NewMarket Corporation

What NewMarket Corporation does

NewMarket Corporation is a Virginia-incorporated holding company headquartered in Richmond that develops and manufactures specialty chemicals through four principal operating subsidiaries: Afton Chemical Corporation, Ethyl Corporation, American Pacific Corporation (AMPAC), and Calca Solutions. Through Afton Chemical and Ethyl, the company produces petroleum additives — including gasoline performance additives, diesel fuel additives, lubricity improvers, cold flow improvers, driveline products, and engine oil additives — which are sold primarily to major oil companies such as ExxonMobil and Chevron, OEMs, and refiners across four reporting regions (North America, Latin America, Asia Pacific, and EMEAI). Through AMPAC (acquired September 2024) and Calca Solutions (acquired October 2025), NewMarket manufactures ammonium perchlorate — a critical oxidizer for solid rocket propellants used in NASA's Artemis II mission and defense missile programs — and UltraPure and high-purity hydrazine propellants that enable in-space propulsion systems for satellites, space probes, and other vehicles, with these products supplied to the U.S. Department of Defense and the Defense Logistics Agency for over 70 years.

The company's revenue model is B2B enterprise contracting: petroleum additives generate transaction-fee revenue from global product shipments, while specialty materials generate contract-fee revenue from U.S. government and defense customers via multi-year supply agreements. Pricing is not publicly disclosed and is determined through long-term supply contracts with oil majors, OEMs, and federal agencies. Distribution is direct, with NewMarket manufacturing and delivering chemicals from facilities in the U.S. (Richmond, VA; Cedar City, UT), Mexico City, Singapore (Phase 2 completed), and additional sites across Europe and Asia, reaching customers in over 80 countries with a global workforce of more than 2,000.

In FY2025, NewMarket reported net sales of $2,725 million (a 2.2% decline from 2024), net income of $419 million ($44.44 per share), and EBITDA of approximately $720 million, with a Net Debt to EBITDA ratio of 1.1–1.2x as of Q1 2026 — a profile consistent with a mature, cash-generative specialty chemicals operator. The company's strategic posture has shifted toward defense and aerospace propellants through the 2024–2025 acquisitions, with a $100 million AMPAC capacity expansion underway that is expected to increase ammonium perchlorate production by more than 50% when it comes online toward the end of 2026.

Name

NewMarket Corporation

Legal name

NewMarket Corporation

Website

https://newmarket.com

Company type

Public

Founded year

1887

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

NewMarket Corporation is a Richmond, Virginia-based holding company operating through Afton Chemical (petroleum additives), AMPAC (ammonium perchlorate for solid rocket propellants), and Calca Solutions (UltraPure hydrazine propellants). It serves major oil companies, NASA, and the U.S. Department of Defense across 80+ countries.

Ownership category

akta.pro rank

Product category

Specialty Chemicals

NAICS

Petroleum Lubricating Oil and Grease Manufacturing (324191), Petroleum and Coal Products Manufacturing (324)

SIC

Miscellaneous Chemical Products (2890), Chemicals & Allied Products (2800)

akta.pro primary industry

Lubricant Additives & Performance Chemicals (EUALAJAB)

akta.pro secondary industries

Fuel Additives & Lubricant Additives (IMAEAMAL), Oilfield & Refining Specialty Chemicals (IMAEABAI)

Keywords

• Petroleum additives
• Fuel additives
• Lubricant additives
• Specialty chemicals
• Aerospace propellants

Headquarters

HQ city

Richmond

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Technology or R&D, Personnel, Infrastructure

Revenue model

1. Petroleum Additives: Development, manufacture, and sale of chemical additives that enhance the performance of petroleum products. Includes fuel additives, lubricant additives, and performance chemicals for automotive, heavy-duty diesel, industrial, and marine applications. Revenue from shipments across four regions: North America, Latin America, Asia Pacific, and Europe/Middle East/Africa/India.
2. Specialty Materials: Manufacturing of specialty materials for aerospace and defense including ammonium perchlorate for solid rocket motors and high-purity hydrazine propellants. Includes fire suppression agents. Revenue from contracts with U.S. government and defense contractors.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

NewMarket Corporation develops, manufactures, and sells chemical additives for petroleum products (fuel and lubricant additives) through its Afton Chemical subsidiary, and specialty materials for aerospace and defense applications (ammonium perchlorate for solid rocket propellants, high-purity hydrazine for in-space propulsion, antiknock compounds, and fire suppression agents) through its AMPAC and Calca Solutions subsidiaries. Products are sold to major oil companies, OEMs, and U.S. government defense and space agencies via long-term supply contracts from a global manufacturing footprint.

