Quenching Oil Sales

Quenching Oil Sales Market Outlook

The global quenching oil market is projected to reach approximately USD 2.5 billion by 2035, expanding at a compound annual growth rate (CAGR) of around 4.5% during the forecast period from 2025 to 2035. This growth is largely driven by the increasing demand for high-performance materials and components across a variety of industries, including automotive, aerospace, and machinery. Furthermore, the rising trend of advanced manufacturing technologies such as additive manufacturing and automation is fueling the demand for quenching oils, as these oils are essential for heat treatment processes. Moreover, the expanding automotive sector, particularly in emerging economies, is expected to significantly contribute to the market's growth. With further advancements in quenching oil formulations aimed at enhancing performance and sustainability, the market is set to witness substantial evolution in the coming years.

Growth Factor of the Market

The quenching oil market's growth can be attributed to several factors that are significantly influencing consumer preferences and technological advancements in the industry. One of the major growth drivers is the increasing need for high-quality heat treatment processes in various manufacturing sectors. As industries strive to improve the durability and performance of their components, quenching oils serve as a critical element in achieving the desired mechanical properties of metals. Additionally, the ongoing innovations in product formulations, such as the development of environmentally friendly and bio-based quenching oils, are attracting a broader customer base that prioritizes sustainability. The surge in industrialization in emerging markets further supports market expansion as manufacturers invest in advanced heat treatment technologies. Moreover, the growing awareness of the importance of proper metalworking fluids and lubrication in extending equipment life and enhancing operational efficiency is expected to bolster market growth.

Key Highlights of the Market

• Significant growth anticipated in the automotive and aerospace sectors.
• Increasing demand for bio-based and environmentally friendly quenching oils.
• Technological advancements in heat treatment processes boosting market dynamics.
• Emerging economies showing higher investment in manufacturing and industrialization.
• Rising awareness among manufacturers regarding the importance of quality quenching oils.

By Product Type

Fast Quenching Oil:

Fast quenching oils are designed to provide rapid cooling rates during metal treatment processes, making them ideal for applications that require quick heat dissipation. These oils are widely used in the automotive industry for hardening steel components, as they enhance the mechanical properties of the metals through fast cooling. Their ability to reduce the risk of distortion and cracking during the cooling process is a significant advantage. Furthermore, fast quenching oils are formulated with additives that improve their thermal stability and oxidation resistance, ensuring consistent performance over extended periods. The increasing production of high-performance automotive parts and components is expected to drive the demand for fast quenching oils, as manufacturers seek to achieve optimal hardness and strength in their products.

Medium Quenching Oil:

Medium quenching oils strike a balance between cooling speed and the risk of distortion or cracking, making them suitable for a variety of metalworking applications. They are often utilized in manufacturing processes that require a moderate cooling rate to achieve desired hardness levels without compromising the structural integrity of the components. The versatility of medium quenching oils allows them to be employed in diverse sectors, including machinery and construction. As industries continue to seek quenching solutions that provide predictable and reproducible results, the demand for medium quenching oils is projected to grow. Moreover, advancements in additive technology are enhancing the performance characteristics of medium quenching oils, further solidifying their position in the market.

Slow Quenching Oil:

Slow quenching oils are primarily used in applications that require controlled cooling rates to minimize thermal stresses and prevent warping in metal components. These oils are often employed in the heat treatment of large or complex parts where rapid cooling could lead to unwanted deformations. Slow quenching oils provide a gradual cooling effect, allowing for uniform temperature distribution throughout the metal, which is crucial in applications such as aerospace and heavy machinery. As industries increasingly focus on producing high-quality, precision-engineered components, the demand for slow quenching oils is expected to rise, driven by the need for enhanced performance and reliability in critical applications.

