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レポート概要
| 当調査レポートは次の情報を含め、世界のシュリンクフィルム機市場規模と予測を収録しています。・世界のシュリンクフィルム機市場：売上、2018年-2023年、2024年-2029年 ・世界のシュリンクフィルム機市場：販売量、2018年-2023年、2024年-2029年 ・世界のトップ5企業、2022年 世界のシュリンクフィルム機市場は2022年に000Mドルと評価され、予測期間中に000％のCAGRで2029年までに000Mドルに達すると予測されています。米国市場は2022年に000Mドルと推定されており、中国は2029年までに000Mドルに達すると予測されています。「手動フィルム熱収縮機」セグメントは今後6年間、000%のCAGRで2029年までに000Mドルに成長すると予測されています。 シュリンクフィルム機のグローバル主要企業は、Lantech、 Texwrap Packaging Systems、 ARPAC LLC、 Smipack S.p.A.、 Shanklin Corporation、 Eastey Enterprises、 Tex Year Industries Inc.、 Axon、 PDC International Corporation、 Aesus Systems Inc.、 Crystal Vision Packaging Systems、 Clamco、 EDL Packaging Engineers, Inc.、 PDC Europe、 Shrinkwrap Machinery Co. Ltd.などです。2022年にトップ5企業がグローバル売上シェアの約000%を占めています。 MARKET MONITOR GLOBAL（MMG）は、シュリンクフィルム機のメーカー、サプライヤー、流通業者、および業界の専門家を調査しました。これには、販売量、売上、需要、価格変動、製品タイプ、最近の動向と計画、産業トレンド、成長要因、課題、阻害要因、潜在的なリスクなどが含まれます。 【セグメント別市場分析】 世界のシュリンクフィルム機市場：タイプ別、2018年-2023年、2024年-2029年 世界のシュリンクフィルム機市場：タイプ別市場シェア、2022年 ・手動フィルム熱収縮機、自動フィルム熱収縮機 世界のシュリンクフィルム機市場：用途別、2018年-2023年、2024年-2029年 世界のシュリンクフィルム機市場：用途別市場シェア、2022年 ・食品、医療、電子、その他 世界のシュリンクフィルム機市場：地域・国別、2018年-2023年、2024年-2029年 世界のシュリンクフィルム機市場：地域別市場シェア、2022年 ・北米：アメリカ、カナダ、メキシコ ・ヨーロッパ：ドイツ、フランス、イギリス、イタリア、ロシア ・アジア：中国、日本、韓国、東南アジア、インド ・南米：ブラジル、アルゼンチン ・中東・アフリカ：トルコ、イスラエル、サウジアラビア、UAE 【競合分析】 また、当レポートは主要な市場参加者の分析を提供します。 ・主要企業におけるシュリンクフィルム機のグローバル売上、2018年-2023年 ・主要企業におけるシュリンクフィルム機のグローバル売上シェア、2022年 ・主要企業におけるシュリンクフィルム機のグローバル販売量、2018年-2023年 ・主要企業におけるシュリンクフィルム機のグローバル販売量シェア、2022年 さらに、当レポートは主要企業のプロファイルを提示します。 Lantech、 Texwrap Packaging Systems、 ARPAC LLC、 Smipack S.p.A.、 Shanklin Corporation、 Eastey Enterprises、 Tex Year Industries Inc.、 Axon、 PDC International Corporation、 Aesus Systems Inc.、 Crystal Vision Packaging Systems、 Clamco、 EDL Packaging Engineers, Inc.、 PDC Europe、 Shrinkwrap Machinery Co. Ltd. ************************************************************* ・調査・分析レポートの概要 シュリンクフィルム機市場の定義 市場セグメント 世界のシュリンクフィルム機市場概要 当レポートの特徴・ベネフィット 調査手法と情報源 ・世界のシュリンクフィルム機市場規模 世界のシュリンクフィルム機市場規模：2022年 VS 2029年 世界のシュリンクフィルム機市場規模と予測 2018年-2029年 ・競争状況 グローバルトップ企業 売上ベースでのグローバルトップ企業 企業別グローバルでのシュリンクフィルム機の売上 グローバルトップ3およびトップ5企業、2022年売上ベース グローバル企業のシュリンクフィルム機製品タイプ グローバルにおけるティア1、ティア2、ティア3企業 ・タイプ別市場分析 タイプ区分：手動フィルム熱収縮機、自動フィルム熱収縮機 シュリンクフィルム機のタイプ別グローバル売上・予測 ・用途別市場分析 用途区分：食品、医療、電子、その他 シュリンクフィルム機の用途別グローバル売上・予測 ・地域別市場分析 地域別シュリンクフィルム機市場規模 2022年と2029年 地域別シュリンクフィルム機売上・予測 北米市場：アメリカ、カナダ、メキシコ ヨーロッパ市場：ドイツ、フランス、イギリス、イタリア、ロシア アジア市場：中国、日本、韓国、東南アジア、インド 南米市場：ブラジル、アルゼンチン 中東・アフリカ市場：トルコ、イスラエル、サウジアラビア、UAE ・主要企業のプロファイル（企業概要、事業概要、主要製品、売上、ニュースなど） Lantech、 Texwrap Packaging Systems、 ARPAC LLC、 Smipack S.p.A.、 Shanklin Corporation、 Eastey Enterprises、 Tex Year Industries Inc.、 Axon、 PDC International Corporation、 Aesus Systems Inc.、 Crystal Vision Packaging Systems、 Clamco、 EDL Packaging Engineers, Inc.、 PDC Europe、 Shrinkwrap Machinery Co. Ltd. ... |
