Subsidiaries of Dow Inc.		EXHIBIT 21
							At December 31, 2022
									Location*
This list includes companies for which the effective ownership by Dow Inc. is 50 percent or more.
Dow Inc.									Delaware
	The Dow Chemical Company								Delaware
		American Mortell Corporation							Texas
			Mortell Company						Delaware
		Battleground Water Company							Texas
		Chemars III LLC							Delaware
		DCOMCO, Inc.							Delaware
		Dow Chemical (China) Investment Company Limited							China
			Dow Chemical (Guangzhou) Company Limited						China
			Dow Chemical (Shanghai) Company Limited						China
			Dow Chemical (Sichuan) Co., Ltd.						China
			Dow Chemical (Zhangjiagang) Company Limited						China
		Dow Chemical Costa Rica S.A.							Costa Rica
		Dow Chemical Delaware Corp.							Delaware
			Hampshire Chemical Corp.						Delaware
		Dow Chemical International Ltd.							Delaware
			Dow Chemical Costa Rica S.A.						Costa Rica
			Dow Chemical Thailand Ltd.						Thailand
				MTP HPPO Manufacturing Company Limited					Thailand
			Dow International Holdings Company						Delaware
			Petroquimica-Dow S.A. (Petrodow)						Chile
			Univation Technologies, LLC						Delaware
				Univation Technologies (Hong Kong) Limited					Hong Kong
					Univation (Zhangjiagang) Chemical Company Limited				China
				Univation Technologies International, LLC					Delaware
		Dow Chemical Kuwait B.V.							Netherlands
		Dow Chemical Singapore Holdings Pte. Ltd.							Singapore
			Dow Chemical (Australia) Pty Ltd						Australia
			Dow Chemical (Myanmar) Limited						Myanmar
			Dow Chemical (NZ) Limited						New Zealand
			Dow Chemical Bangladesh Private Limited						Bangladesh
			Dow Chemical International Private Limited						India
			Dow Chemical Korea Limited						Korea
			PT Dow Indonesia						Indonesia
			Terneuzen Investments Holding B.V.						Netherlands
				Dow Chemical Taiwan Limited					Taiwan
				Rohm and Haas Taiwan, Inc.					Taiwan
		Dow Deutschland Inc.							Delaware
			Dow Chemical Inter-American Limited						Delaware
				Dow Quimica de Colombia S.A.					Colombia
		Dow Engineering Company							Delaware
			Dow Engineering, Inc.						Michigan
		Dow Financial Services Inc.							Delaware
		Dow Global Financial Management, Inc.							Delaware
		Dow Global Technologies LLC							Delaware
			Dow Technology Investments LLC						Delaware
		Dow Hydrocarbons and Resources LLC							Delaware
			Cayuse Pipeline, Inc.						Texas
			Dow Intrastate Gas Company						Louisiana
			Dow Pipeline Company						Texas
			Fort Saskatchewan Ethylene Storage Corporation (1)						Canada
				Fort Saskatchewan Ethylene Storage Limited Partnership					Canada
			K/D/S Promix, LLC (1)						Texas
		Dow International Holdings Company							Delaware
			Dow Global Holdings, Inc.						Delaware
				Dow Global Holdings Netherlands B.V.					Netherlands
					3308597 Nova Scotia Company				Canada
					Dow Switzerland Holding S.A.				Switzerland
						DC Fin. (Singapore) Pte. Ltd.			Singapore
						Dow (Shanghai) Holding Co., Ltd.			China
						Dow Europe Holding B.V.			Netherlands
							BASF DOW HPPO B.V. (1)		Netherlands
							BASF DOW HPPO Technology B.V. (1)		Netherlands
							Dow Austria Gesellschaft m.b.H.		Austria
							Dow Belgium B.V.		Belgium
							Dow Benelux B.V.		Netherlands
								Dow Chemical Pakistan (Private) Limited	Pakistan