Polymer Quenching Oil:

Polymer quenching oils represent a more modern approach to quenching, combining traditional oil-based methods with synthetic polymer technology. These oils offer superior cooling properties and can be tailored to specific applications, providing manufacturers with greater flexibility in their heat treatment processes. The unique formulation of polymer quenching oils enhances their ability to provide consistent cooling rates and improved lubricating properties, making them ideal for complex geometries and intricate designs. As manufacturers increasingly adopt innovative technologies and materials, the popularity of polymer quenching oils is anticipated to grow, particularly in sectors that prioritize performance and efficiency in metal treatment.

Salt Bath Quenching Oil:

Salt bath quenching involves immersing metal parts in a bath of molten salt, providing excellent uniformity in cooling rates and a high degree of control over the heat treatment process. Salt bath quenching oils are typically used in specialized applications requiring high precision, such as the treatment of tool steels and high-alloy metals. This method not only enhances the mechanical properties of treated metals but also reduces the risk of oxidation and other surface issues commonly associated with traditional quenching methods. As the need for precise heat treatment applications increases across industries, the adoption of salt bath quenching oils is expected to rise, driven by the demand for high-performance components.

By Application

Automotive:

The automotive sector is one of the largest consumers of quenching oils, as these oils are crucial for hardening various components such as gears, axles, and crankshafts. The continuous push for lightweight, fuel-efficient vehicles has led manufacturers to seek high-performance materials that can withstand harsh operating conditions. Quenching oils play a vital role in enhancing the mechanical properties of these materials, contributing to improved durability and longevity. Additionally, the increasing adoption of advanced manufacturing processes, including precision engineering and additive manufacturing, is expected to further boost the demand for quenching oils in the automotive industry, as manufacturers strive to meet evolving consumer expectations.

Aerospace:

Quenching oils are extensively used in the aerospace industry, where they are essential for treating high-performance alloys and components subjected to extreme conditions. The need for lightweight and strong materials in aircraft design drives the demand for quenching oils that can effectively enhance the mechanical properties of metals. As the aerospace sector continues to grow, fueled by increasing air travel and advancements in technology, the demand for high-quality quenching oils is expected to rise. The stringent regulations and standards in aerospace manufacturing further emphasize the importance of utilizing reliable quenching solutions that ensure the integrity and performance of critical components.

Machinery:

The machinery sector relies heavily on quenching oils for the heat treatment of various machine parts, such as gears, shafts, and bearings. These oils are vital for achieving desired hardness levels and ensuring the longevity of machinery components. As industries increasingly adopt automation and advanced manufacturing techniques, the need for durable and high-performance machinery continues to grow. Quenching oils help manufacturers achieve enhanced wear resistance and improved performance in their machinery, making them an indispensable element in production processes. The ongoing expansion of the machinery sector, particularly in emerging markets, is expected to drive further demand for quenching oils.

Metalworking:

In the metalworking industry, quenching oils are used extensively in various applications to improve the mechanical properties of metals. The ability of quenching oils to provide controlled cooling rates and minimize distortion makes them essential for processes like forging and casting. The resurgence of manufacturing activities in developed and developing economies is contributing to the growth of the metalworking sector, and with it, the demand for effective heat treatment solutions. As metalworking operations continue to evolve, the need for innovative quenching oil formulations that cater to specific applications is anticipated to rise, thereby bolstering market growth.

Construction:

In the construction industry, quenching oils play a significant role in the production of heavy machinery and equipment. The need for durable and reliable machinery components that can withstand harsh operating conditions drives the demand for quenching oils. Construction activities are on the rise globally, particularly in emerging markets where infrastructure development is a priority. As construction projects become more complex and demand for advanced machinery increases, the importance of quenching oils in maintaining the integrity of construction equipment becomes paramount. This trend is expected to boost the quenching oil market as manufacturers seek high-quality heat treatment solutions to improve the performance and durability of their products.

By Distribution Channel

Direct Sales:

Direct sales have emerged as a significant distribution channel in the quenching oil market, allowing manufacturers to establish direct relationships with end-users. This approach facilitates a better understanding of customer needs, which in turn enables companies to tailor their products and services accordingly. Direct sales often provide customers with the advantage of receiving expert advice and technical support, which can be crucial when selecting the appropriate quenching oil for specific applications. As manufacturers focus on building strong customer relationships and enhancing service delivery, the direct sales channel is expected to see continued growth in the quenching oil market.