This research report provides a comprehensive analysis of the Shrink Film Machine market, focusing on the current trends, market dynamics, and future prospects. The report explores the global Shrink Film Machine market, including major regions such as North America, Europe, Asia-Pacific, and emerging markets. It also examines key factors driving the growth of Shrink Film Machine, challenges faced by the industry, and potential opportunities for market players.
The global Shrink Film Machine market has witnessed rapid growth in recent years, driven by increasing environmental concerns, government incentives, and advancements in technology. The Shrink Film Machine market presents opportunities for various stakeholders, including Food Industry, Medical Industry. Collaboration between the private sector and governments can accelerate the development of supportive policies, research and development efforts, and investment in Shrink Film Machine market. Additionally, the growing consumer demand present avenues for market expansion.
The global Shrink Film Machine market was valued at US$ million in 2022 and is projected to reach US$ million by 2029, at a CAGR of % during the forecast period. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
Key Features:
The research report on the Shrink Film Machine market includes several key features to provide comprehensive insights and facilitate decision-making for stakeholders.
Executive Summary: The report provides overview of the key findings, market trends, and major insights of the Shrink Film Machine market.
Market Overview: The report provides a comprehensive overview of the Shrink Film Machine market, including its definition, historical development, and current market size. It covers market segmentation by Type (e.g., Manual Film Heat Shrinking Machine, Automatic Film Heat Shrinking Machine), region, and application, highlighting the key drivers, challenges, and opportunities within each segment.
Market Dynamics: The report analyses the market dynamics driving the growth and development of the Shrink Film Machine market. The report includes an assessment of government policies and regulations, technological advancements, consumer trends and preferences, infrastructure development, and industry collaborations. This analysis helps stakeholders understand the factors influencing the Shrink Film Machine market’s trajectory.
Competitive Landscape: The report provides an in-depth analysis of the competitive landscape within the Shrink Film Machine market. It includes profiles of major market players, their market share, strategies, product portfolios, and recent developments.
Market Segmentation and Forecast: The report segment the Shrink Film Machine market based on various parameters, such as by Type, region, and by Application. It provides market size and growth forecasts for each segment, supported by quantitative data and analysis. This helps stakeholders identify growth opportunities and make informed investment decisions.
Technological Trends: The report should highlight the key technological trends shaping the Shrink Film Machine market, such as advancements in Type One technology and emerging substitutes. It analyses the impact of these trends on market growth, adoption rates, and consumer preferences.
