Dow Europe Holding, a wholly-owned subsidiary of Dow Chemical Company, along with Turkey-based Aksa Akrilik Kimya Sanayii have formed a joint venture (JV) to manufacture and commercialise carbon fiber and derivatives.
The JV follows an agreement between Dow and Aksa signed on 20th December 2011.
DowAksa Advanced Composites Holdings (DowAksa) will develop and market a wide range of products and technical service support in the carbon fiber composites industry.
The 50-50 JV aims to produce cost-effective solutions to industrial applications for energy, transportation and infrastructure.
DowAksa will expand on Aksa's current carbon fiber manufacturing assets in Yalova, Turkey.
Andrew Liveris, Dow Chemical chairman and CEO, said the formation of the JV is another demonstration that the company is advancing its innovation and growth strategy and is committed to pursuing high-value, innovation-rich sectors through strategic partnerships.
''Together our companies will apply science, world-class manufacturing capabilities and technical expertise for innovative solutions that address pressing global challenges, such as improving the fuel economy of automobiles and extending the life of roads and buildings," Andrew added.
The carbon fiber composites industry, which is currently estimated at $10bn globally, is likely to reach $40bn by 2022, according to Dow Chemical.