Distributor Sales:

Distributor sales are a vital channel for quenching oils, providing manufacturers with a wide-reaching platform to connect with various industrial sectors. Distributors often have established relationships and networks within specific industries, allowing them to effectively market and sell quenching oils to a diverse range of customers. The convenience of purchasing through distributors enables end-users to access a variety of quenching oil options and benefit from valuable insights regarding product application and performance. As the quenching oil market continues to expand, distributor sales are likely to remain a key avenue for reaching customers across different sectors.

Online Retail:

The rise of e-commerce has significantly impacted the distribution of quenching oils, with online retail becoming an increasingly popular channel for purchasing these products. The convenience of online shopping allows customers to easily compare products, read reviews, and access a wider selection of quenching oils than they might find locally. Additionally, online platforms often provide customers with valuable information and resources regarding the suitable applications of different types of quenching oils. As more customers in the industrial sector turn to online solutions for their procurement needs, the online retail channel is expected to see steady growth, further diversifying the distribution landscape of quenching oils.

By Ingredient Type

Mineral Oil:

Mineral oil is one of the most common ingredient types used in quenching oils, providing effective cooling properties and good lubrication. The availability and cost-effectiveness of mineral oils make them a popular choice for many manufacturers. These oils are typically derived from refining crude oil and can be customized with additives to enhance their performance characteristics. Mineral oils are widely utilized in various applications, particularly in the automotive and machinery sectors, where they help achieve the desired hardness and strength in treated metals. As manufacturers increasingly seek reliable and affordable quenching solutions, mineral oil-based quenching oils are expected to maintain a strong position in the market.

Petroleum Oil:

Petroleum oil is another widely used ingredient type in quenching oils, known for its excellent thermal stability and lubrication properties. These oils are often employed in applications that require consistent cooling rates and minimal oxidation during the heat treatment process. Petroleum oils can be formulated with various additives to enhance their performance and extend their service life, making them suitable for diverse industrial applications. The ongoing demand for high-quality petroleum oil-based quenching solutions in sectors like aerospace and metalworking is expected to drive growth in this segment, as manufacturers continue to prioritize quality and reliability.

Vegetable Oil:

Vegetable oil-based quenching oils have gained popularity in recent years due to their environmentally friendly characteristics and biodegradable properties. These oils offer a sustainable alternative to traditional petroleum-based oils, appealing to manufacturers seeking greener solutions. Vegetable oils provide effective cooling rates and lubrication, making them suitable for various heat treatment applications. As regulations related to environmental sustainability become more stringent, the market for vegetable oil-based quenching oils is projected to expand, driven by the growing awareness of the importance of minimizing environmental impact in industrial processes.

Synthetic Oil:

Synthetic oils are engineered products designed to provide superior performance and specific properties for heat treatment applications. These oils offer enhanced thermal stability, improved lubrication, and reduced volatility compared to traditional mineral oils. Synthetic quenching oils are particularly sought after in industries that require precise control over cooling rates and optimal mechanical properties in treated metals. The growing demand for high-performance materials across sectors such as aerospace and automotive is expected to drive the adoption of synthetic quenching oils, as manufacturers increasingly rely on advanced formulations to meet their operational needs.

Specialty Oil:

Specialty oils are tailored formulations that cater to specific industrial applications and requirements. These oils often incorporate a unique blend of additives designed to enhance performance, such as improved cooling rates or reduced smoke and odor during the quenching process. Specialty oils are particularly useful in niche applications where standard quenching oils may not provide the desired results. As industries continue to evolve and require more customized solutions, the demand for specialty quenching oils is anticipated to grow, offering manufacturers innovative options to meet their specific needs.