Market Challenges and Opportunities: The report identify and analyses the major challenges faced by the Shrink Film Machine market, such as technical bottleneck, cost limitations, and high entry barrier. It also highlights the opportunities for market growth, such as government incentives, emerging markets, and collaborations between stakeholders.
Regulatory and Policy Analysis: The report should assess the regulatory and policy landscape for Shrink Film Machine, including government incentives, emission standards, and infrastructure development plans. It should analyse the impact of these policies on market growth and provide insights into future regulatory developments.
Recommendations and Conclusion: The report conclude with actionable recommendations for stakeholders, such as Application One Consumer, policymakers, investors, and infrastructure providers. These recommendations should be based on the research findings and address key challenges and opportunities within the Shrink Film Machine market.
Supporting Data and Appendices: The report include supporting data, charts, and graphs to substantiate the analysis and findings. It also includes appendices with additional detailed information, such as data sources, survey questionnaires, and detailed market forecasts.
Market Segmentation
Shrink Film Machine market is split by Type and by Application. For the period 2018-2029, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of volume and value.
Market segment by Type
Manual Film Heat Shrinking Machine
Automatic Film Heat Shrinking Machine
Market segment by Application
Food Industry
Medical Industry
Electronic Industry
Others
Global Shrink Film Machine Market Segment Percentages, By Region and Country, 2022 (%)
North America
US
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Nordic Countries
Benelux
Rest of Europe
Asia
China
Japan
South Korea
Southeast Asia
India
Rest of Asia
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Turkey
Israel
Saudi Arabia
UAE
Rest of Middle East & Africa
Major players covered
Lantech
Texwrap Packaging Systems
ARPAC LLC
Smipack S.p.A.
Shanklin Corporation
Eastey Enterprises
Tex Year Industries Inc.
Axon
PDC International Corporation
Aesus Systems Inc.
Crystal Vision Packaging Systems
Clamco
EDL Packaging Engineers, Inc.
PDC Europe
Shrinkwrap Machinery Co. Ltd.
Outline of Major Chapters:
Chapter 1: Introduces the definition of Shrink Film Machine, market overview.
Chapter 2: Global Shrink Film Machine market size in revenue and volume.
Chapter 3: Detailed analysis of Shrink Film Machine manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides the analysis of various market segments by type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 5: Provides the analysis of various market segments by application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 6: Sales of Shrink Film Machine in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space of each country in the world.
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 8: Global Shrink Film Machine capacity by region & country.
Chapter 9: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 10: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 11: The main points and conclusions of the report.
