Farmington, March 28, 2023 (GLOBE NEWSWIRE) -- The global Rig and Oilfield Mat Market size were valued at USD 1.04 Billion in 2022, is projected to reach USD 2.1 Billion by 2030, and is registering a CAGR of 7.3% from 2022 to 2030. The rig and oilfield mat market is a specialized industry that assists heavy equipment used in the oil and gas, mining, and construction industries in stabilizing the ground and gaining access to work locations. These mats, which are typically made of wood, mixed materials, or steel, are used to support heavy equipment, safeguard the ground, and create temporary access roads and work platforms in areas with challenging terrain or sensitive environments.
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Demand for energy resources, particularly in developing nations, and the need for temporary access options in remote or sensitive areas are propelling the market for rig and oilfield mats. Using these mats can reduce the environmental damage caused by heavy equipment and the costs associated with restoring the land after excavating or construction projects.
Rig and Oilfield Mat Market Recent Developments:
- In February 2021, Superior Mat Company announced the acquisition of TuffTrak, a manufacturer of high-strength synthetic mats for temporary driveways and job sites. The acquisition enables Superior Mat Company to expand its product offerings in the oil and gas, construction and events industries.
- In November 2020, Strad Inc. announced that it had entered into a multi-year contract with a major oil and gas producer in Montney, Canada, to supply rig mats and equipment. This agreement will provide Strad Inc. with stable revenue and growth opportunities in the region.
- In September 2020, Black Diamond Group announced the acquisition of BOXX Modular Group, a provider of modular buildings and remote workforce housing. The acquisition enables Black Diamond Group to expand its product offerings and services in the oil and gas, mining and construction industries.
- In August 2020, Viking Mat Company announced the opening of a new manufacturing facility in Gonzales, Texas. The facility will produce hardwood mats for the oil and gas industry and other heavy-duty applications.
Rig and Oilfield Mat Market Dynamics:
Oil and natural gas supply fifty percent of the world's energy requirements. In 2018, natural gas consumption increased by 4.6%. According to the International Energy Agency, petrochemical products will be a key driver of development in the oil industry over the forecast period. By 2026, global oil consumption is expected to reach 104.1 mb/d, up 4.4 mb/d from 2019. oil field mat industry.
Process and environmental safety are also significant market drivers for platforms and oilfield mats over the forecast period. In downstream operations, rigs and oilfield mats safeguard the earth's subsurface by preventing the possible mixing of contaminants. Consequently, the market for rig and oilfield mats is anticipated to increase due to the implementation of government regulations regarding exploration activities.
Regional Outlook:
In 2020, the ME&A region dominated the market with a 45 % share. It is anticipated that offshore development and discovery in countries such as UAE, Qatar, and Saudi Arabia will fuel the rigs and oilfield mats market in the region. Bahrain announced the discovery of approximately 80 billion barrels of hydrocarbons. ME&A's well involvement is anticipated to increase at a faster rate, with approximately 10,000 active offshore wells in fields with an average well age between 16 and 21 years, compared to 10 to 15 years for other regions. These factors are propelling the expansion of this region's market.
Following closely behind Asia-Pacific in terms of market growth will be North America. Due to the tremendous expansion and rapid industrialization of the oil and gas industry, both regional markets for platforms and oilfield mats will experience substantial expansion. The expansion of the construction industry contributes to the expansion of the platforms and oil field mats market in Western Europe. The market in South America is expanding rapidly due to developments in the petrochemical industry and other affiliated industries.
During the forecast period, North America is anticipated to grow at a 4.5% CAGR. Due to sustained urbanization and population growth, manufacturers in the region are targeting utilities companies in addition to oil and gas operators, resulting in a significant increase in demand for rigs and oilfield mats. These factors are anticipated to drive market expansion in this region over the forecast horizon.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 7.3% from 2023 to 2030 |
| Market Size in 2022 | USD 1.04 Billion |
| Revenue Forecast by 2030 | USD 2.1 Billion |
| By Type |
|
| By Applications |
|
| By Companies | 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., Alberta Rig Mats, Access Terrain Services, and Others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Rig and Oilfield Mat Market Key Segments Covered:
Top Market Players:
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., Alberta Rig Mats, Access Terrain Services, and Others.
By Type:
- Wood Mats
- Composite Mats
- Steel Mats
By Application:
- Oil and Gas
- Electrical T&D Construction & Maintenance
- Wind
- Infrastructure Construction
- Military
- Helipad
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, 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)
- Rest Of the World
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