By Region

The North America quenching oil market is poised for substantial growth, driven primarily by the robust manufacturing sector and the increasing demand for high-performance materials in industries such as automotive and aerospace. The region is expected to witness a CAGR of around 4% from 2025 to 2035, bolstered by technological advancements and a growing focus on efficiency in manufacturing processes. Furthermore, the presence of key industry players and a thriving industrial base contribute to the region's strong market position. As manufacturers prioritize quality and performance in their heat treatment processes, the demand for quenching oils in North America is projected to see steady growth in the coming years.

In Europe, the quenching oil market is characterized by a significant focus on sustainability and environmentally friendly solutions. The region is experiencing a shift toward bio-based quenching oils, driven by stringent regulations regarding environmental impact and a growing awareness of sustainability among manufacturers. The European quenching oil market is expected to see a moderate growth rate, with increasing adoption of advanced formulations that meet both performance and environmental standards. As the region's industries evolve and adapt to changing market demands, the adoption of innovative quenching oils is likely to remain a key trend in the European market.

Opportunities

The quenching oil market presents numerous opportunities for growth, particularly in emerging economies where industrialization is rapidly advancing. Countries in Asia Pacific, Latin America, and parts of Africa are witnessing increased investments in manufacturing and infrastructure development, leading to a surge in demand for high-quality quenching oils. As these regions continue to expand their manufacturing capabilities, the need for effective heat treatment solutions will become increasingly critical. This presents a golden opportunity for quenching oil manufacturers to establish themselves in these markets, offering tailored solutions that cater to local industries' specific needs. Additionally, as the global focus on sustainability intensifies, manufacturers that invest in developing bio-based and environmentally friendly quenching oils will likely gain a competitive edge, appealing to environmentally conscious customers.

Another significant opportunity lies in the ongoing advancements in technology and product formulations. Manufacturers are continuously seeking innovative solutions that enhance the performance of quenching oils while minimizing their environmental impact. The development of synthetic and specialty oils with tailored properties presents an opportunity for companies to differentiate themselves in a competitive market. By investing in research and development, manufacturers can create cutting-edge quenching oils that meet the evolving demands of various industrial applications. Furthermore, as industries increasingly adopt automation and advanced manufacturing processes, there is a growing need for effective lubricants and heat treatment solutions, positioning quenching oil manufacturers to capitalize on this trend by providing products that improve operational efficiency and productivity.

Threats

The quenching oil market faces several threats that could impact growth and profitability. One of the primary challenges is the volatility of crude oil prices, which directly affects the production costs of petroleum-based quenching oils. Fluctuations in oil prices can lead to increased costs for manufacturers, which may, in turn, prompt them to raise prices for end consumers. This could result in reduced demand, particularly in price-sensitive markets, where manufacturers may seek alternative solutions or revert to using less expensive materials. Furthermore, the growing trend toward sustainability and environmental responsibility is pushing industries to seek greener and more sustainable alternatives to traditional quenching oils. This shift could lead to increased competition from bio-based and synthetic oil manufacturers, potentially eroding market share for conventional quenching oil companies.

Another significant threat to the quenching oil market is the emergence of stringent regulations regarding environmental impact and occupational health and safety in various regions. As governments implement stricter guidelines on the use of hazardous materials and pollutants, manufacturers may face increased compliance costs and the need for investments in product reformulation. This could pose challenges for companies that rely heavily on traditional petroleum-based quenching oils, as they may need to adapt quickly to meet new regulatory standards. Failure to comply with these regulations not only risks legal repercussions but could also damage a company's reputation in an increasingly environmentally conscious market, leading to a loss of customer trust and business opportunities.

Competitor Outlook

• ExxonMobil
• Shell
• BP
• TotalEnergies
• Chevron
• Fuchs Petrolub AG
• Quaker Chemical Corporation
• Houghton International
• Castrol (BP)
• Henkel AG & Co. KGaA
• Milacron
• Petrofer
• Klüber Lubrication
• BASF SE
• Idemitsu Kosan Co., Ltd.

