Petrochemical giant Dow Inc. said lower North American natural gas prices are driving an expansion of operations. Meanwhile in Europe, “right-sizing” the footprint “is necessary” with industrial demand still 25% off pre-pandemic levels.
Looking to growth opportunities, Midland, MI-based Dow plans to prioritize investments in product chains with advantaged energy and feedstock positions. Much of that growth was expected in the Americas, where the company’s share of production capacity is set to grow to 70% by 2030 from 65%, CEO Jim Fitterling said during a discussion with Morgan Stanley analysts.
Most of Dow’s Gulf Coast capacity is “aligned to higher-value purified ethylene oxide derivatives,” Fitterling said. These are used as ingredients in cleaning and personal care products, such as soaps, laundry detergents and surface cleaners.
