Rig and Oilfield Mat Market

Rig and Oilfield Mat Market Outlook from 2024 to 2034

Yielding a market value of USD 1.79 billion in 2024, the rig and oilfield mat market is in for a moderate growth trajectory. From 2024 to 2034, lead analysts at Future Market Insights speculate a CAGR of 5.1%.

Several technological advancements and investments in upgrading production techniques are in store. Such developments are likely to push the market for rig and oilfield mats to a valuation of USD 2.94 billion by 2034.

Attributes	Key Insights
Estimated Market Size in 2024	USD 1.79 billion
Projected Market Value in 2034	USD 2.94 billion
Value-based CAGR from 2024 to 2034	5.1%

Key Market Trends and Highlights

• Integrating modern technology, including IoT, into mats allows a person to monitor their real-time performance. Hence, this eliminates the failure risks, which is a key market trend.
• Considering the ease of transport, modular mat designs are favored. Thus, this is another trend in the rig and oilfield mats market.
• Diversifying the usage of mats in different industries apart from the oil and gas industry is a key trend.

Demand Analysis of Rig and Oilfield Mat Market from 2019 to 2023 vs. Outlook from 2024 to 2034

The historical CAGR of 3.7% elevated the global rig and oilfield mat market from USD 1.43 billion in 2019 to USD 1.71 billion in 2023. The historical period's fundamental market driver shifted consumer needs from traditional mats to engineered mats. This created lucrative chances for the production of relevant mats.

However, the pandemic period affected the growth of the sector. This is because governments imposed strict regulations in terms of lockdowns, affecting many businesses.

Historical CAGR from 2019 to 2023	3.7%
Forecast CAGR from 2024 to 2034	5.1%

The pot pandemic period will likely fuel the market, as relaxed restrictions will fuel the construction and oil extraction businesses. The frequent requirements for these industries create lucrative growth chances for the subject market, and this is a primary demand generator.

Apart from this, developing Asian countries form formidable opportunity-creating markets as they have undertaken development projects that require stabilizing mats for heavy-duty instruments.

Market Drivers

• Various marketers are tapping remote villages and areas to search for oil and natural resources. However, the terrain is highly undulating in such geographical areas, creating an imbalance for materials, instruments, and the workforce. Hence, this creates lucrative growth opportunities for the global rig and oilfield mat market.
• The surging demand for engineered mats results in driving the market. It is due to the better properties, like strength, durability, and resilience, of engineered mats than wooden mats. Hence, this drives the market.
• The production of wooden mats has dropped drastically due to regulatory norms made to arrest excessive deforestation. This creates a plethora of opportunities for engineered mats, driving the subject market.
• Governments are investing in infrastructural projects, which need stable structures for heavy-duty instruments. Hence, this surges the market.

Market Challenges

• The global market will likely become volatile due to geopolitical issues. Hence, it will affect oil prices, making the worldwide rig and oilfield mats market vulnerable. Thus, it is a key market challenge.
• The cluttered competitive landscape will likely affect the pricing strategy. Due to excessive competitive pressure, prices will fall, hampering the growth opportunities.

Country-wise Analysis

Forecast CAGRs from 2024 to 2034

Countries	Forecasted CAGR
Canada	5.5%
The United Kingdom	5.4%
China	4.1%
South Korea	15.3%
India	4.6%

Oil Sands Projects Will Likely Surge the Canadian Rig and Oilfield Mat Market

• Canada leads North America regarding the advancement rate in the forecasted period. The Canadian market is expected to propel at a CAGR of 5.5%.
• Canada possesses a vast oil reservoir. The country’s geopolitical stability is likely to drive economic stability.
• Apart from this, the technological infrastructure in the country is robust due to the government’s initiatives.
• This helps oil sand projects grow, as oil extraction will likely boost in the forecasted period.

The United Kingdom’s Government Develops Offshore Windfarms, Fueling the Market Growth

• The United Kingdom forecasts the highest progress in the next decade in Europe at a moderate CAGR of 5.4%.
• The United Kingdom’s government emphasizes developing renewable energy projects requiring heavy-duty operations.
• To achieve this, the government has initiated investments in construction projects and the energy sector.
• Due to this, a demand for mats providing stable flooring and reliable platforms is generated.

Infrastructural Development Promises a Better Future for the Chinese Market

• The Chinese government has been heavily investing in infrastructural development projects, like the Belt and Road Initiative, worldwide.
• Moreover, its geopolitical moves have accelerated the development of the construction industry.
• Many heavy-duty tools and vehicles must be parked at a place till the closure of the project, requiring stability for instruments and workers.
• Hence, this surges the global rig and oilfield mat market demand, fueling the market growth in China.
• The country projects the market advancement at a CAGR of 4.1% through 2034.

