Carbon fibers are fibers about 6–11 micrometres in diameter and composed mostly of carbon atoms. Carbon fibers have several advantages including high stiffness, high tensile strength, high chemical resistance, low weight, high temperature tolerance and low thermal expansion. These properties have made carbon fiber very popular in aerospace, civil engineering, military, and motorsports, along with other competition sports. However, they are relatively expensive when compared with similar fibers, such as glass fibers or plastic fibers. The global Carbon Fibre Market size is projected to grow from USD 3.8 billion in 2020 to USD 8.7 billion by 2031, at a CAGR of 8.8% in the forecast years. Increasing demand from wind energy and aerospace & defense industries is expected to drive the growth of the market between 2021 and 2031. However, factory shutdowns interrupted supply chains, and reduced demand from end-use industries has negatively affected the carbon fiber market. The key players operating in the global carbon fiber market are DowAksa Advanced Composites Holding B.V., SGL Carbon SE, Nippon Steel & Sumitomo Metal Corporation, OJSC SvetlogorskKhimvolokno, Teijin Limited (Teijin), Toray Industries Inc.,Mitsubishi Chemical Holdings Corporation, Hexcel Corporation, Solvay SA, and Hyosung Corporation.

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