NewMarket Corporation, through its subsidiaries, engages in the petroleum additives business. The company offers lubricant additives for use in various vehicle and industrial applications, including engine oils, transmission fluids, off-road powertrain and hydraulic systems, gear oils, hydraulic oils, turbine oils, and other applications where metal-to-metal moving parts are utilized; engine oil additives designed for passenger cars, motorcycles, on and off-road heavy duty commercial equipment, locomotives, and engines in ocean-going vessels; driveline additives designed for products, such as transmission fluids, axle fluids, and off-road powertrain fluids; and industrial additives designed for products for industrial applications consisting of hydraulic fluids, grease, industrial gear fluids, and industrial specialty applications, such as turbine oils. It also provides fuel additives that are used to enhance the oil refining process and the performance of gasoline, diesel, biofuels, and other fuels to industry, government, original equipment manufacturers, and individual customers. In addition, the company engages in the antiknock compounds business, as well as contracted manufacturing and services activities; and owns and manages a real property in Virginia. It operates in North America, Latin America, the Asia Pacific, Europe, the Middle East, Africa, and India. NewMarket Corporation was founded in 1887 and is headquartered in Richmond, Virginia.
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Intel for fuels and lubricants
Gore-Tex for fuel and lubricant performance
Dolby for enhancing fuel and lubricant performance
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Lubricant Additives: Chemicals formulated to enhance the performance of lubricating oils for engines, drivelines, and industrial applications.
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Fuel Additives: Chemical solutions designed to improve the performance, efficiency, and cleanliness of gasoline, diesel, and other fuels.
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NewMarket Corporation (Symbol: NEU)
NewMarket Corporation primarily sells its products to other companies (Business-to-Business, or B2B), not directly to individual consumers. Through its subsidiary Afton Chemical, NewMarket develops, manufactures, and sells petroleum additive products that are essential components in lubricants and fuels.
NewMarket's public filings, such as its annual 10-K reports, describe its customer base broadly but do not typically disclose the names of specific major customers. This indicates that while they have a strong customer base, no single customer accounts for a material portion (e.g., 10% or more) of their consolidated revenue that would necessitate individual disclosure under SEC regulations.
However, based on their business description, their customers fall into the following categories:
- Major oil companies
- National oil companies (government-owned or controlled oil companies)
- Independent lubricant and fuel blenders globally
These companies then use NewMarket's additives in their final products, such as automotive engine oils, driveline fluids, industrial lubricants, and various types of gasoline and diesel fuels, which are then sold to consumers or other industrial clients. Since specific customer names are not disclosed by NewMarket, we cannot provide a list of named companies with their public symbols.
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Thomas E. Gottwald Chairman of the Board, President and Chief Executive Officer
Thomas E. Gottwald has served as the Chairman of NewMarket Corporation since 2014, and as Chief Executive Officer and President since 2004. He joined the company in 1984 and has held various positions in the petroleum additives and former plastics businesses. Mr. Gottwald represents the third generation of his family to lead NewMarket, with the family's relationship to the company dating back to 1918. Prior to his current role, he was the Chief Executive Officer and President of Ethyl Corp, a NewMarket subsidiary, from 2001 to 2004, and before that, he served as President and Chief Operating Officer of Ethyl Corp. He holds a degree in chemistry from Virginia Military Institute and an MBA from Harvard Business School.
Timothy K. Fitzgerald Vice President and Chief Financial Officer
Timothy K. Fitzgerald became the Vice President and Chief Financial Officer of NewMarket Corporation on January 1, 2025. He joined NewMarket approximately 10 years ago as Operations Finance Director and has over 20 years of experience in finance and accounting. Before his appointment as CFO, he served as the company's Treasurer and Finance Director starting in January 2024. Mr. Fitzgerald has been noted for his focus on team building, talent development, and financial planning and analysis.
Bruce R. Hazelgrove, III Executive Vice President and Chief Administrative Officer
Bruce R. Hazelgrove, III has been the Executive Vice President and Chief Administrative Officer of NewMarket Corporation since 2016. He also serves as a Director of Ethyl Corp, a NewMarket subsidiary. Previously, he served as Director, Corporate Services of Ethyl Corporation starting in 1997. Before joining Ethyl, Mr. Hazelgrove was involved in a real estate development and management business and also worked for the United States Air Force.
Bryce D. Jewett III Executive Vice President and General Counsel
Bryce D. Jewett III was elected Executive Vice President and General Counsel for NewMarket Corp, effective January 1, 2025. He joined NewMarket in 2020 as Vice President and General Counsel. Before joining the company, Mr. Jewett was a Partner at McGuireWoods LLP, where he specialized in Mergers and Acquisitions.
Brian D. Paliotti President, Afton Chemical Corporation
Brian D. Paliotti is the President of Afton Chemical Corporation, a subsidiary of NewMarket Corporation.
