Rig and Oilfield Mat Market to Reach USD 1.83 billion by 2030 growing at a CAGR of 7.30% During The Forecast Period 2023-2030

18 May 2023

Contrive Datum Insights

The Global Rig and Oilfield Mat Market Was Valued At $1.04 billion In 2022 And Is Expected To Expand $1.82 billion By 2030 at a CAGR Of 7.3% From 2022 To 2030.

Key factors driving the growth of this market include increasing activities in the oil and the gas exploration, process and environmental safety.

The market is driven by the fact that rig and oilfield mats provide workers with a safe and stable working environment. In the coming years, process and environmental safety will be crucial for the rig and oilfield mat market. In the downstream process, rigs and oilfield mats safeguard the ground by preventing the mixing of contaminants from workstations.

Browse Market data Tables and Figures spread through Pages and in-depth TOC on " Rig and Oilfield Mat Market Size, Share & Trends Estimation Report By Outlook, By Region, And Segment Forecasts, 2023 - 2030" View detailed Table of Content here- https://www.contrivedatuminsights.com/product-report/rig-and-oilfield-mat-market-124871/

Segmentation Overview:

Product Outlook:

The Composite segment is expected to grow at a CAGR of 7.8% over the forecast period. Composite mats are more popular than other types of mats due to their durability, affordability, and environmental friendliness. Mats for rigs and oilfields are currently manufactured with nonslip materials and fibers that do not attract static electricity. In the coming years, this market segment is anticipated to grow due to these factors.

The market expansion of the wood segment is declining. The United States, Canada, and the European Union have enacted environmental protection regulations. There are global restrictions on the quantity of wood mats that can be manufactured. According to the Texas Forest Commission, it takes 60 years for a tree of milling size to mature into a wood mat. Despite the fact that wood mats are less expensive than composite mats, people prefer composite mats over wood mats due to the difference in quality.

Application Outlook:

The market is segmented by application into oil and gas, electrical T&D construction and maintenance, wind, infrastructure construction, military, helipad, and other applications. During the forecast period, industrial use in construction and offshore wind energy infrastructure will drive the growth of the rig and oilfield mats market.

Regional Analysis:

In 2020, the ME&A region comprised 45% of the market. The Middle East rigs and oilfield mats market is anticipated to be driven by offshore development and discovery in the UAE, Qatar, and Saudi Arabia. Bahrain announced the discovery of an oil field containing approximately 80 billion barrels of oil. According to the MMR report, the number of wells in the ME&A region will increase at a faster rate, with approximately 10,000 active offshore wells in fields with an average well age between 16 and 21 years, as opposed to 10 to 15 years in other regions. Due to these factors, the market in this region is expanding.

Following closely behind Asia-Pacific in terms of market growth will be North America. Due to the tremendous growth and rapid industrialization of the oil and gas industry, the markets for rigs and oilfield mats in both regions will expand substantially. Western Europe's market for rigs and oil field mats is expanding, in part, due to the expansion of the construction industry. Due to developments in the petrochemical industry and other related fields, the South American market is expanding rapidly.

During the forecast period, North America is anticipated to grow at a CAGR of 4.5%. The increased demand for rigs and oilfield mats is due to the fact that manufacturers in the region are now targeting utilities companies in addition to oil and gas operators. This is because more people are moving to and residing in cities, and because more cities are being constructed. These factors are likely to drive the growth of the market in this region during the forecast period.

Scope of Report:

Market Dynamics:

Restraining Factors:

Expensive Customization

How drilling rigs and oilfield mats are arranged depends on factors such as the area's size and its weight capacity. Customizing oil rigs and oilfield mats is therefore costly. These factors are hindering the market's expansion.

Soaring Mat Renting Business

Since the price of crude oil has negatively affected business, oil and gas companies prefer to rent mats. As a result, an increasing number of individuals are opting to rent rather than buy. These rentable and repurchasable mats have negatively impacted sales of new rig and oilfield mats around the world. Additionally, rental and service businesses have been thriving. This may slow the growth of the rig and oilfield market in the coming years.

Opportunity Analysis:

Outdated Infrastructure and New Construction

During the forecast period, sales of rig and oilfield mats will be influenced by aging infrastructure. During the forecast period, the most sought-after customers will be utility companies, EPC firms, pipeline operators, and inspection and construction service companies. The sales of rig and oilfield mats will be driven by both new and old projects in these industries. Composite mats have a longer lifespan, which is one of the primary factors that will enable their use in new operations.

Key Segments Covered:

Top Market Players:

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

By Product Type:

Wood Mats
Composite Mats
Steel Mats

By Application:

Oil and Gas
Electrical T&D Construction & Maintenance
Wind
Infrastructure Construction
Military
Helipad
Others

Regional Outlook (Revenue, USD Million, 2017 - 2030)

North America

US
Canada
Mexico
Rest of North America

Europe
- Germany
- France
- Italy
- Spain
- UK
- Nordic Countries
  - Denmark
  - Finland
  - Iceland
  - Sweden
  - Norway
- Benelux Union
  - Belgium
  - The Netherlands
  - Luxembourg
- Rest of Europe
Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Southeast Asia
  - Indonesia
  - Thailand
  - Malaysia
  - Singapore
  - Rest of Southeast Asia

Rest of Asia-Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

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