Dow Chemical Co. has entered into a joint venture to manufacture and globally manufacture carbon fiber and derivatives.

The Midland-based chemical company announced a memorandum of understanding today, that is through its wholly-owned subsidiary Dow Europe GmbH and Aksa Akrilik Kimya Sanayii A.S.

Through the agreement, both companies will explore opportunities to create fully-integrated production facilities for the manufacture and global supply of carbon fibers and derivatives and then examine opportunities to develop and market a broad range of products and technical services in the carbon fiber-based composites industry.

Carbon-fiber, a material that is very strong and lightweight, can be used in a number of growth industries, including wind energy, transportation and infrastructure.

"Together, Aksa and Dow will apply science, world-class manufacturing capabilities and technical expertise to deliver innovative solutions that address some of the world's most pressing challenges such as increasing the energy capture of wind turbines, improve the fuel economy of automobiles, and extending the life of roads and buildings," said Andrew Liveris, Dow's chief executive officer and chairman, in a prepared statement.

Instanbul, Turkey-based Aksa has been the world's largest acrylic fibers and a carbon fiber producer since 2008.

According to a report from Bloomberg, Aksa planned to double its annual carbon fiber production 3,000 tons in 2010. Worldwide, there is a total global carbon fiber production capacity of 30,000 tons a year.

The company brought in about $850 million in revenue last year and expects to exceed $900 million this year, according to Bloomberg.