Vantage Market Research
Nov 12, 2021
According to analysts at Vantage Market Research, the Rig and Oilfield Mats Market is expected to reach USD 2.1 Billion by 2028, growing at a CAGR of 7.25% from 2021 to 2028. Rig and oilfield mats markets are used to create roads that allow vehicles to reach remote sites. It provides crews with stable and safe platforms from which they can work. Additionally, these oilfield mats alleviate the pressure generated via machines; this prevents disturbances to fragile ecosystems. These mats are made from dense hardwoods and are notched for easy lifting and are also customizable as per the requirement of the clients.
Key Findings:
- Composite mats under the type segment are projected to grow at a CAGR of over 6.21% during the forecast period. This is attributed to the environmental regulations related to the cutting of wood are propelling the use of composite mats. This is expected to boost the adoption of composite-based oilfield and rigs mats in sensitive field applications.
- The oil and gas under application segment is expected to grow at a CAGR of 5.11% in the projected timeframe. Oil and gas are responsible in meeting approximately 50% of the energy demand of the world. The consumption of natural gas has increased drastically since the last decade. The oil demand is also surging since 2019. This rise in the demand for oil and gas is anticipated to boost the demand formats in oil and rigs in the projected timeframe.
- The Middle East and Africa region are projected to grow at a CAGR of 6.1% between 2021 and 2028. This is attributed to the offshore development and discoveries by the countries like UAE, Qatar, and Saudi Arabia.
Major players operating in the global rig and oilfield mats market include BRIDGE WELL RESOURCES, Little Guy Oilfield Rentals, MaXXiMaT, PortaFloor, Horizon North Logistics Inc., Newpark Resources Inc, Canada Rig Mats Ltd., Strad Energy Services Ltd., Northern Mat＆Bridge（NMB）, Rig Mats of America Inc., Acre Rig Mats among others.
Aging infrastructure is expected to drive the sales of rig and oilfield mats in the anticipated timeframe. In addition, the target customer base in the projected period will be the companies, pipeline operators, inspection companies EPC firms, and construction service companies. Furthermore, the upcoming Greenfield and brownfield projects in these industries will propel the sales of mats in rig and oilfields.
Growing operations in the oil & gas industry such as operations in the remote areas for drilling, production, and exploration activities are expected to boost growth. Certain oil and gas operators in the regions are obtaining contracts for remote sites. These remote sites are wet and have high humidity which makes them difficult to work. Such an environment is not suitable for common operations, which makes matting solutions mandatory.
In 2020 North American held a share of about 22.03% in the rig and oilfield mats market. The surge is due to the escalation of crude and oil production in the cities such as the U.S. and Canada. Additionally, surging investments in R&D, electrical T&D, oil and gas, wind farm infrastructure, construction, along with initiation of production facilities in the North American region is expected to help the rig and oilfield mats market gain traction during the forecast period.