
<PAGE>
 
                                                                    EXHIBIT 99.2
                       NOTICE OF GUARANTEED DELIVERY FOR
                                  ASHLAND INC.
 
  This form or one substantially equivalent hereto must be used to accept the
Exchange Offer of Ashland Inc. (the "Company") made pursuant to the Prospectus,
dated       , 1998 (the "Prospectus"), and the enclosed Letter of Transmittal
(the "Letter of Transmittal") if certificates for Old Notes of the Company are
not immediately available or if the procedure for book-entry transfer cannot be
completed on a timely basis or time will not permit all required documents to
reach the Company prior to 5:00 p.m., New York City time, on the Expiration
Date of the Exchange Offer. Such form may be delivered or transmitted by
facsimile transmission, mail or hand delivery to Citibank, N.A. (the "Exchange
Agent") as set forth below. In addition, in order to utilize the guaranteed
delivery procedure to tender Old Notes pursuant to the Exchange Offer, a
completed, signed and dated Letter of Transmittal (or facsimile thereof) must
also be received by the Exchange Agent prior to 5:00 p.m., New York City time,
on the Expiration Date. Capitalized terms not defined herein are defined in the
Prospectus.
 
                  DELIVERY TO: CITIBANK, N.A., EXCHANGE AGENT
                                                    
      By Mail:               By Overnight Courier             By Hand: 
                                   Delivery:        
                                                    
   Citibank, N.A.               Citibank, N.A.              Citibank, N.A.
  c/o Citicorp Data            c/o Citicorp Data        Corporate Trust Window
 Distribution, Inc.           Distribution, Inc.      111 Wall Street, 5th Floor
    P.O. Box 7072               404 Sette Drive        New York, New York 10043
 Paramus, New Jersey 07653   Paramus, New Jersey 07652 
 
                    By Facsimile for Eligible Institutions:
                                 (201) 262-3240
 
                          Facsimile Confirmation Only:
                                 (800) 422-2077
 
                                For Information:
                                 (800) 422-2077
 
  DELIVERY OF THIS INSTRUMENT TO AN ADDRESS OTHER THAN AS SET FORTH ABOVE, OR
TRANSMISSION OF INSTRUCTIONS VIA FACSIMILE OTHER THAN AS SET FORTH ABOVE, WILL
NOT CONSTITUTE A VALID DELIVERY.
 
Ladies and Gentlemen:
 
  Upon the terms and conditions set forth in the Prospectus and the
accompanying Letter of Transmittal, the undersigned hereby tenders to the
Company the principal amount of Old Notes set forth below, pursuant to the
guaranteed delivery procedure described in "The Exchange Offer--Guaranteed
Delivery Procedures" section of the Prospectus.
 
Principal Amount at Maturity of Old
Notes Tendered:
$____________________________________
 
Certificate Nos. (if available):
-------------------------------------
 
Total Principal Amount at Maturity      If Old Notes will be delivered by
Represented by Old                      book-entry transfer to
Notes Certificate(s):                   The Depository Trust Company,
$____________________________________   provide account number.
                                        Account Number ______________________
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  ALL AUTHORITY HEREIN CONFERRED OR AGREED TO BE CONFERRED SHALL SURVIVE THE
DEATH OR INCAPACITY OF THE UNDERSIGNED AND EVERY OBLIGATION OF THE UNDERSIGNED
HEREUNDER SHALL BE BINDING UPON THE HEIRS, PERSONAL REPRESENTATIVES,
SUCCESSORS AND ASSIGNS OF THE UNDERSIGNED.
 
                               PLEASE SIGN HERE

 X ___________________________   -----------------------------
 X ___________________________   -----------------------------
  Signature(s) of Owner(s)         Date
  or Authorized Signatory
 
 Area Code and Telephone Number: _____________________________
 
 Must be signed by the holder(s) of Old Notes as the name(s)
 of such holder(s) appear(s) on the Old Notes certificate(s)
 or on a security position listing, or by person(s)
 authorized to become registered holder(s) by endorsement and
 documents transmitted with this Notice of Guaranteed
 Delivery. If any signature is by a trustee, executor,
 administrator, guardian, attorney-in-fact, officer or other
 person acting in a fiduciary or representative capacity,
 such person must set forth his or her full title below.
 
                     PLEASE PRINT NAME(S) AND ADDRESS(ES)
 Name(s):  ---------------------------------------------------
           ---------------------------------------------------
           ---------------------------------------------------
 Capacity: ---------------------------------------------------
 Address(es):
           ---------------------------------------------------
           ---------------------------------------------------
           ---------------------------------------------------
 
                                   GUARANTEE
 
 The undersigned, a member of a registered national
 securities exchange, or a member of the National Association
 of Securities Dealers, Inc., or a commercial bank trust
 company having an office or correspondent in the United
 States, or an "eligible guarantor institution" within the
 meaning of Rule 17Ad-15 of the Securities Exchange Act of
 1934, as amended, hereby guarantees that the certificates
 representing the principal amount of Old Notes tendered
 hereby in proper form for transfer, or timely confirmation
 of the book-entry transfer of such Old Notes into the
 Exchange Agent's account at The Depository Trust Company
 pursuant to the procedures set forth in "The Exchange
 Offer--Guaranteed Delivery Procedures" section of the
 Prospectus, together with a properly completed and duly
 executed Letter of Transmittal (or facsimile thereof) with
 any required signature guarantee and any other documents
 required by the Letter of Transmittal, will be received by
 the Exchange Agent at the address set forth above, within
 five business days after the Expiration Date.

 -----------------------------   -----------------------------
          Name of Firm               Authorized Signature
 -----------------------------   -----------------------------
             Address                         Title
 -----------------------------   Name: _______________________
            Zip Code                   (Please Type or Print)
 Area Code and Tel. No.: _____   Dated: ______________________


NOTE: DO NOT SEND CERTIFICATES FOR OLD NOTES WITH THIS FORM. CERTIFICATES FOR
OLD NOTES SHOULD ONLY BE SENT WITH YOUR LETTER OF TRANSMITTAL.
