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Its production depends on hydrocarbon feedstocks, industrial gases, hydrogen, electricity and process heat, while the company also invests in circular feedstocks and lower-carbon manufacturing technologies.","categories":[{"key":"general-chemicals","ko":"종합·특수화학","en":"Diversified & Specialty Chemicals","theme":"materials-chemicals","theme_ko":"산업 소재·화학","theme_en":"Industrial Materials & Chemicals","theme_kind":"sector","primary":true}],"segments":{"parts":[{"name":"패키징 및 특수 플라스틱","note":"FY2025 순매출 199억7,000만달러"},{"name":"산업 중간재 및 인프라","note":"FY2025 순매출 111억6,300만달러"},{"name":"퍼포먼스 소재 및 코팅","note":"FY2025 순매출 81억3,400만달러"}],"total":"FY2025 순매출 399억6,800만달러","track":"C"},"segments_en":{"parts":[{"name":"Packaging & Specialty Plastics","note":"FY2025 net sales of US$19.970 billion"},{"name":"Industrial Intermediates & Infrastructure","note":"FY2025 net sales of US$11.163 billion"},{"name":"Performance Materials & Coatings","note":"FY2025 net sales of US$8.134 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실적이 가른다. 연결 노드 중 가장 앞선 곳은 에어리퀴드(+21.3%), 가장 처진 곳은 프록터앤갬블 (P&G)(+4.5%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Dow Inc. operates across Global materials science company. After -37.4% in 2025, it rebounded +30.2% in 2026. Demand side (avg +4.5%), the stock (+30.2%) and supply side (avg +17.2%) are moving in step. Propagation has completed a lap, so the next leg depends on individual results more than chain direction. Among connected nodes the furthest ahead is Air Liquide (+21.3%) and the furthest behind is Procter & Gamble (+4.5%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Its production depends on hydrocarbon feedstocks, industrial gases, hydrogen, electricity and process heat, while the company also invests in circular feedstocks and lower-carbon manufacturing technologies.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"Mura Technology","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2022-10-06","basis":"Mura Technology 추가 전략 지분 투자액","value":null,"period":"2022 추가 전략 투자","basis_en":"Amount of Dow's additional strategic equity investment in Mura Technology","qualifier":"confirmed_no_disclosed_value"},"note":"다우는 Mura Technology에 추가 전략 지분 투자를 집행하고 폐플라스틱을 순환 원료로 바꾸는 사업을 공동 추진했다. 다우는 2025 Form 10-K에서도 Mura와 순환 원료 협력을 이어가고 있다고 공시했다.","note_en":"Dow made an additional strategic equity investment in Mura Technology and pursued projects that convert plastic waste into circular feedstocks. Dow's 2025 Form 10-K also reports its ongoing collaboration with Mura on circular feedstocks.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-03","url":"https://www.sec.gov/Archives/edgar/data/1751788/000175178826000018/dow-20251231.htm","title":"다우 2025 Form 10-K","title_en":"Dow Inc. 2025 Form 10-K","excerpt":"다우는 Mura와 순환 원료를 재활용 플라스틱으로 전환하는 협력을 계속하고 있다고 공시했다.","excerpt_en":"Ongoing collaboration with Mura Technology to advance circularity via circular feedstocks."},{"stance":"confirms","publisher":"Mura Technology","publisher_en":"Mura Technology","kind":"ir","lang":"en","published_at":"2022-10-06","url":"https://www.muratechnology.com/news/mura-technology-announces-additional-strategic-investment-from-dow/","title":"Mura Technology, 다우의 추가 전략 투자 발표","title_en":"Mura Technology Announces an Additional Strategic Investment from Dow","excerpt":"Mura는 다우가 미국과 유럽의 첨단 재활용 확대를 위해 추가 전략 투자를 했다고 밝혔다.","excerpt_en":"Mura Technology announced an additional strategic investment from Dow."