South Korea, a Hub for Marine Engineering and Shipbuilding, Accelerates the Rig and Oilfield Mat Market Progress

• South Korea has been an undisputed leader in the rig and oilfield mat market, forecasting the market progress at a whopping CAGR of 15.3%.
• The fundamental market driver is the marine engineering development in the country.
• South Korea has been a global hub for shipbuilding, which surges the need for offshore ports, decks, and power plants.
• Consequently, the country’s objective of bolstering its marine network needs stable offshore structures that can either be transported or made permanent.
• Hence, this surges the subject market in the country.

Developing India Extends its Infrastructure to Remote Areas

• India, a developing country, is attempting to shape its villages and remote areas through various infrastructural initiatives.
• These terrains have undulations and uneven slopes, which must be neutralized.
• Also, the duration of these construction projects is longer, requiring ever-lasting stability for different structures, instruments, and workers.
• Hence, this surges the demand for India's rig and oilfield mat market.
• Moreover, the country is estimated to propel at a CAGR of 4.6%.

Category-wise Insights

Based on product type, steel mats deliver numerous benefits, which drive the market segment, justifying its market share.

Category	Product Type - Steel Mats
Market Share in 2024	40%
Market Segment Drivers	The resilience and strength of the steel mats are unmatchable, which surges the demand for these mats in various industries. Also, their durability and water-resistant properties make them impeccable options for artificial platforms. Therefore, these are critical market segment drivers justifying the highest market share.

The oil and gas industry creates lucrative opportunities for the rig and oilfield mat market due to the wider usability of mats.

Category	End-use - Oil & Gas
Market Share in 2024	46.9%
Market Segment Drivers	The oil and gas industry requires stable ground. However, it is not achieved in most cases and a stable platform must be prepared artificially. This surges the demand for rig mats, which deliver the required stability. Moreover, they provide ground protection; hence, this market segment drives the market.

Competitive Landscape

Key strategic expansion initiatives of key players in the industry often govern the market competition. Moreover, the extent to which an organization innovates its products and services plays an active role in cluttering the market space. Strategies like product development, innovation, mergers and acquisitions, partnerships, and global expansions influence the rig and oilfield mat market’s competition.

The new entrants must differentiate their product portfolio by augmenting the market requirements. It can be achieved by creating a market niche through demand generation. Moreover, strategic expansion initiatives can play a great role in fueling their growth.

Key Market Developments

• In January 2018, Checkers Safety Group and Justrite Safety Group were merged. These two are portfolio organizations of Audax Private Equity (Audax). The strategic move has elevated the market presence of these organizations by diversifying their market reach.
• In June 2023, Newpark Resources Inc. announced the exploration of its strategic alternatives for brand positioning. Due to this, the organization’s operations in its two divisions, the industrial solutions division, and the fluid systems division, can be elevated to the global landscape through this strategic initiative.
• In February 2024, Myers Industries acquired Signature Systems Group, LLC. This strategic acquisition will lead to a better market presence for both businesses, as resources provided by the previous organization will enhance the global presence of the latter.

Key Coverage of Rig and Oilfield Mat Market Report

• Key emerging regions and lucrative growth opportunities for the market in these regions.
• Market dynamics and market forces driving the subject market.
• Estimated market space for different market segments at the end of the forecasted period.
• Market drivers, growth opportunities, restraints, and threats subject to the industry.
• Key strategic advancements made by key players in the market.

Report Scope

Attributes	Details
Estimated Market Size in 2024	USD 1.79 billion
Projected Market Valuation in 2034	USD 2.94 billion
Value-based CAGR 2024 to 2034	5.1%
Forecast Period	2024 to 2034
Historical Data Available for	2019 to 2023
Market Analysis	Value in USD billion
Key Regions Covered	North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East and Africa
Key Market Segments Covered	By Product, By End Use, Region
Key Countries Profiled	The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel
Key Companies Profiled	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; Access Terrain Services

Rig and Oilfield Mat Market - Key Segments

By Product:

• Wood Mats
• Composite Mats
• Steel Mats

By End Use:

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

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• South Asia and Pacific
• East Asia
• The Middle East and Africa

Frequently Asked Questions

At what rate is the rig and oilfield mat market propelling?

The rig and oilfield mat market is estimated to propel at a CAGR of 5.1% through 2034.

What is the estimated market size for the rig and oilfield mat market by 2034?

The rig and oilfield mat market size will be USD 2.94 billion by 2034.

What will the estimated market size of the rig and oilfield mat market be by 2024?

The rig and oilfield mat market is likely to reach USD 1.79 billion in 2024.

Based on product type, which segment holds the highest share in the rig and oilfield mat market in 2024?

The rig and oilfield mat market's steel mat segment holds 40% of the market space in 2024, the highest.

Based on end use, which segment holds the highest rig and oilfield mat market share in 2024?

The rig and oilfield mat market's oil & gas segment holds 46.9% of the market space in 2024, the highest.