[Business Research Institute] Dow Chemical: A Cyclical Company That Navigates Economic Cycles

Historic Hundred-Bagger: From November 1962 to 1982, Dow Chemical’s stock price surged over 200-fold, delivering an annualized return of as high as 37%. After 1982, Dow’s growth pace slowed; yet the stock has since risen nearly 12.5-fold, though its annualized return has significantly diluted to 6.35%, substantially underperforming the同期 S&P 500 index. Evergreen Enterprises Must Possess Exceptional Cultures 01 As a highly hazardous chemical enterprise, Dow Chemical has advanced steadily throughout its century-long operation—surely for profound reasons. Over its 120-plus-year history, Dow Chemical has weathered countless crises: ・The 1907 global financial crisis triggered a sharp plunge in Dow’s stock price, pushing the company to the brink of bankruptcy. ・In 1932, Dow Chemical failed to survive the Great Depression and declared bankruptcy—becoming one of the largest companies to collapse during that period. It emerged from bankruptcy only in 1935 via a restructuring plan, yet continued to face severe financial difficulties. ・In the early 1980s, the company encountered financial distress due to ill-advised acquisitions. ・In the mid-1990s, an environmental accident led to massive litigation and compensation claims, threatening the company’s very survival. ・In 2015, following its merger with DuPont, Dow assumed substantial debt, again jeopardizing its viability. In each operational crisis, it was Dow’s distinctive, deeply rooted corporate culture—combined with its outstanding innovation DNA—that enabled rapid responses to challenges and sustained market competitiveness. Undoubtedly, corporate culture has been the critical factor helping Dow Chemical navigate successive storms—and serves as the vital source of vitality for this century-old enterprise. 1. Emphasizing technological innovation and encouraging employee creativity and entrepreneurial spirit. This culture drives Dow Chemical to become a highly innovation-driven company. 2. Prioritizing workplace safety and environmental protection. This has earned Dow Chemical strong social reputation. 3. Pursuing excellence and focusing on product and service quality. This forms a cornerstone of the Dow brand. 4. Valuing talent development and caring for employees. Dow boasts a highly skilled and loyal workforce—ensuring that exceptional staff consistently step forward at critical junctures, rise into management, and make bold decisions that rescue the company. 5. Maintaining efficient management and a flat organizational structure. This endows Dow with high execution capability and adaptability. A company’s culture is often forged and reinforced by its founder. Herbert Henry Dow—the founder of Dow Chemical—was a visionary, resourceful, and tenacious entrepreneur. Several defining personal traits became embedded in Dow Chemical’s DNA: ・Innovation: Dow was a natural inventor, constantly exploring new chemical processes and products. One of his most renowned inventions was the electrolytic process for bromine production. ・Risk-taking: Dow willingly embraced risks and experimented with novel ideas. He founded multiple companies—some successful, others not. ・Diligence: Dow was exceptionally hardworking, frequently putting in long hours. He believed diligent effort and dedication were keys to success. ・Vision: Dow tirelessly anticipated the future of the chemical industry and invested in promising fields such as plastics and synthetic fibers. ・Tenacity: Dow demonstrated unwavering perseverance amid adversity. Though he experienced repeated failures, he never abandoned his dreams.

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This trend is expected to spur a massive equipment market. Morgan Stanley forecasts that, by 2029, the potential market size for distributed power generation equipment in the United States will reach approximately 120 GW—representing an equipment market opportunity of roughly USD 240 billion. Of this, about 77 GW stems from unmet power supply gaps at data centers, and around 40 GW arises from newly emerging demand in commercial and industrial sectors. Morgan Stanley believes distributed power generation is not merely a temporary solution while awaiting traditional grid expansion—it may instead evolve into a core component of future power infrastructure. (Source: Caixin Global) 07 Chery Automobile, BYD, SAIC Motor, and Others Accelerate Solid-State Battery Development for Vehicle Integration On October 12, a Chery Automobile executive confirmed to Shanghai Securities Journal reporters that the company’s battery division is steadily advancing solid-state battery R&D. On October 8, Chery unveiled multiple procurement projects for solid-state battery equipment slated for 2026, covering core areas including R&D, manufacturing, and testing. Beyond Chery, interviews reveal that domestic leading automakers with new-energy businesses—including BYD, SAIC Motor, and Dongfeng Motor—are all intensifying their solid-state battery R&D efforts. Industry experts told reporters that vehicle integration of solid-state batteries represents one of the primary global directions for automotive electrification—and a strategic battleground fiercely contested by all players. As competition in the new-energy automotive sector intensifies, it is foreseeable that China’s major automakers will soon launch their own solid-state battery-powered models, while domestic battery-industry enterprises will encounter fresh industry opportunities. (Source: Shanghai Securities Journal) 08 Dow Launches VOLTRICELL Battery Materials Platform for Next-Generation Battery Technologies On October 12, Dow announced the launch of its VOLTRICELL battery materials platform, designed to optimize battery manufacturing processes and enhance battery performance—applicable to both existing battery technologies and emerging ones such as sodium-ion batteries, silicon-anode batteries, and solid-state batteries. The platform integrates binders, dispersants, rheology modifiers, surfactants, and specialty additives, covering applications across electrodes, separators, coatings, and cell packaging. Dow stated this is its first dedicated materials platform supporting internal electrochemical performance within battery cells. Additionally, the company will showcase fire-retardant battery materials at the 2026 North America Battery Show. (Source: Caixin Global) 09 New-Energy Vehicle Sales Share in China Reaches 53.6% in First Three Quarters According to Xinhua News Agency, on October 12, the China Association of Automobile Manufacturers reported that in the first three quarters of 2026, China produced and sold 12.483 million and 12.472 million new-energy vehicles respectively—both growing over 10% year-on-year—while the cumulative share of new-energy vehicle sales among all new vehicle sales rose to 53.6%. In September alone, new-energy vehicle production and sales reached 1.814 million and 1.823 million units respectively—up 12.2% and 13.6% year-on-year—with the monthly new-energy vehicle sales share hitting a record high of 61.6%. (Source: Xinhua News Agency) 10 Taiwanese Firms and Tesla Co-Found AIDC Alliance! Place 1 GWh Energy Storage System Order! On October 11, 2026, Apollo Power—a publicly listed Taiwanese firm—announced in a press release that it had jointly established the “AIDC & Enterprise Resilient Grid Strategic Alliance” with Tesla Motor Taiwan Ltd., Gigabyte Technology, Phison Electronics, and Shihlin Electric & Engineering Corp. Simultaneously, it announced signing a procurement order with Tesla Motor Taiwan on October 8 for Tesla Megapack 2XL large-scale energy storage systems—totaling 260 units and approximately 1 GWh of storage capacity. This marks one of the largest single enterprise-level energy storage procurement orders ever placed by a Taiwanese company.

Dow Launches VOLTRICELL Platform to Advance Battery Innovation

Oct 19, 2026

Dow Inc. launched VOLTRICELL, a new battery cell materials platform aimed at optimizing manufacturing and enhancing performance. The initiative supports emerging battery technologies and aligns with the company's strategic growth goals.

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Dow Launches VOLTRICELL Platform to Advance Battery Innovation

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Dow Launches VOLTRICELL Platform to Advance Battery Innovation

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