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By Ruhi Soni
Nov 5 (Reuters) - Chemours Co Chief Executive Officer Mark Newman expects demand for chemicals to remain strong into 2022, as companies rush to restock after supply chain hits and look to sustainable materials amid a spotlight on climate change.
Companies that make chemicals, used in everything from electronics to vehicles, have seen strong demand this year as economies reopen. However, investors and analysts worry that the post-pandemic surge in demand may taper out.
Demand for all of Chemours' businesses, except semiconductors used in the automotive sector, remain robust, Newman told Reuters in an interview, adding that the need to restock the supply chain should boost the company's sales.
He also does not expect the chip shortage to normalize before 2023, but said there is an opportunity for Chemours to supply chemicals for new semiconductor plants being built.
Newman also expects the global green push to help Chemours products such as sustainable coolants in refrigerators and polymers used in electric vehicles.
"In short, as the world moves to more sustainable and renewable energy, we'll be right there," Newman said.
The chemicals company, which makes everything from coolers for car engines to hydrogen fuel membranes to pigments, had on Thursday reported a strong third-quarter profit and raised its earnings forecast. Chemours shares were up as much as 11% on Friday.
Chemours, which was spun off from DuPont in 2015, now expects full-year adjusted earnings of between $3.93 and $4.13 per share, well above the previous forecast of about $2.84 to $3.56 per share.
Shares of the Wilmington, Delaware-based company, which had risen 19% this year, were up 9.5% at $32.32 in afternoon trading. (Reporting by Ruhi Soni in Bengaluru; Editing by Shailesh Kuber)