149

	Subsidiaries of Dow Inc.			EXHIBIT 21
	At December 31, 2022
				Location*
This list includes companies for which the effective ownership by Dow Inc. is 50 percent or more.
		Performance Materials (Thailand) Limited		Thailand
		Performance Materials Czech Republic s.r.o.		Czech Republic
		Performance Materials Italy srl		Italy
		Polyol Belgium B.V.		Belgium
		Valuepark Terneuzen Beheer B.V. (1)		Netherlands
			Valuepark Terneuzen C.V. (1)	Netherlands
		Valuepark Terneuzen C.V. (1)		Netherlands
	Dow Chemical Company Limited			United Kingdom
		Dow Chemical Services UK Limited		United Kingdom
		Dow Services Trustees UK Limited		United Kingdom
		Hyperlast Limited		United Kingdom
	Dow Chemical East Africa Limited			Kenya
	Dow Chemical Iberica S.L.			Spain
		Terminal de Atraque de Productos Petroquimicos, A.I.E. (1)		Spain
		Transformadora de Etileno A.I.E. (1)		Spain
	Dow Chemical Korea Limited			Korea
	Dow Chemical OOO			Russia
	Dow Chemical Romania S.R.L.			Romania
	Dow Chemical Silicones Korea Ltd.			Korea
	Dow Danmark A/S			Denmark
	Dow Europe GmbH			Switzerland
		Dow Chemical IMEA GmbH		Switzerland
		Dow Egypt Services Limited		Egypt
		Dow International Finance S.a.r.l.		Luxembourg
		Dow Mideast Systems S.A.E. (JSC)		Egypt
		Dow Netherlands Tulip Holding B.V.		Netherlands
	Dow Hellas Single-Member AVEE			Greece
	Dow Hungary Kft.			Hungary
	Dow Industrial Chemical Products Nigeria Limited			Nigeria
	Dow InterBranch B.V.			Netherlands
		Dow Chemical East Africa Limited		Kenya
		Dow Chemical Pakistan (Private) Limited		Pakistan
		Dow Industrial Chemical Products Nigeria Limited		Nigeria
		Dow Material Sciences Ltd.		Israel
		Dow Materials Science Saudi Arabia Limited		Saudi Arabia
		Dow Mideast Systems S.A.E. (JSC)		Egypt
		Dow Morocco SARL		Morocco
		Dow Norge A/S		Norway
		Dow Quimica de Colombia S.A.		Colombia
		Dow Silicones Belgium SRL		Belgium
		PT Rohm and Haas Indonesia		Indonesia
		Rohm and Haas Mexico, S. de R.L. de C.V.		Mexico
	Dow Italia s.r.l.			Italy
		Dow Italia Divisione Commerciale s.r.l.		Italy
		Rohm and Haas Italia S.r.l.		Italy
	Limited Liability Company "Dow Ukraine"			Ukraine
	Dow Material Sciences Ltd.			Israel
	Dow Mideast Systems S.A.E. (JSC)			Egypt
		Dow Egypt Services Limited		Egypt
	Dow Morocco SARL			Morocco
	Dow Olefinverbund GmbH			Germany
		Dow Deutschland Anlagengesellschaft mbH		Germany
			InduServ ST GmbH & Co. KG	Germany
		Dow Deutschland Verwaltungs Vertriebs GmbH		Germany
			Dow Produktions und Vertriebs GmbH & Co. OHG	Germany
			Dow Stade Produktions GmbH & Co. OHG	Germany
		Dow MF Verwaltungs GmbH		Germany
			Dow Produktions und Vertriebs GmbH & Co. OHG	Germany
			Dow Stade Produktions GmbH & Co. OHG	Germany
		Dow Pipeline Gesellschaft mbH & Co. KG		Germany
		Dow Pipeline Verwaltungsgesellschaft mbH		Germany
		Dow Silicones Deutschland GmbH		Germany
		InduServ SB Anlagenverwaltung GmbH		Germany
		InduServ SB GmbH & Co. KG		Germany
		InduServ ST Anlagenverwaltung GmbH		Germany
		Industrienetzgesellschaft Schkopau mbH		Germany
	Dow Performance Materials (Australia) Pty Ltd			Australia

