The Dow Chemical Company, through its completely-owned affiliate Dow Europe and Aksa Akrilik Kimya Sanayii entered into a definitive contract to form a joint venture for the production and commercialization of carbon fiber and derivatives.
Through the joint venture, a wide variety of products will be developed and marketed worldwide and technical support will be offered in the quickly growing carbon-fiber based composites industry. Carbon-fiber based materials are robust and lightweight and are used in a range of applications in growing industries that include construction, wind energy, transportation and infrastructure, where reduction in emissions, weight savings, energy efficiency and reliability are major performance parameters. Currently, the carbon fiber composites industry is predicted to be $10 billion worldwide and is anticipated to reach $40 billion by 2022.
The JV will enable expansion based on Aksa’s present carbon fiber manufacturing assets in Yalova, Turkey, and will grow by developing an integrated, large-scale production capability for the manufacture and supply of sophisticated carbon fiber technologies. The venture will specifically focus on commercializing products that minimize overall expenses hence improving economics and enabling adoption in a wide range of markets.
The joint venture contract was signed in a meeting attended by President of Turkey’s Investment Support and Promotion Agency Ýlker Aycý, the Minister of Industry and Trade Nihat Ergün, Heinz Haller, Dow Executive Vice President and Chief Commercial Officer and Akkök Group of Companies, Chief Executive Officer and Aksa Board Chairman Mehmet Ali Berkman.