Rig and Oilfield Mats Market Sales Rising at 7.3% of Huge CAGR by 2032

Posted on 2024-03-05 by Future Market Insights in Industrial // 0 Comments

Rig and oilfield mats are essential components in the oil and gas industry, providing critical support and stability for heavy equipment, vehicles, and infrastructure in challenging terrain and environments.

The global rig and oilfield mats market is predicted to reach a valuation of US$ 2.1 Bn by 2032, with sales growing at a healthy CAGR of 7.3% from 2022 to 2032. Valued at US$ 1 Bn in 2021, the target market will likely reach an estimated US$ 1.04 Bn in 2022. Escalation in crude oil prices and increasing activities in the oil and gas industry across the globe will spur the demand for rig and oilfield mats during the forecast period.

Major players in the oil and gas sector are keen on establishing operations in remote areas for exploration, drilling, and production activities. The oil and gas operators are acquiring contracts for such remote sites. A few of these remote locations are open to wet and humid conditions. Such an environment is also not fit for common operations, and thus, matting solutions are needed to further oil and gas functions in these locations. Therefore, drilling operations in remote areas are directly propelling the adoption of rig and oilfield mats. For instance, many US-based oil and gas operators are shifting towards Alaska and other sites for drilling applications, which is set to underpin the demand for rig and oilfields mats in the global market during 2022-2032.

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Furthermore, the growth in the sales of composite mats or engineered mats will likely contribute immensely to the growth of the overall market. Again, governing bodies in the US, Canada, and European Union have applied regulations to prevent environmental degradation which will further aid the growth of composite mats as compared to wood ones. All of these considerations will propel the growth of rig and oilfield mats market during the forecast period.

Key Takeaways:

By product type, the composite mats segment will gain traction over the forecast period.
In terms of application, the construction, and offshore wind energy infrastructure are set to generate lucrative opportunities for the target market.
The rig and oilfield mats market in the United States will account for a major portion of the global market.
Countries in Western Europe will account for the second largest market share.
China and the MEA countries will register steady growth during the forecast period.

Competitive Landscape

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, and Access Terrain Services among others are some of the major players in the rig and oilfield mats market profiled in the full version of the report.

Key market players are concentrating on enhancing product offerings and investing more in research and development activities to cater to consumer demands. These businesses are offering patented technologies and customized mat sizes, acquiring technical expertise, and engaging in strategic alliances, partnerships, joint ventures, collaborations, mergers, and acquisitions to gain a competitive advantage.

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets.

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