Dow Chemical Co. and fiber company Aksa Akrilik Kimya Sanayii AS have officially formed DowAksa Advanced Composites Holdings BV (DowAksa), a joint venture to manufacture carbon fiber and derivatives. The companies previously signed an agreement to form the JV on Dec. 20. DowAksa will develop a broad range of products and offer technical service in the rapidly expanding carbon-fiber composites industry. The JV will focus on solutions that reduce overall costs, thereby enhancing economics and driving adoption in a broader array of markets, a statement said. Currently, Dow said, the carbon fiber composites industry is estimated to value $10 billion globally, and is expected to reach $40 billion by 2022.