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MIDLAND, Mich. — Dow Chemical Co. last week announced the official formation of DowAksa Advanced Composites Holdings BV, a joint venture with acrylic fiber company Aksa Akrilik Kimya Sanayii A.S. to manufacture and commercialize carbon fiber and derivatives.
Aksa and Dow had previously signed a definitive agreement to form the JV on Dec. 20, 2011.
DowAksa will develop and globally market a broad range of products and technical service support in the rapidly expanding carbon-fiber composites industry. The JV 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-fiber 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 $10 billion globally and is expected to reach $40 billion by 2022.
Aksa and Dow each hold a 50 percent stake in the JV, which will finance its growth through cash flow from operations and financial institutions.
“The formation of this JV is another demonstration that Dow is advancing its innovation and growth strategy and our commitment to pursue high-value, innovation-rich sectors through strategic partnerships,” said Dow Chairman and CEO Andrew Liveris. “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.”