150

						Subsidiaries of Dow Inc.		EXHIBIT 21
						At December 31, 2022
								Location*
This list includes companies for which the effective ownership by Dow Inc. is 50 percent or more.
						Dow Polska Sp.z.o.o.		Poland
						Dow Portugal - Produtos Quimicos, Sociedade Unipessoal, Lda		Portugal
						Dow Saudi Arabia Holding B.V.		Netherlands
						Dow Saudi Arabia Investment B.V.		Netherlands
							Dow Materials Science Saudi Arabia Limited	Saudi Arabia
						Dow Silicones Belgium SRL		Belgium
						Dow Silicones UK Limited		United Kingdom
						Dow Southern Africa (Pty) Ltd		South Africa
						Dow Starfish Holding B.V.		Netherlands
							Dow Olefinverbund GmbH	Germany
						Dow Suomi OY		Finland
						Dow Sverige AB		Sweden
						Dow Turkiye Kimya Sanayi ve Ticaret Limited Sirketi		Turkey
						DowAksa Advanced Composites Holdings B.V. (1)		Netherlands
						EQUATE Marketing Company E.C. (1)		Bahrain
						Finndisp Ltd.		Russia
						HPPO Holding & Finance C.V. (1)		Netherlands
						MTP HPJV C.V.		Netherlands
						MTP HPJV Management B.V.		Netherlands
						Palmyra do Brasil Indústria e Comércio de Silício Metálico e Recursos Naturais Ltda.		Brazil
						Performance Materials (Thailand) Limited		Thailand
						Performance Materials Rus LLC		Russia
						Polyol Belgium B.V.		Belgium
						Rohm and Haas Denmark Holding Company ApS		Denmark
							Rohm and Haas Espana, S.L.	Spain
							Rohm and Haas Kimyasal Urunler Uretim Dagitim ve Ticaret A.S.	Turkey
						Dow France S.A.S.		France
						Rohm and Haas Nederland B.V.		Netherlands
						RUS Polyurethanes Holding B.V.		Netherlands
							Dow Izolan OOO	Russia
					Dow Silicones (Shanghai) Co., Ltd.			China
					Dow Silicones Holding Japan G.K.			Japan
						Dow Toray Co., Ltd.		Japan
							Site Services Japan, Co., Ltd.	Japan
					Dow Silicones Pte. Ltd.			Singapore
					Dow Siloxane (Zhangjiagang) Holding Co. Private Ltd.			Singapore
						Dow Siloxanes (Zhangjiagang) Co., Ltd.		China
		Rohm and Haas Company						Delaware
			Dow Chemical Japan Limited					Japan
				Dow-Mitsui Polychemicals Company, Ltd (1)				Japan
				Japan Acrylic Chemical Co., Ltd.				Japan
			Dow Chemical Philippines, Inc.					Philippines
			ROH Holdings 1, LLC					Delaware
				Rohm and Haas Equity Corporation				Delaware
					Dow Global Holdings, Inc.			Delaware
					Rohm and Haas Chemical (Thailand) Limited			Thailand
					Rohm and Haas Chemicals LLC			Delaware
						Morton International, LLC		Indiana
					Rohm and Haas China, Inc.			Delaware
						Beijing Eastern Rohm and Haas Company Limited		China
						Rohm and Haas International Trading (Shanghai) Co. Ltd.		China
						Shanghai Eastern Rohm and Haas Co., Ltd.		China
					Rohm and Haas Denmark Finance A/S			Denmark
						Dow Chemical International Private Limited		India
						PT Rohm and Haas Indonesia		Indonesia
						RH DK Vietnam Holdings ApS		Denmark
							Rohm and Haas Vietnam Co., Ltd.	Vietnam
						Rohm and Haas (Foshan) Specialty Materials Co., Ltd.		China
						Rohm and Haas Chemicals Singapore Pte. Ltd.		Singapore
					Rohm and Haas Malaysia Sdn Bhd			Malaysia
					Rohm and Haas Texas Incorporated			Texas
						Battleground Water Company		Texas
			Rohm and Haas Equity Corporation					Delaware
			Rohm and Haas Quimica Ltda.					Brazil
	Dow International Technology Corporation							Delaware
	Dow Netherlands Tulip Holding B.V.							Netherlands
		Dow Brasil Industria e Comercio de Produtos Quimicos Ltda.						Brazil