1 Introduction to Research & Analysis Reports
1.1 Shrink Film Machine Market Definition
1.2 Market Segments
1.2.1 Market by Type
1.2.2 Market by Application
1.3 Global Shrink Film Machine Market Overview
1.4 Features & Benefits of This Report
1.5 Methodology & Sources of Information
1.5.1 Research Methodology
1.5.2 Research Process
1.5.3 Base Year
1.5.4 Report Assumptions & Caveats
2 Global Shrink Film Machine Overall Market Size
2.1 Global Shrink Film Machine Market Size: 2022 VS 2029
2.2 Global Shrink Film Machine Revenue, Prospects & Forecasts: 2018-2029
2.3 Global Shrink Film Machine Sales: 2018-2029
3 Company Landscape
3.1 Top Shrink Film Machine Players in Global Market
3.2 Top Global Shrink Film Machine Companies Ranked by Revenue
3.3 Global Shrink Film Machine Revenue by Companies
3.4 Global Shrink Film Machine Sales by Companies
3.5 Global Shrink Film Machine Price by Manufacturer (2018-2023)
3.6 Top 3 and Top 5 Shrink Film Machine Companies in Global Market, by Revenue in 2022
3.7 Global Manufacturers Shrink Film Machine Product Type
3.8 Tier 1, Tier 2 and Tier 3 Shrink Film Machine Players in Global Market
3.8.1 List of Global Tier 1 Shrink Film Machine Companies
3.8.2 List of Global Tier 2 and Tier 3 Shrink Film Machine Companies
4 Sights by Product
4.1 Overview
4.1.1 By Type – Global Shrink Film Machine Market Size Markets, 2022 & 2029
4.1.2 Manual Film Heat Shrinking Machine
4.1.3 Automatic Film Heat Shrinking Machine
4.2 By Type – Global Shrink Film Machine Revenue & Forecasts
4.2.1 By Type – Global Shrink Film Machine Revenue, 2018-2023
4.2.2 By Type – Global Shrink Film Machine Revenue, 2024-2029
4.2.3 By Type – Global Shrink Film Machine Revenue Market Share, 2018-2029
4.3 By Type – Global Shrink Film Machine Sales & Forecasts
4.3.1 By Type – Global Shrink Film Machine Sales, 2018-2023
4.3.2 By Type – Global Shrink Film Machine Sales, 2024-2029
4.3.3 By Type – Global Shrink Film Machine Sales Market Share, 2018-2029
4.4 By Type – Global Shrink Film Machine Price (Manufacturers Selling Prices), 2018-2029
5 Sights by Application
5.1 Overview
5.1.1 By Application – Global Shrink Film Machine Market Size, 2022 & 2029
5.1.2 Food Industry
5.1.3 Medical Industry
5.1.4 Electronic Industry
5.1.5 Others
5.2 By Application – Global Shrink Film Machine Revenue & Forecasts
5.2.1 By Application – Global Shrink Film Machine Revenue, 2018-2023
5.2.2 By Application – Global Shrink Film Machine Revenue, 2024-2029
5.2.3 By Application – Global Shrink Film Machine Revenue Market Share, 2018-2029
5.3 By Application – Global Shrink Film Machine Sales & Forecasts
5.3.1 By Application – Global Shrink Film Machine Sales, 2018-2023
5.3.2 By Application – Global Shrink Film Machine Sales, 2024-2029
5.3.3 By Application – Global Shrink Film Machine Sales Market Share, 2018-2029
5.4 By Application – Global Shrink Film Machine Price (Manufacturers Selling Prices), 2018-2029
6 Sights by Region
6.1 By Region – Global Shrink Film Machine Market Size, 2022 & 2029
6.2 By Region – Global Shrink Film Machine Revenue & Forecasts
6.2.1 By Region – Global Shrink Film Machine Revenue, 2018-2023
6.2.2 By Region – Global Shrink Film Machine Revenue, 2024-2029
6.2.3 By Region – Global Shrink Film Machine Revenue Market Share, 2018-2029
6.3 By Region – Global Shrink Film Machine Sales & Forecasts
6.3.1 By Region – Global Shrink Film Machine Sales, 2018-2023
6.3.2 By Region – Global Shrink Film Machine Sales, 2024-2029
6.3.3 By Region – Global Shrink Film Machine Sales Market Share, 2018-2029
6.4 North America
6.4.1 By Country – North America Shrink Film Machine Revenue, 2018-2029
6.4.2 By Country – North America Shrink Film Machine Sales, 2018-2029