Product overview

NewMarket Corporation is a holding company that operates through multiple subsidiaries developing and manufacturing chemical additives for petroleum products and specialty materials for aerospace and defense applications. The portfolio includes Afton Chemical Corporation (petroleum additives for fuels and lubricants), Ethyl Corporation (antiknock compounds), American Pacific Corporation (solid rocket motor materials), and Calca Solutions (high-purity hydrazine propellants). These companies serve automotive, heavy-duty, industrial, aerospace, and defense markets, with manufacturing operations across the U.S., Europe, and Asia.

Differentiator

Problem solved

Functional benefit

Products and services

• Petroleum Fuel Additives

Quantifiable outcome

• Operating profit margin maintained strong despite 7% shipment decline in Q1 2026
• +1 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• Calca Solutions, LLCcoreStrategic or Co-development Partner · 1 October 2025Acquired October 2025, Calca is the nation's leading producer of UltraPure and high-purity hydrazine - essential mission-critical propellants for advanced aerospace and defense applications. Products enable in-space propulsion systems for satellites, space probes, and other vehicles operating in demanding environments.
• American Pacific Corporation (AMPAC)coreStrategic or Co-development Partner · 1 September 2024Acquired by NewMarket Corporation, AMPAC is the leading North American producer of ammonium perchlorate used in solid rocket propellants. A $100 million expansion project began in September 2024 adding a third production line to increase ammonium perchlorate production capacity by more than 50%. Supports NASA's Artemis II mission and defense missile programs.
• Major Oil Companies and OEMscoreChannel Partner/ Reseller/ DistributorLong-term supply contracts with major oil companies (including ExxonMobil and Chevron) and OEMs for petroleum additives. These enterprise relationships form the core revenue base for the petroleum additives segment.

Scale indicators7 records

Recent moves11 records

Expansion highlights4 records

Others

• L3Harris Technologies: Major U.S. defense prime that operates the Aerojet Rocketdyne propulsion business — a downstream consumer of ammonium perchlorate and high-purity hydrazine. Not a direct competitor in chemistry, but a key customer/adjacent for NewMarket's specialty materials segment and a relevant comparable for aerospace exposure.

Broad incumbents

• LANXESS: German specialty chemicals company with lubricant additives, industrial preservatives, and rubber chemicals. Overlaps with Afton's industrial lubricant additive offerings and with Ethyl's specialty chemical heritage; broader portfolio but similar B2B industrial customer base.
• Eastman Chemical Company: U.S. specialty chemicals producer with adjacent product portfolios in fuel and lubricant additives, specialty fluids, and advanced materials. Comparable in scale and B2B industrial go-to-market, though additives are one segment within a much broader chemicals business.
• BASF: Largest diversified chemical company globally, with a fuel and lubricant additives business overlapping Afton's portfolio. Not specialized in additives — competes across a much broader chemicals, agricultural, and materials portfolio — but is a meaningful competitor in refinery and fuel additives.
• Evonik Industries: German specialty chemicals producer with an oil additives business and broad portfolio in silica, rubber, and coatings. Comparable to NewMarket as a specialty additives supplier serving automotive and industrial markets, though additives are one of many segments.
• Albemarle Corporation: Specialty chemicals producer originally spun off from Ethyl Corporation in 1994. Closely tied to NewMarket's heritage through shared corporate parent; competes in specialty bromine, lithium, and catalysts serving industrial customers with comparable scale and capital-intensity.

Direct peers

• Infineum: Joint venture between ExxonMobil and Shell that is a global leader in fuel and lubricant additives. Most directly comparable to Afton Chemical given its oil-major ownership and its focus on engine oils, driveline, and heavy-duty diesel additive packages.
• Chevron Oronite: Subsidiary of Chevron Corporation and one of the top three global lubricant additive suppliers. Competes head-to-head with Afton Chemical in engine oil additives, driveline products, and industrial lubricant chemistries, with a similar global manufacturing and field-sales model.
• Lubrizol: Wholly-owned subsidiary of Berkshire Hathaway and the world's largest independent lubricant additives producer. Directly competes with Afton Chemical in fuel and lubricant additive chemistries for engine oils, driveline, and industrial fluids serving the same oil-major and OEM customer base.

Emerging players

• Element Solutions Inc: Specialty chemicals company serving electronics, industrial, and energy markets with high-margin formulations. Increasingly overlapping with Afton's industrial additives and with growth posture similar to NewMarket's specialty materials pivot toward mission-critical chemistries.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/newmarket-corporation

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NewMarket Corporation