The global rig and oilfield mats market is estimatedto register a steady growth owing to the increasing investment in the oil and gas industry. As per a study by FMI, the market for rig and oilfield mats is likely to project an annual growth at a CAGR of more than 5% during the forecast period 2021 to 2031.
Companies operating in the rig and oilfield mats market will continue gaining from increasing oil and gas exploration and drilling activities. For instance, U.S.-based oil and gas companies are moving to Alaska and other remote sites for drilling and production applications.
Some of these remote sites are exposed to humid and wet conditions. Such environments make matting, a necessity for carrying out the common operations, resulting in need of rigs and oilfields mats. Thus, expansion of oil and gas sector is in turn fueling the demand for rigs and oilfields mats.
North America is estimated to hold a major market share in terms of value in the global market. The U.S. has been registering increasing production of shale gas, which has made it a leading consumer for rig and oilfield mats.
Composite mats account for the largest market share in the product segment, owing to the increasing shifting of end-user preference towards composite mats. These mats are gaining traction due to their cost-effectiveness and eco-friendly properties.
“Emerging players operating in the market are emphasizing on delivering high-quality engineered materials and customized size of mats along with patented technologies to improve their product hand-outs,” says the FMI analyst.
- Asia Pacific is expected to dominate the global rig and oilfield mats market on the back of favorable government initiatives and increasing urbanization.
- The U.S. is likely to lead the market in the North America owing to rising remote operations in the oil & gas and electrical T&D construction industry
- The demand for rig and oilfield mats in Europe is increasing at a rapid pace due to the surging adoption of composite mats in the region.
- Due to ongoing offshore developments in countries like Saudi Arabia and the UAE, the rig and oilfield mats market is strengthening in the Middle East.
- The demand in Mexico, China, and Canada will rise as these countries increasingly invest in onshore projects.
- Increasing demand for oil and gas due to urbanization and population growth will drive the demand for rig and oilfield mats.
- Rising production and drilling operations in remote areas are bolstering the market growth.
- Growing end-user preference towards composite mats over other alternative options is spurring the growth of the market.
- High cost of installation is hampering the demand for rig and oilfield mats.
- Strict government regulations to curb the production of wood mats are posing a challenge for market growth.
- Increasing size of equipment and cranes are affecting the durability of the mats, thus, restraining the growth of the market.
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Companies operating in the market are investing in research and development (R&D) for developing new product to gain a competitive edge over other market players. For instance,
- Signature Systems Inc, the U.S. based company, announced the launch of its new product named, OmniDeck LD, a lightweight product with built-in safety features to protect equipment and people.
Leading players profiled by FMI operating in rig and oilfield mats market include:
- Newpark Resources Inc.
- Strad Energy Services Ltd
- Horizon North Logistics Inc.
- Signature Systems Group, LLC
- Checkers Safety Group
- Bridgewell Resources
- Spartan Mat
- Access Terrain Services
- Quality Mat Company
More Insights on FMI’s Rig and Oilfield Mats Market
The latest market study on global rig and oilfield mats market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of
- Wood Mats
- Composite Mats
- Steel Mats
- Oil and Gas
- Electrical T&D Construction & Maintenance
- Infrastructure Construction
- North America
- Latin America
- Western Europe
- Eastern Europe