}]},{"direction":"revenue","counterparty":"Procter & Gamble","counterparty_slug":"procter-gamble","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2022-11-22","basis":"P&G 대상 생활용품 원료 매출","value":null,"period":"2022 공급 관계 확인","basis_en":"Revenue from home-care raw materials supplied to P&G","qualifier":"confirmed_no_disclosed_value"},"note":"다우는 P&G를 핵심 전략 고객으로 명시하고 생활용품용 원료를 개발해 공급했다. P&G 관련 매출액과 다우 전체 매출에서 차지하는 비중은 공개되지 않았다.","note_en":"Dow identifies P&G as a key strategic customer and developed and supplied raw material for a home-care product. Revenue from P&G and its share of Dow's sales are not disclosed.","sources":[{"stance":"confirms","publisher":"다우","publisher_en":"Dow","kind":"ir","lang":"en","published_at":"2022-11-22","url":"https://corporate.dow.com/en-us/news/seek-together/enabling-strategic-growth.html","title":"협력을 통한 전략적 성장","title_en":"Enabling Strategic Growth through Partnership","excerpt":"다우는 P&G를 핵심 전략 고객으로 부르며 장단기 공급 요구를 지원한다고 설명했다.","excerpt_en":"P&G, one of our key strategic customers."}]},{"direction":"revenue","counterparty":"Univar Solutions","counterparty_slug":null,"confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2026-06-01","basis":"Univar Solutions를 통한 Decarbia 제품 매출","value":null,"period":"2026 장기 유통계약","basis_en":"Revenue from Decarbia products distributed through Univar Solutions","qualifier":"confirmed_no_disclosed_value"},"note":"다우는 Univar Solutions와 Decarbia 저탄소 제품을 여러 최종시장에 유통하는 장기 계약을 체결했다. 유통 계약의 매출액은 공개되지 않았다.","note_en":"Dow signed a long-term agreement with Univar Solutions to distribute its Decarbia low-carbon products across several end markets. Revenue under the distribution agreement is not disclosed.","sources":[{"stance":"confirms","publisher":"다우 인베스터 릴레이션스","publisher_en":"Dow Investor Relations","kind":"ir","lang":"en","published_at":"2026-06-01","url":"https://investors.dow.com/en/news/news-details/2026/Dow-and-Univar-Solutions-sign-long-term-agreement-to-distribute-low-carbon-solutions/default.aspx","title":"다우와 Univar Solutions, 저탄소 솔루션 장기 유통계약 체결","title_en":"Dow and Univar Solutions sign long-term agreement to distribute low-carbon solutions","excerpt":"양사는 주요 시장에서 다우의 Decarbia 저탄소 제품을 제공하고 유통하는 장기 계약을 발표했다.","excerpt_en":"A long-term agreement to offer and distribute Dow's Decarbia low-carbon products across key markets."}]},{"direction":"cost","counterparty":"Air Liquide","counterparty_slug":"air-liquide","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2025-06-30","basis":"Air Liquide에서 조달하는 산소와 질소 구매액","value":null,"period":"2025 장기 공급계약 갱신","basis_en":"Purchases of oxygen and nitrogen supplied by Air Liquide","qualifier":"confirmed_no_disclosed_value"},"note":"Air Liquide는 장기 갱신 계약에 따라 다우의 루이지애나 St. Charles 사업장에 산소와 질소를 계속 공급한다. 다우의 구매액은 공개되지 않았다.","note_en":"Under a renewed long-term contract, Air Liquide will continue supplying oxygen and nitrogen to Dow's St. Charles site in Louisiana. Dow's purchase amount is not disclosed.","sources":[{"stance":"confirms","publisher":"Air Liquide","publisher_en":"Air Liquide","kind":"ir","lang":"en","published_at":"2025-06-30","url":"https://www.airliquide.com/group/press-releases-news/2025-06-30/air-liquide-invest-200m-usd-louisiana-us-support-industrial-growth","title":"Air Liquide, 미국 루이지애나 산업 성장 지원에 최대 2억달러 투자","title_en":"Air Liquide to invest up to 200M USD in Louisiana, U.S. to support industrial growth","excerpt":"Air Liquide는 장기 갱신 계약에 따라 다우 사업장에 산소와 질소를 계속 공급한다.","excerpt_en":"Air Liquide will continue to supply oxygen and nitrogen to Dow's St. Charles Operations site."