The competitive landscape of the quenching oil market is characterized by the presence of several key players that dominate the industry. Companies such as ExxonMobil, Shell, and BP have established themselves as leaders in the market due to their extensive product portfolios and global reach. These industry giants continually invest in research and development to innovate and enhance their product offerings, ensuring they remain at the forefront of technological advancements. Their significant resources also allow them to pursue strategic partnerships and collaborations with manufacturers across various sectors, further solidifying their market position. The competition among these major players drives the continuous improvement of products, resulting in enhanced performance and sustainability in quenching oil formulations.

In addition to the major oil companies, several specialized manufacturers, such as Fuchs Petrolub AG, Quaker Chemical Corporation, and Houghton International, have carved out niches within the quenching oil market. These companies focus on delivering high-performance and specialty oils tailored to specific applications, catering to industries that require precise and reliable heat treatment solutions. Their expertise in formulating innovative products tailored to meet the unique needs of various sectors enables them to compete effectively with larger players while maintaining a dedicated customer base. As the market continues to evolve, these specialized manufacturers are poised to capture new opportunities and expand their market share.

As sustainability becomes increasingly important in the industrial landscape, companies that prioritize environmentally friendly formulations are likely to gain a competitive edge. Manufacturers that invest in the development of bio-based and synthetic quenching oils are well-positioned to meet the growing demand for greener solutions. For instance, companies like BASF SE and Idemitsu Kosan Co., Ltd. are actively exploring advancements in sustainable formulations, focusing on minimizing environmental impact while delivering high performance. This emphasis on sustainability not only aligns with regulatory trends but also resonates with environmentally conscious consumers, creating opportunities for these companies to differentiate themselves in a competitive market.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 BP
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Shell
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 BASF SE
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Chevron
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Milacron
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Petrofer
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 ExxonMobil
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Castrol (BP)
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 TotalEnergies
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Fuchs Petrolub AG
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Henkel AG & Co. KGaA
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Houghton International
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Idemitsu Kosan Co., Ltd.
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Klüber Lubrication
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Quaker Chemical Corporation
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Quenching Oil Sales Market, By Application
    • 6.1.1 Automotive
    • 6.1.2 Aerospace
    • 6.1.3 Machinery
    • 6.1.4 Metalworking
    • 6.1.5 Construction
  • 6.2 Quenching Oil Sales Market, By Product Type
    • 6.2.1 Fast Quenching Oil
    • 6.2.2 Medium Quenching Oil
    • 6.2.3 Slow Quenching Oil
    • 6.2.4 Polymer Quenching Oil
    • 6.2.5 Salt Bath Quenching Oil
  • 6.3 Quenching Oil Sales Market, By Ingredient Type
    • 6.3.1 Mineral Oil
    • 6.3.2 Petroleum Oil
    • 6.3.3 Vegetable Oil
    • 6.3.4 Synthetic Oil
    • 6.3.5 Specialty Oil
  • 6.4 Quenching Oil Sales Market, By Distribution Channel
    • 6.4.1 Direct Sales
    • 6.4.2 Distributor Sales
    • 6.4.3 Online Retail

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Quenching Oil Sales Market by Region
  • 10.6 Middle East & Africa - Market Analysis
    • 10.6.1 By Country
      • 10.6.1.1 Middle East
      • 10.6.1.2 Africa

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Quenching Oil Sales market is categorized based on

By Product Type

• Fast Quenching Oil
• Medium Quenching Oil
• Slow Quenching Oil
• Polymer Quenching Oil
• Salt Bath Quenching Oil

By Application

• Automotive
• Aerospace
• Machinery
• Metalworking
• Construction

By Distribution Channel

• Direct Sales
• Distributor Sales
• Online Retail

By Ingredient Type

• Mineral Oil
• Petroleum Oil
• Vegetable Oil
• Synthetic Oil
• Specialty Oil

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• ExxonMobil
• Shell
• BP
• TotalEnergies
• Chevron
• Fuchs Petrolub AG
• Quaker Chemical Corporation
• Houghton International
• Castrol (BP)
• Henkel AG & Co. KGaA
• Milacron
• Petrofer
• Klüber Lubrication
• BASF SE
• Idemitsu Kosan Co., Ltd.