share as one of the largest vendors in the global water quality testing equipment market. The company is renowned for its comprehensive range of testing solutions and its strong presence in multiple industries.
Countries |
Forecasted CAGR |
Canada |
5.5% |
The United Kingdom |
5.4% |
China |
4.1% |
South Korea |
15.3% |
India |
4.6% |
Market's Prime Determinants of Growth, Trends, and Opportunities:
Increased Oil and Gas Exploration: Rising exploration activities, especially in North America and the Middle East, are creating consistent demand for oilfield mats to stabilize rigs and equipment.
Technological Innovation: Advancements in material technology, including composite mats, are reducing costs and environmental impact.
Environmental Regulations: Stringent regulations around soil contamination and land restoration are driving the adoption of eco-friendly oilfield mats.
Sustainability Focus: Increased focus on developing mats that are recyclable and biodegradable offers long-term market opportunities.
Key Companies & Market Share Insights:
The market is dominated by several key players, including Newpark Resources Inc., Signature Systems Group, Strad Inc., and Horizon North Logistics. These companies are focusing on expanding their product portfolios by incorporating innovative materials and improving product longevity to meet growing demand from oilfield operators.
Horizon North Logistics Inc.;
Newpark Resources 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.
Growth Drivers:
Rising Oil and Gas Production: Global oil and gas production is on the rise, leading to increased demand for oilfield mats to ensure stability and safety during operations.
Eco-friendly Solutions: As environmental concerns grow, companies are increasingly focusing on sustainable solutions, boosting demand for mats that minimize ground disturbance and soil degradation.
Technological Advancements: Innovations in composite materials that offer enhanced durability and ease of transport are driving the market forward.
Browse Full Report Here
https://www.futuremarketinsights.com/reports/rig-and-oilfield-mats-market
Rig and Oilfield Mat Market - Key Segments
By Product:
Wood Mats
Composite Mats
Steel Mats
By End Use:
Oil and Gas
Electrical T&D Construction & Maintenance
Wind
Infrastructure Construction
Military
Helipad
Others
By Region:
North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
The Middle East and Africa
Author By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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