}]},{"direction":"cost","counterparty":"Linde","counterparty_slug":"linde","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2024-08-27","basis":"Linde에서 조달하는 청정수소·질소·관련 서비스 구매액","value":null,"period":"2024 장기 공급계약","basis_en":"Purchases of clean hydrogen, nitrogen and related services supplied by Linde","qualifier":"confirmed_no_disclosed_value"},"note":"Linde는 다우의 캐나다 Fort Saskatchewan Path2Zero 프로젝트에 청정수소, 질소와 관련 서비스를 장기 공급한다. 다우의 계약 구매액은 공개되지 않았다.","note_en":"Linde will provide clean hydrogen, nitrogen and related services under a long-term agreement for Dow's Fort Saskatchewan Path2Zero project in Canada. Dow's contracted purchase amount is not disclosed.","sources":[{"stance":"confirms","publisher":"Linde","publisher_en":"Linde","kind":"ir","lang":"en","published_at":"2024-08-27","url":"https://www.linde.com/news-and-media/2024/linde-signs-long-term-agreement-to-supply-clean-hydrogen-to-dow%E2%80%99s-path2zero-project-in-canada","title":"Linde, 다우 캐나다 Path2Zero 프로젝트에 청정수소 장기 공급계약 체결","title_en":"Linde Signs Long-Term Agreement to Supply Clean Hydrogen to Dow's Path2Zero Project in Canada","excerpt":"Linde는 다우의 Path2Zero 프로젝트에 청정수소를 공급하는 장기 계약을 체결했다.","excerpt_en":"Linde has signed a long-term agreement for the supply of clean hydrogen to Dow's Fort Saskatchewan Path2Zero Project."}]},{"direction":"cost","counterparty":"X-energy","counterparty_slug":null,"confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2025-04-01","basis":"X-energy 원자로·공정열·전력 관련 조달액","value":null,"period":"2025 건설허가 신청 단계","basis_en":"Procurement related to X-energy reactors, process heat and power","qualifier":"confirmed_no_disclosed_value"},"note":"다우는 텍사스 Seadrift 사업장에 X-energy의 Xe-100 원자로를 도입해 공정열과 전력을 공급받는 프로젝트를 추진한다. 아직 건설 전 단계이며 설비 조달액과 향후 에너지 구매액은 공개되지 않았다.","note_en":"Dow is advancing a project to deploy X-energy's Xe-100 reactors at its Seadrift, Texas site for process heat and power. The project remains pre-construction, and neither equipment procurement nor future energy purchase amounts are disclosed.","sources":[{"stance":"confirms","publisher":"OECD 원자력기구","publisher_en":"OECD Nuclear Energy Agency","kind":"analysis","lang":"en","published_at":"2025-11-05","url":"https://tdb.oecd-nea.org/upload/docs/application/pdf/2025-11/nuclear_innovation_and_newly_emerging_disruptive_technologies__recent_initiatives_by_industry_research_laboratories_and_gove.pdf","title":"원자력 혁신과 새롭게 부상하는 파괴적 기술: 산업계·연구기관·정부의 최근 이니셔티브","title_en":"Nuclear Innovation and Newly Emerging Disruptive Technologies: Recent Initiatives by Industry, Research Laboratories and Governments","excerpt":"다우와 X-energy는 텍사스 Seadrift의 다우 부지에 X-energy의 Xe-100 원자로 4기를 배치하기 위해 협력하고 있다.","excerpt_en":"Dow and X-energy are collaborating to site four of X-energy's XE-100 reactors at Dow's site in Seadrift, TX."},{"stance":"confirms","publisher":"전자신문","publisher_en":"Electronic Times","kind":"news","lang":"ko","published_at":"2025-04-01","url":"https://www.etnews.com/20250401000308","title":"두산 파트너 '엑스에너지' SMR 건설허가 제출...