6.4.3 US Shrink Film Machine Market Size, 2018-2029
6.4.4 Canada Shrink Film Machine Market Size, 2018-2029
6.4.5 Mexico Shrink Film Machine Market Size, 2018-2029
6.5 Europe
6.5.1 By Country – Europe Shrink Film Machine Revenue, 2018-2029
6.5.2 By Country – Europe Shrink Film Machine Sales, 2018-2029
6.5.3 Germany Shrink Film Machine Market Size, 2018-2029
6.5.4 France Shrink Film Machine Market Size, 2018-2029
6.5.5 U.K. Shrink Film Machine Market Size, 2018-2029
6.5.6 Italy Shrink Film Machine Market Size, 2018-2029
6.5.7 Russia Shrink Film Machine Market Size, 2018-2029
6.5.8 Nordic Countries Shrink Film Machine Market Size, 2018-2029
6.5.9 Benelux Shrink Film Machine Market Size, 2018-2029
6.6 Asia
6.6.1 By Region – Asia Shrink Film Machine Revenue, 2018-2029
6.6.2 By Region – Asia Shrink Film Machine Sales, 2018-2029
6.6.3 China Shrink Film Machine Market Size, 2018-2029
6.6.4 Japan Shrink Film Machine Market Size, 2018-2029
6.6.5 South Korea Shrink Film Machine Market Size, 2018-2029
6.6.6 Southeast Asia Shrink Film Machine Market Size, 2018-2029
6.6.7 India Shrink Film Machine Market Size, 2018-2029
6.7 South America
6.7.1 By Country – South America Shrink Film Machine Revenue, 2018-2029
6.7.2 By Country – South America Shrink Film Machine Sales, 2018-2029
6.7.3 Brazil Shrink Film Machine Market Size, 2018-2029
6.7.4 Argentina Shrink Film Machine Market Size, 2018-2029
6.8 Middle East & Africa
6.8.1 By Country – Middle East & Africa Shrink Film Machine Revenue, 2018-2029
6.8.2 By Country – Middle East & Africa Shrink Film Machine Sales, 2018-2029
6.8.3 Turkey Shrink Film Machine Market Size, 2018-2029
6.8.4 Israel Shrink Film Machine Market Size, 2018-2029
6.8.5 Saudi Arabia Shrink Film Machine Market Size, 2018-2029
6.8.6 UAE Shrink Film Machine Market Size, 2018-2029
7 Manufacturers & Brands Profiles
7.1 Lantech
7.1.1 Lantech Company Summary
7.1.2 Lantech Business Overview
7.1.3 Lantech Shrink Film Machine Major Product Offerings
7.1.4 Lantech Shrink Film Machine Sales and Revenue in Global (2018-2023)
7.1.5 Lantech Key News & Latest Developments
7.2 Texwrap Packaging Systems
7.2.1 Texwrap Packaging Systems Company Summary
7.2.2 Texwrap Packaging Systems Business Overview
7.2.3 Texwrap Packaging Systems Shrink Film Machine Major Product Offerings
7.2.4 Texwrap Packaging Systems Shrink Film Machine Sales and Revenue in Global (2018-2023)
7.2.5 Texwrap Packaging Systems Key News & Latest Developments
7.3 ARPAC LLC
7.3.1 ARPAC LLC Company Summary
7.3.2 ARPAC LLC Business Overview
7.3.3 ARPAC LLC Shrink Film Machine Major Product Offerings
7.3.4 ARPAC LLC Shrink Film Machine Sales and Revenue in Global (2018-2023)
7.3.5 ARPAC LLC Key News & Latest Developments
7.4 Smipack S.p.A.
7.4.1 Smipack S.p.A. Company Summary
7.4.2 Smipack S.p.A. Business Overview
7.4.3 Smipack S.p.A. Shrink Film Machine Major Product Offerings
7.4.4 Smipack S.p.A. Shrink Film Machine Sales and Revenue in Global (2018-2023)
7.4.5 Smipack S.p.A. Key News & Latest Developments
7.5 Shanklin Corporation
7.5.1 Shanklin Corporation Company Summary
7.5.2 Shanklin Corporation Business Overview
7.5.3 Shanklin Corporation Shrink Film Machine Major Product Offerings
7.5.4 Shanklin Corporation Shrink Film Machine Sales and Revenue in Global (2018-2023)
7.5.5 Shanklin Corporation Key News & Latest Developments
7.6 Eastey Enterprises
7.6.1 Eastey Enterprises Company Summary
7.6.2 Eastey Enterprises Business Overview
7.6.3 Eastey Enterprises Shrink Film Machine Major Product Offerings
7.6.4 Eastey Enterprises Shrink Film Machine Sales and Revenue in Global (2018-2023)
7.6.5 Eastey Enterprises Key News & Latest Developments
7.7 Tex Year Industries Inc.
7.7.1 Tex Year Industries Inc. Company Summary
