NewMarket is a specialty chemicals holding company with two businesses: petroleum additives and specialty materials for aerospace and defense. Petroleum additives is the dominant business, generating roughly 93% of revenue through Afton Chemical, which makes and sells chemical additive packages used in lubricants and fuels. Afton's customers are lubricant manufacturers and fuel refiners and marketers — not end users — and Afton sells globally through a direct sales model. Afton's products are highly engineered formulations that must meet specific OEM and industry specifications, making the business technically demanding and relationship-intensive. Afton manufactures most chemical components internally before blending them into finished packages. The smaller but growing Specialty Materials segment operates through AMPAC, which produces ammonium perchlorate — the key oxidizer in solid rocket motors used in U.S. military missiles and NASA and commercial launch vehicles — and Calca Solutions, acquired in late 2025, which produces high-purity hydrazine used in satellite propulsion systems. Both businesses serve a narrow, highly regulated customer base of U.S. government agencies, defense contractors, and commercial aerospace companies, and demand is tied to specific government and commercial programs. NewMarket has committed roughly $1B to building out Specialty Materials, including AMPAC's acquisition, a capacity expansion at its Cedar City, Utah facility, and the Calca acquisition, with the goal of becoming the dominant U.S. supplier of mission-critical propellant materials.