기자재 수주 임박","title_en":"Doosan partner X-energy submits SMR construction permit as equipment orders approach","excerpt":"다우가 발주처인 롱 모트 프로젝트는 X-energy의 SMR 초도호기 사업이다.","excerpt_en":"The Long Mott project, ordered by Dow, is X-energy's first SMR deployment."},{"stance":"confirms","publisher":"다우","publisher_en":"Dow","kind":"ir","lang":"en","published_at":"2022-08-09","url":"https://corporate.dow.com/en-us/news/press-releases/dow--x-energy-to-drive-carbon-emissions-reductions-through-deplo.html","title":"다우와 X-energy, 첨단 소형모듈원자로 배치로 탄소배출 감축 추진","title_en":"Dow, X-energy to drive carbon emissions reductions through deployment of advanced small modular nuclear power","excerpt":"Xe-100 원자로는 다우 사업장에 비용 경쟁력 있는 무탄소 공정열과 전력을 공급할 계획이다.","excerpt_en":"The Xe-100 reactor plant would provide cost-competitive, carbon free process heat and power to the Dow facility."}]},{"direction":"revenue","counterparty":"에코랩","counterparty_slug":"ecolab","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2021-08-12","basis":"에코랩이 다우에서 구매한 원재료의 조달액","value":null,"period":"relationship_observed_2021-08-12","basis_en":"Ecolab's procurement spend on raw materials purchased from Dow","qualifier":"confirmed_no_disclosed_value"},"note":"다우는 에코랩이 제품 생산에 필요한 원재료를 구매하는 핵심 공급사이며, 에코랩이 다우와의 조달·공동혁신 관계를 공개했지만 다우에 지급한 금액은 밝히지 않았다.","note_en":"Dow Inc. is a key supplier of raw materials used in Ecolab's products, and Ecolab discloses a procurement and co-innovation relationship with Dow but does not disclose the amount paid to the supplier.","sources":[{"stance":"confirms","publisher":"에코랩","publisher_en":"Ecolab","kind":"ir","lang":"en","published_at":"2021-08-12","url":"https://www.ecolab.com/-/media/Ecolab/Ecolab-Home/Documents/DocumentLibrary/EcolabIncCDPWaterSecurityQuestionnaire2021Final-pdf.pdf","title":"에코랩 CDP 수자원 안보 설문지 2021","title_en":"Ecolab Inc. CDP Water Security Questionnaire 2021","excerpt":"에코랩은 다우를 핵심 원재료 공급사로 명시하고 공동 효율화 프로젝트를 설명했다.","excerpt_en":"We engaged with Dow, a key raw materials supplier, to identify solutions to reduce water consumption."}]},{"direction":"cost","counterparty":"자일럼","counterparty_slug":"xylem","confidence":"mid","metric":{"type":"contract_value","unit":"USD","as_of":"2026-06-08","basis":"다우 Fort Saskatchewan 산업단지 통합 용수 시스템의 설계·건설·장기 운영 계약액","value":null,"period":"agreement_announced_2026-06-08; system_expected_operational_2028-08","basis_en":"Value of the design, build, and long-term operation agreement for Dow's integrated water system in Fort Saskatchewan","qualifier":"confirmed_no_disclosed_value"},"note":"다우는 자일럼이 캐나다 Fort Saskatchewan 산업단지의 통합 용수 시스템을 설계, 건설하고 장기간 운영하는 계약의 핵심 고객이며, 계약 금액은 공개되지 않았다.","note_en":"Dow Inc. is a key customer under a long-term agreement for Xylem to design, build, and operate an integrated water system at its Fort Saskatchewan industrial complex in Canada, while the contract value was not disclosed.","sources":[{"stance":"confirms","publisher":"자일럼","publisher_en":"Xylem","kind":"ir","lang":"en","published_at":"2026-06-08","url":"https://www.xylem.com/en-us/about-xylem/newsroom/press-releases/xylem-expands-long-term-water-partnership-with-dow/","title":"자일럼, 다우와 장기 물 파트너십 확대","title_en":"Xylem Expands Long-Term Water Partnership with Dow","excerpt":"자일럼은 다우의 캐나다 산업단지에서 첨단 용수 시스템을 설계, 건설하고 운영하는 계약을 발표했다.","excerpt_en":"Xylem will deliver a full end-to-end solution that includes engineering, system design, and long-term operation."}]}]}