Rig & Oilfield Mats Market Size, Share, Growth, and Industry Analysis, By Type (Wood Mats, Composite Mats, & Metal Mats), By Application (Oil and Gas, Electrical T&D Construction & Maintenance, Wind, Infrastructure Construction, Military, & Helipad) and Regional Forecast to 2027

Updated On: 22 April 2024

REPORT OVERVIEW

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The global rig & oilfield mats market size was USD 211.99 million in 2021. As per our research, the market is projected to touch USD 359.94 million by 2027, exhibiting a CAGR of 9.22% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The global rig & oilfield mats market are experiencing significant growth driven by crucial factors. The increasing emphasis on safety and project efficiency in oil and gas operations fuels market expansion. Rig & oilfield mats play a pivotal role in creating stable and secure work surfaces in challenging terrains, ensuring worker safety and equipment stability. Industry players are dedicated to enhancing the durability, versatility, and sustainability of these mats, aligning with the evolving safety and efficiency needs of the energy sector. This alignment with the demand for reliable solutions that improve safety and project effectiveness supports the positive trajectory of the market.

Technological advancements are shaping the dynamics of the global rig & oilfield mats market. Innovations in mat materials, designs, and environmental sustainability are driving growth. Energy professionals seek mats that provide superior ground protection while minimizing environmental impact. As the energy sector evolves with modern drilling techniques and environmental regulations, the importance of advanced oilfield mats gains prominence. This alignment with progress in mat technology and the commitment to delivering environmentally friendly and efficient ground protection solutions contribute to the market's growth.

COVID-19 Impact: Market Growth Restrained by COVID-19 due to Lockdown Restrictions & Supply Chain Disruptions

The impact of COVID-19 on the global rig & oilfield mats market was predominantly negative. The pandemic disrupted supply chains, led to a decrease in drilling activities, and caused delays in oilfield projects. Additionally, restrictions on movement and workforce safety measures affected the overall demand for rig & oilfield mats. While there may have been some temporary fluctuations in demand, particularly for mats used in critical projects, the overall impact was negative, characterized by challenges and uncertainties in the market.

LATEST TRENDS

"Increasing Environmentally-friendly Mats Adoption Drives Growth in the Global Market"

In recent years, a notable trend in the global rig & oilfield mats market has been the increasing adoption of environmentally-friendly mats. This shift towards eco-friendly mats has been primarily driven by environmental regulations and growing awareness about the need for sustainable practices in the oil and gas industry. Rig & oilfield mats made from recycled materials, such as composite materials and recycled plastics, are gaining significant traction due to their reduced environmental impact and enhanced durability. As a result, the market is witnessing substantial growth as both oil and gas companies and equipment rental providers recognize the long-term benefits of using these mats in their operations.

SEGMENTATION

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By Type

Based on type the global market can be categorized into Wood Mats, Composite Mats, & Metal Mats.

By Application

Based on application the global market can be categorized into Oil and Gas, Electrical T&D Construction & Maintenance, Wind, Infrastructure Construction, Military, & Helipad.

DRIVING FACTORS

"Growing Oil Exploration Activities Propel Demand in the Market"

The global rig & oilfield mats market is driven by the increasing demand for oilfield mats due to the growing oil exploration activities worldwide. As oil and gas companies continue to expand their operations and venture into more challenging terrains, the need for stable and secure work platforms becomes crucial. Rig & oilfield mats provide a stable foundation and help to distribute heavy loads, ensuring the safe movement of heavy equipment and machinery in oil and gas fields. This driving factor has led to a surge in the demand for oilfield mats, as they offer enhanced safety and efficiency during drilling and production operations.

"Environmental Regulations Pave the Way for Alternatives to Traditional Oilfield Mats"

Another driving factor for the global rig & oilfield mats market growth is the rising concerns for environmental protection. Traditional methods of constructing temporary roads and work sites in the oil and gas industry often involve the destruction of vegetation and disturbance to natural landscapes. Due to growing environmental awareness and stringent regulations, oil and gas companies now prefer using environmentally friendly alternatives such as rig & oilfield mats. These mats have a minimal ecological impact as they are designed to minimize ground disturbance, protect fragile ecosystems, and prevent soil erosion. The increasing emphasis on environmental sustainability and adherence to regulatory norms has propelled the adoption of oilfield mats, driving the growth of the market.

RESTRAINING FACTORS

"Declining Oil and Gas Prices Negatively Impact Global Market"

One restraining factor affecting the global rig & oilfield mats market is the decline in oil and gas prices. Lower prices have a direct effect on the demand for drilling activities and exploration, which in turn affects the requirement for oilfield mats. As oil and gas companies cut back on their drilling projects to reduce costs amidst price volatility, the demand for these mats decreases. Consequently, the global market experiences a restraint due to the cause and effect relationship between declining oil and gas prices and reduced drilling activities.

REGIONAL INSIGHTS

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"North America to Dominate the Global Market Share due to Presence of Major Oil & Gas Reserves"

The North American region is the most dominant in the global rig & oilfield mats market share. This dominance can be attributed to several factors, including the presence of major oil and gas reserves, extensive drilling activities, advanced technologies, and the increasing demand for energy. The region's dominance in the market is driven by its robust oil and gas industry, coupled with the continuous exploration and production activities in the United States and Canada. The high investments in shale gas and tight oil extraction have further propelled the growth of the market in North America.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market Landscape through Innovation"

In the global rig & oilfield mats market, the influence of key industry players has been a significant driving force behind its growth. A handful of well-established companies dominate the market, contributing to its increased market value and expansive reach. These key players possess extensive manufacturing capabilities, a wide range of product offerings, and strong distribution networks, allowing them to cater to the diverse demands of end-users. Moreover, their continuous investments in research and development activities, strategic partnerships, and acquisitions bolster their market position, enabling them to remain at the forefront of technological advancements. As a result, these influential market players continue to shape the dynamics of the global market, propelling its steady growth and global recognition.

List of Market Players Profiled

• Checkers Group (U.K.)
• PortaFloor (U.S.)
• MaXXiMaT (Norway)
• Horizon North Logistics Inc. (Canada)
• BRIDGEWELL RESOURCES (U.S.)
• Newpark Resources Inc (U.S.)
• Strad Energy Services Ltd. (Canada)

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.