陶氏工厂爆炸火光冲天，五分之一全球产能“悬了”

On the evening of October 6, 2025, local time, a fire broke out at Dow Chemical's largest chemical plant in the United States, located at the core production site in Freeport, Texas. The explosion shockwave impacted surrounding communities, engulfing the 7,000-acre (approximately 28 square kilometers) core production area in flames.

Local residents reported that the shockwave from the explosion was felt in houses several miles away. The Freeport Fire Department quickly responded to the scene after receiving the emergency call to extinguish the fire.

As of 11:15 PM that night, the official final report stated that the fire at Plant B had been successfully brought under control, and the flames had remained confined to the factory premises without causing direct impact on surrounding communities. The specific cause of the fire is still under investigation.

Fortunately, despite the large explosion, there were no casualties.

Freeport, this massive 7,000-acre factory, is not an ordinary production site but Dow's largest production base in the United States and the "heart" of Dow Chemical's global production network.

From the perspective of production capacity, this factory produces nearly half of Dow's products in the United States, as well as about one-fifth of the products sold globally.

It is worth noting that Dow Chemical is the leading company in global polyolefin elastomers (POE), with a production capacity accounting for approximately 41.8% of the world's total, and the Freeport facility is one of its main production bases.

POE, as a high-performance material, is widely used in fields such as automotive components, and the Chinese automotive industry has a high dependence on the import of Dow's POE.

Certain grades of POE (such as Dow 8137) can be made into electrostatic spray coatings by adding conductive fillers, widely used in the automotive field. POE can be used to modify water-based or solvent-based coating formulations, enhancing the flexibility and adhesion of the coatings. The absence of double bonds in the POE molecule provides strong resistance to oxidation and UV, extending the outdoor durability of coatings. POE exhibits excellent dispersibility for inorganic fillers (such as calcium carbonate), enabling the preparation of high-filled coatings that reduce costs while maintaining performance.

The impact of this fire on the supply and price of POE has become the focus of attention for the Chinese coating industry chain.

Despite the fire being under control, its impact on the global chemical industry is just beginning.

In the short term, the prices of products such as POE, polyethylene, and polyurethane may experience a temporary increase, triggering a chain reaction in downstream industries such as coatings.

In recent years, Dow Chemical has experienced multiple safety incidents.

In November 2019, an explosion occurred at the ethylene glycol unit of the Dow plant in Louisiana, sending shockwaves for several miles.

In July 2021, an acrylic acid hydroxyethyl ester leak occurred at Dow's La Porte plant in Texas, leading to the evacuation of nearby residents.

In April 2022, a chlorine gas leak occurred at Dow's Plaquemine plant in Louisiana, leading to the closure of nearby highways.

In July 2023, an ethylene glycol unit explosion occurred at Dow's Plaquemine plant in Louisiana, shaking areas 24 kilometers away and forcing the evacuation of 350 households.

Frequent safety incidents not only cause significant economic losses but also damage the company's reputation. Meanwhile, Dow Chemical is also facing the severe challenge of declining performance.

In the first six months of fiscal year 2025, Dow Chemical achieved revenue of $20.535 billion, a year-on-year decrease of 5.28%; the net loss reached $1.091 billion, compared to a net profit of $996 million in the same period last year.

The explosion incident poses a risk of a stock price decline for Dow. However, the market is most concerned about when the production capacity of the affected plant will be restored.

According to historical experience, the repair cycle after a fire in a chemical plant generally ranges from several weeks to several months. For downstream coating companies that rely on Dow products, finding alternative supplies or adjusting production plans has become an urgent priority.