7.7.2 Tex Year Industries Inc. Business Overview
7.7.3 Tex Year Industries Inc. Shrink Film Machine Major Product Offerings
7.7.4 Tex Year Industries Inc. Shrink Film Machine Sales and Revenue in Global (2018-2023)
7.7.5 Tex Year Industries Inc. Key News & Latest Developments
7.8 Axon
7.8.1 Axon Company Summary
7.8.2 Axon Business Overview
7.8.3 Axon Shrink Film Machine Major Product Offerings
7.8.4 Axon Shrink Film Machine Sales and Revenue in Global (2018-2023)
7.8.5 Axon Key News & Latest Developments
7.9 PDC International Corporation
7.9.1 PDC International Corporation Company Summary
7.9.2 PDC International Corporation Business Overview
7.9.3 PDC International Corporation Shrink Film Machine Major Product Offerings
7.9.4 PDC International Corporation Shrink Film Machine Sales and Revenue in Global (2018-2023)
7.9.5 PDC International Corporation Key News & Latest Developments
7.10 Aesus Systems Inc.
7.10.1 Aesus Systems Inc. Company Summary
7.10.2 Aesus Systems Inc. Business Overview
7.10.3 Aesus Systems Inc. Shrink Film Machine Major Product Offerings
7.10.4 Aesus Systems Inc. Shrink Film Machine Sales and Revenue in Global (2018-2023)
7.10.5 Aesus Systems Inc. Key News & Latest Developments
7.11 Crystal Vision Packaging Systems
7.11.1 Crystal Vision Packaging Systems Company Summary
7.11.2 Crystal Vision Packaging Systems Business Overview
7.11.3 Crystal Vision Packaging Systems Shrink Film Machine Major Product Offerings
7.11.4 Crystal Vision Packaging Systems Shrink Film Machine Sales and Revenue in Global (2018-2023)
7.11.5 Crystal Vision Packaging Systems Key News & Latest Developments
7.12 Clamco
7.12.1 Clamco Company Summary
7.12.2 Clamco Business Overview
7.12.3 Clamco Shrink Film Machine Major Product Offerings
7.12.4 Clamco Shrink Film Machine Sales and Revenue in Global (2018-2023)
7.12.5 Clamco Key News & Latest Developments
7.13 EDL Packaging Engineers, Inc.
7.13.1 EDL Packaging Engineers, Inc. Company Summary
7.13.2 EDL Packaging Engineers, Inc. Business Overview
7.13.3 EDL Packaging Engineers, Inc. Shrink Film Machine Major Product Offerings
7.13.4 EDL Packaging Engineers, Inc. Shrink Film Machine Sales and Revenue in Global (2018-2023)
7.13.5 EDL Packaging Engineers, Inc. Key News & Latest Developments
7.14 PDC Europe
7.14.1 PDC Europe Company Summary
7.14.2 PDC Europe Business Overview
7.14.3 PDC Europe Shrink Film Machine Major Product Offerings
7.14.4 PDC Europe Shrink Film Machine Sales and Revenue in Global (2018-2023)
7.14.5 PDC Europe Key News & Latest Developments
7.15 Shrinkwrap Machinery Co. Ltd.
7.15.1 Shrinkwrap Machinery Co. Ltd. Company Summary
7.15.2 Shrinkwrap Machinery Co. Ltd. Business Overview
7.15.3 Shrinkwrap Machinery Co. Ltd. Shrink Film Machine Major Product Offerings
7.15.4 Shrinkwrap Machinery Co. Ltd. Shrink Film Machine Sales and Revenue in Global (2018-2023)
7.15.5 Shrinkwrap Machinery Co. Ltd. Key News & Latest Developments
8 Global Shrink Film Machine Production Capacity, Analysis
8.1 Global Shrink Film Machine Production Capacity, 2018-2029
8.2 Shrink Film Machine Production Capacity of Key Manufacturers in Global Market
8.3 Global Shrink Film Machine Production by Region
9 Key Market Trends, Opportunity, Drivers and Restraints
9.1 Market Opportunities & Trends
9.2 Market Drivers
9.3 Market Restraints
10 Shrink Film Machine Supply Chain Analysis
10.1 Shrink Film Machine Industry Value Chain
10.2 Shrink Film Machine Upstream Market
10.3 Shrink Film Machine Downstream and Clients
10.4 Marketing Channels Analysis
10.4.1 Marketing Channels
10.4.2 Shrink Film Machine Distributors and Sales Agents in Global
11 Conclusion
12 Appendix
12.1 Note
12.2 Examples of Clients
12.3 Disclaimer