Rig and Oilfield Mats Market

Rig and Oilfield Mats Market - Key Research Findings

• The rig and oilfield mats market is estimated to grow at a CAGR of over 5% over the forecast period.
• Ongoing pipeline operations across the globe are expected to fuel the rig and oilfield mats market growth.
  • Primarily, North America is expected to remain prominent in terms of market share over the forecast period. The demand for rig and oilfield mats has readily increased as manufacturers in the region are targeting utility companies after oil and gas operators, due to continued urbanisation and growing population.
  • Heavy upsurge in crude oil prices and significant amount of activities in the oil and gas industry in the region, have created substantial demand for rig and oilfield mats over the forecast period.
  • Moreover, the demand for rig and oilfield mats is growing due to shifting end-user preference for composite mats over other alternatives. Composite mats are preferred owing to their quality and cost-effectiveness, along with their eco-friendly properties.
• As compared to wood and steel mats, composite mats will gain significant traction over the forecast years and are expected to remain the most-preferred product among the end-use industries. Moreover, technological advancements such as use of skid-proof materials and anti static fibres in design of rig and oilfield mats will drive sales during the forecast period.
• North America is expected to hold a significant market share in terms of value, followed by Western Europe. MEA and China, which are predicted to grow considerably over the forecast period.
• The rig and oilfield mats market shows a fair level of consolidation, and comprises of several market players who are continuously focusing on enhancing their product offerings by offering patented technologies and customized size of mats, to gain competitive edge over contemporaries.
• Emerging players in the rig and oilfield mats market are improving their product hand-outs by investing in research and development activities and offering innovative rig and oilfield mats and similar products.
• Manufacturers in countries such as U.S., Mexico, Canada and China are investing in more and more onshore projects.

Factors Shaping the 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 rig and oilfield mats. US-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 US. This is majorly due to the reduction in the quality of timber. Wood mat manufactures are currently switching to composite or engineered mats in these regions.

In addition, governing bodies in the US, 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.

Industrial applications in construction industry, offshore wind energy infrastructure, etc., are also looking for products that offer stronger lifecycle and are lower in cost, which is reducing the adoption rate of wood mats, in turn, creating opportunities for manufacturers of composite, engineered, or custom-fabricated mats. It is estimated that these mats provide five times the service life of wood mats. 

Rig and Oilfield Mats Market Structure Assessment

• The rig and oilfield mats market is a consolidated market, wherein tier-2 players grasp majority of the rig and oilfield mats market share.
• Key manufacturers in the rig and oilfield mats market are targeting for penetration in North America and Western Europe, where growing GDP and governmental initiatives in order to increase manufacturing and investment in end-use applications will enhance sales of rig and oilfield mats.
• Key market players in the rig and oilfield mats market, such as 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, MaXXiMaT, and Quality Mat Company, among others are expanding their product listings by incorporating innovative & customized rig and oilfield mats.
• Tier-1 players are strengthening their positions in the rig and oilfield mats market by offering innovations and customized rig and oilfield mats, according to customer and end-use industry requirements.

Market Segmentation

Product

• Wood Mats
• Composite Mats
• Steel Mats

End Use

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

Region

• North America
• Latin America
• Western Europe
• Eastern Europe
• MEA
• APEC
• China