The Dow Chemical Company through its subsidiary Dow Europe Holding BV, and Aksa Akrilik Kimya Sanayii an acrylic fiber company, today announced the official formation of DowAksa Advanced Composites Holdings BV, a joint venture to manufacture and commercialise carbon fibre and derivatives. Aksa and Dow had previously signed a definitive agreement to form the Joint venture on December 20, 2011.
DowAksa will develop and market a broad range of products and technical service support in the rapidly expanding carbon-fibre composites industry. The joint venture will have a particular focus on bringing solutions to market that reduce overall costs, thereby enhancing economics and driving adoption in a broader array of markets. Emphasis will be on bringing cost-effective solutions to industrial market applications for energy, transportation, and infrastructure globally.
Very strong and lightweight, carbon fibre based materials are used in a variety of applications in growth industries, where weight savings, emissions reduction, durability, and energy efficiency are key performance factors. Currently, the carbon fiber composites industry is estimated at USD $10 billion globally and is expected to reach USD $40 billion by 2022.
Aksa’s carbon fibre has been produced since 2009 in the Yalova Factory. The venture will expand on existing carbon fibre production assets in Yalova, Turkey, and will capture growth by creating a large-scale, integrated production capability for the manufacture and supply of advanced carbon fibre technologies.
Aksa and Dow each hold a equal 50 percent stake in the venture, which will finance its growth through cash flow from operations and financial institutions.