Aksa and Dow signed a definitive agreement to form the joint venture in December 2011.

DowAksa will develop and market a broad range of products and technical service support in carbon fibre composites industry. The emphasis will be on bringing cost-effective solutions to industrial market applications for energy, transportation and infrastructure globally.

Dow notes that, currently, the carbon fibre composites industry is estimated at US$10 billion globally and is expected to reach $40 billion by 2022.

Aksa’s carbon fibre has been produced since 2009 in its Yalova factory in Turkey. The joint venture will expand on existing carbon fibre production assets in Yalova, and will create "a large-scale, integrated production capability for the manufacture and supply of advanced carbon fibre technologies."

Aksa and Dow each hold a 50% stake in the joint venture, which will finance its growth through cash flow from operations and financial institutions.