EXHIBIT 21

                  SUBSIDIARIES AND AFFILIATES OF THE REGISTRANT

                                                              Percentage of
                                                             voting securities
                                     Jurisdiction of         owned directly or
       Name                           Incorporation         indirectly by Quaker
       ----                           -------------         --------------------
                                     
 *Quaker Chemical Europe B.V.           Holland                     100%
                                     
 *Quaker Chemical B.V.                  Holland                     100%
                                     
 *Quaker Chemical, S.p.A.               Italy                       100%
                                     
+*Quaker Chemical Holdings UK           United Kingdom              100%
    Limited                          
                                     
 *Quaker Chemical Limited               United Kingdom              100%
                                     
 *Quaker Chemical S.A.                  France                      100%
                                     
**Quaker Chemical South                 Republic of                  50%
    Africa (Pty.) Limited               South Africa
                                     
 *Quaker Chemical, S.A.                 Spain                       100%
                                     
 *Quaker Chemical, S.A.                 Argentina                   100%
                                     
 *Quaker Chemical Industria e           Brazil                      100%
    Comercio Ltda.                   
                                     
 *Celumi Lubrificantes Industriais      Brazil                       90%
    Ltda.                            
                                     
**Kelko Quaker Chemical, S.A.           Venezuela                    50%
                                     
 *Quaker Chemical Limited               Hong Kong                   100%
                                     
 *Wuxi Quaker Chemical                  China                        60%
    Company Limited                  
                                     
+*Quaker Chemical South East            Singapore                   100%
    Asia Pte. Ltd.                   
                                    

                                       





**Nippon Quaker Chemical, Ltd.          Japan                        50%

 *Quaker Chemical (Australasia)         State of New South           51%
    Pty. Limited                        Wales, Australia

**TecniQuimia Mexicana                  Mexico                       40%
    S.A. de C.V.

+*SB Decking, Inc. (formerly            Delaware, U.S.A.            100%
    Selby, Battersby & Co.)

 *Quaker Chemical Corporation           Delaware, U.S.A.            100%

 +Quaker Chemical Management,           Delaware, U.S.A.            100%
    Inc.

 *AC Products, Inc.                     California, U.S.A.          100%

**Fluid Recycling Services              Michigan, U.S.A.             50%
    Company

- ------------------

 + A non-operating company.

 * Included in the consolidated financial statements.

** Accounted for in the consolidated financial statements under the
   equity method.