Sales fell by 14% between the fourth quarters of 2018 and 2019, to $3.3 bn in 2019. This compares with $3.8 bn in the 2018 period.
The polyurethanes and Construction Chemicals segment experienced 'modest volume growth,' said Dow. But this was 'more than offset by local price declines,' added the company. Prices fell for polyurethane intermediates.
Across the business sector, local prices fell by 13%, and currency changes knocked a further 1% off the numbers.
Taking the company as a whole, Dow Chemical's sales were $10.2 bn in the fourth quarter of 2019. This is lower by 15% than the pro forma numbers for the same period in 2018.
Operating EBIT across the business fell by 21% to $1 bn in the fourth quarter of 2019.
Jim Fitterling, CEO, said: 'We experienced similar economic headwinds in the quarter as we have seen all year.' He said this was 'especially true in the industrial sector.' Despite this, the business generated more cash than 2018.
The company has returned $600m to shareholders in the year. Debt has fallen by $1 bn, he added.
Looking ahead to 2020, Fitterling said: 'We enter 2020 in a stronger competitive and financial position.'