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The global acceleration in the adoption of electric vehicles (EVs). As EVs do not require traditional fuels or internal combustion engine lubricants, the increasing market share of EVs poses a long-term threat to the demand for NewMarket's core products, which are primarily fuel and lubricant additives for gasoline and diesel engines.
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NewMarket Corporation (NEU) primarily operates in the petroleum additives industry, with its main products being lubricant additives and fuel additives. The company also has a specialty materials segment through its subsidiary American Pacific Corporation (AMPAC).
- Lubricant Additives: The global market size for lubricant additives was estimated at approximately USD 17.70 billion in 2023.
- Fuel Additives: The global market size for fuel additives was approximately USD 9.15 billion in 2023.
- Specialty Materials (Aerospace, Defense, and Fire Protection): null
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Expected Drivers of Future Revenue Growth for NewMarket (NEU) Over the Next 2-3 Years
Over the next two to three years, NewMarket Corporation (NEU) is expected to drive future revenue growth through several key initiatives and market dynamics, primarily focusing on its Specialty Materials segment and strategic operational improvements in its core Petroleum Additives business.
- Expansion and Integration of Specialty Materials through Acquisitions: The acquisition of American Pacific Corporation (AMPAC) in January 2024 and Calca Solutions, LLC in October 2025 are significant drivers. AMPAC has substantially boosted sales and operating profit in the Specialty Materials segment, particularly in performance additives for space and defense sectors. NewMarket has committed approximately $1 billion since 2024 to this high-technology segment through these acquisitions and capacity expansions, with new capacity expected online in the second half of 2026. This strategic expansion into resilient, high-technology materials is anticipated to continue contributing significantly to revenue growth.
- Increased Production Capacity in Specialty Materials: NewMarket is actively investing in expanding the production capacity of its Specialty Materials segment. For instance, a capital investment of up to $100 million was approved in Q1 2025 to expand ammonium perchlorate production capacity by over 50% at the AMPAC facility in Cedar City, Utah, with this new capacity expected to come online in the second half of 2026. This expansion is aimed at providing more capacity and a stronger supply chain for customers, directly supporting higher sales volumes and revenue in the coming years.
- Operational Efficiencies and Margin Management in Petroleum Additives: Despite some recent market softness and lower selling prices impacting the Petroleum Additives segment, NewMarket is focused on cost control, margin management, and optimizing its global manufacturing network. These efforts aim to enhance operational efficiency and enable more efficient product delivery, which can support the competitiveness and profitability of this segment, thereby sustaining its revenue contribution amidst a challenging environment. While not a direct driver of *growth* in the same way as new market expansion, maintaining and improving profitability in its largest segment is crucial for overall financial health and can allow for strategic pricing that defends or grows market share.
- Technology-Driven Product Offerings and Customer-Focused Solutions: NewMarket consistently emphasizes its long-term objectives, which include technology-driven product offerings and customer-focused solutions. Continued investment in research and development to support customer needs, even when it contributes to short-term operating cost increases, is a fundamental aspect of their strategy. These technology investments are critical for developing new products and improving existing ones, ensuring the company remains competitive and can command value-added pricing, fostering organic revenue growth across its segments.
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Share Repurchases
- NewMarket Corporation authorized a new share repurchase program in December 2024, allowing for the repurchase of up to $500 million of outstanding common stock through December 31, 2027. This program replaced a prior authorization for the same amount that was set to expire at the end of 2024.
- During the first nine months of 2025, the company repurchased common stock totaling $77.2 million.
- In the first quarter of 2025, NewMarket repurchased $57.1 million of common stock.
Outbound Investments
- In January 2024, NewMarket Corporation completed the acquisition of AMPAC Intermediate Holdings, LLC (American Pacific Corporation - AMPAC), a manufacturer of critical performance additives for solid rocket motors, for approximately $700 million.
- NewMarket completed the acquisition of Calca Solutions, LLC, a leading U.S. manufacturer of UltraPure and high purity hydrazine used in aerospace and defense applications, in October 2025. The acquisition was funded by available cash and borrowings under its revolving credit facility.
- Since 2024, NewMarket has committed approximately $1 billion to acquisitions and diversification strategies within its specialty materials segment, which includes the AMPAC and Calca acquisitions and investments to expand capacity at both operations.
Capital Expenditures
- For the first nine months of 2025, NewMarket funded capital expenditures amounting to $49.6 million.
- In June 2025, the company announced a $100 million investment to expand AMPAC's ammonium perchlorate production capacity, with completion targeted for 2026, aimed at meeting increased demand in the aerospace and defense sectors.
- The company's capital allocation also focuses on reinvestment in businesses for growth and efficiency, and strategic capacity expansion, particularly within the specialty materials segment, with new capacity expected to come online in the second half of 2026.