151

						Subsidiaries of Dow Inc.	EXHIBIT 21
						At December 31, 2022
							Location*
This list includes companies for which the effective ownership by Dow Inc. is 50 percent or more.
		Dow Brasil Sudeste Industrial Ltda.					Brazil
		Dow Chemical Canada ULC					Canada
			3308597 Nova Scotia Company				Canada
				Dow Brasil Industria e Comercio de Produtos Quimicos Ltda.			Brazil
					Dow Brasil Sudeste Industrial Ltda.		Brazil
						Gemini Logistica e Industria Ltda	Brazil
						Rohm and Haas Quimica Ltda.	Brazil
			Dow Canada Material Sciences ULC				Canada
				Dow Quimica de Colombia S.A.			Colombia
				Dow Investment Argentina S.R.L.			Argentina
					PBBPolisur S.R.L.		Argentina
				PBBPolisur S.R.L.			Argentina
			Dow Investment Argentina S.R.L.				Argentina
			Dow Quimica de Colombia S.A.				Colombia
			Fort Saskatchewan Ethylene Storage Limited Partnership				Canada
			Palmyra do Brasil Indústria e Comércio de Silício Metálico e Recursos Naturais Ltda.				Brazil
			Pétromont and Company, Limited Partnership (1)				Canada
			Pétromont Inc. (1)				Canada
			Siam Polyethylene Company Limited (1)				Thailand
		Dow Chemical Pacific (Singapore) Private Limited					Singapore
			Dow Chemical (Malaysia) Sdn. Bhd.				Malaysia
			Dow Chemical (Myanmar) Limited				Myanmar
			Dow Chemical Bangladesh Private Limited				Bangladesh
			Dow Chemical International Private Limited				India
			Dow Chemical Pacific Limited				Hong Kong
			Dow Chemical Vietnam Limited Liability Company				Vietnam
			PT Dow Indonesia				Indonesia
		Sentrachem Limited					South Africa
	Dow Olefinverbund GmbH						Germany
	Dow Peru S.A.						Peru
	Dow Quimica de Colombia S.A.						Colombia
	Dow Quimica Mexicana S.A. de C.V.						Mexico
	Dow Roofing Systems LLC						Delaware
	Dow Silicones Corporation						Michigan
		DC Alabama, Inc.					Delaware
		DCC Litigation Facility, Inc.					Delaware
		Devonshire Underwriters Ltd.					District of Columbia
		Dow (Shanghai) Management Co., Ltd.					China
		Dow (Zhangjiagang) Holding Co., Ltd.					China
		Dow Chemical International Private Limited					India
		Dow Global Holdings, Inc.					Delaware
		Dow Netherlands Tulip Holding B.V.					Netherlands
		Dow Silicones (Zhangjiagang) Co., Ltd.					China
		Valley Asset Leasing, LLC					Delaware
		Warbler I LLC					Delaware
	DuPont Asia Pacific Limited						Delaware
		Dow Chemical Pacific Limited					Hong Kong
		Dow Performance Materials (Shanghai) Co., Ltd.					China
		Performance Materials (Thailand) Limited					Thailand
	Essex Chemical Corporation						New Jersey
	General Latex and Chemical Corporation						Massachusetts
	GWN Holding, LLC						Delaware
		Dow Saudi Arabia Product Marketing B.V.					Netherlands
		Sentrachem Limited					South Africa
			Cisvaal (Proprietary) Limited				South Africa
	H Hotel Holding LLC						Delaware
		MVCC Limited Partnership					Delaware
	Liana Limited						Delaware
		Diamond Reinsurance Company Inc.					Vermont
		Dorinco Reinsurance Company					Michigan
		Dorintal Reinsurance Limited					Vermont
	MVCC Limited Partnership						Delaware
	POLY-CARB, Inc.						Ohio
	RBC Brazoria West Holding Company, LLC						Ohio
	Rohm and Haas Mexico, S. de R.L. de C.V.						Mexico
	Siam Polystyrene Company Limited (1)						Thailand
	Siam Styrene Monomer Company Limited (1)						Thailand

152

				Subsidiaries of Dow Inc.	EXHIBIT 21
				At December 31, 2022
					Location*
This list includes companies for which the effective ownership by Dow Inc. is 50 percent or more.
	Siam Synthetic Latex Company Limited (1)				Thailand
	Terra Two Taiwan Limited				Taiwan
	Union Carbide Corporation				New York
		Calidria Corporation			Delaware
		Carbide Chemical (Thailand) Limited			Thailand
		Dow International Holdings Company			Delaware
		Dow Quimica Mexicana S.A. de C.V.			Mexico
		Dow Technology Investments LLC			Delaware
		Peñuelas Technology Park LLC			Delaware
		Seadrift Pipeline Corporation			Delaware
		South Charleston Sewage Treatment Company			West Virginia
		UCAR Louisiana Pipeline Company			Delaware
		UCAR Pipeline Incorporated			Delaware
			Dow Peru S.A.		Peru
			UCAR Emulsion Systems FZE		United Arab Emirates
		Umetco Minerals Corporation			Delaware
			Predate Properties (Pty) Ltd.		South Africa
		Union Carbide Asia Pacific, Inc.			Delaware
		Union Carbide Philippines (Far East), Inc.			Philippines
		Union Carbide South Africa (Proprietary) Limited			South Africa
		Westbridge Insurance Ltd.			Vermont

*    Location of incorporation or organization. Primary location of organization is reported for partnerships.

1.These companies are 50 percent owned, nonconsolidated affiliates of Dow Inc. and are accounted for using the equity method. Separate financial statements of these companies are not included in this Annual Report on Form 10-K. These companies are not controlled, directly or indirectly, by Dow Inc. Subsidiaries of these companies, if any, are not listed in this Exhibit 21.

153