NewMarket Corp (NewMarket) is holding company that operates through Ethyl Corporation (Ethyl), NewMarket Services Corporation (NewMarket Services), Afton Chemical Corporation (Afton) and NewMarket Development Corporation (NewMarket Development).

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NewMarket is committed to provide advanced products, comprehensive testing programs to improve its efficiency in technology discovery and development; and technical solutions, which are modified as per the needs of the customers and OEMs globally. The company has its R&D facilities in Richmond, Virginia; Bracknell, England; Tsukuba, Japan; Ashland, Virginia; and Suzhou, China. The company develops these products through a combination of chemical synthesis, formulation development, engineering design, and performance testing. It provides Afton with performance based solutions in the petroleum additives market. In FY2022, it launched new technologies across lubricant and fuel additives; and developed engine oils for commercial trucks and passenger cars. Afton’s testing capabilities facilitate customized research in all areas of Phrase revision, by tier one suppliers and OEMs. Its new technology focuses on reducing the usage of chemicals and use raw materials derived from sustainable sources to develop and create fuel additives that enables more efficient engines and positions NewMarket in transmission fluids in the battery electric vehicles market. As of December 2022, the company had 1,500 issued or pending US and foreign patents. In FY2022, it spent US$140.3 million on R&D, which as a percentage of revenue, stood at 5.1% of its revenue and decreased by 2.6% YoY.