▶ 調査レポート

防水エマルジョンの世界市場見通し2023年-2029年

• 英文タイトル:Waterproof Emulsion Market, Global Outlook and Forecast 2023-2029

Market Monitor Globalが調査・発行した産業分析レポートです。防水エマルジョンの世界市場見通し2023年-2029年 / Waterproof Emulsion Market, Global Outlook and Forecast 2023-2029 / MRC2312MG02400資料のイメージです。• レポートコード:MRC2312MG02400
• 出版社/出版日:Market Monitor Global / 2023年12月
• レポート形態:英文、PDF、75ページ
• 納品方法:Eメール(納期:3営業日)
• 産業分類:化学&材料
• 販売価格(消費税別)
  Single User¥487,500 (USD3,250)▷ お問い合わせ
  Enterprise User¥731,250 (USD4,875)▷ お問い合わせ
• ご注文方法:お問い合わせフォーム記入又はEメールでご連絡ください。
• お支払方法:銀行振込(納品後、ご請求書送付)
レポート概要
当調査レポートは次の情報を含め、世界の防水エマルジョン市場規模と予測を収録しています。・世界の防水エマルジョン市場:売上、2018年-2023年、2024年-2029年
・世界の防水エマルジョン市場:販売量、2018年-2023年、2024年-2029年
・世界のトップ5企業、2022年

世界の防水エマルジョン市場は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。「一液型防水エマルジョン」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。

防水エマルジョンのグローバル主要企業は、Lubrizol、 Chang Chun Group、 Dow、 Arkema、 BASF、 BATF Industrial、 Shanghai Baolijia Chemical、 Jiangsu Richu Chemical、 Guangdong Yinyang Environment-Friendly New Materials、 Cangzhou Bohai New District Huyi Chemical、 Henghe Yongsheng Group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、防水エマルジョンのメーカー、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】

世界の防水エマルジョン市場:タイプ別、2018年-2023年、2024年-2029年
世界の防水エマルジョン市場:タイプ別市場シェア、2022年
・一液型防水エマルジョン、セメントモルタル専用乳剤、瓦用裏打ち接着剤乳剤、その他

世界の防水エマルジョン市場:用途別、2018年-2023年、2024年-2029年
世界の防水エマルジョン市場:用途別市場シェア、2022年
・工業、商業、エンジニアリング建築、インフラ、その他

世界の防水エマルジョン市場:地域・国別、2018年-2023年、2024年-2029年
世界の防水エマルジョン市場: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。
・主要企業における防水エマルジョンのグローバル売上、2018年-2023年
・主要企業における防水エマルジョンのグローバル売上シェア、2022年
・主要企業における防水エマルジョンのグローバル販売量、2018年-2023年
・主要企業における防水エマルジョン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。
Lubrizol、 Chang Chun Group、 Dow、 Arkema、 BASF、 BATF Industrial、 Shanghai Baolijia Chemical、 Jiangsu Richu Chemical、 Guangdong Yinyang Environment-Friendly New Materials、 Cangzhou Bohai New District Huyi Chemical、 Henghe Yongsheng Group

*************************************************************

・調査・分析レポートの概要
防水エマルジョン市場の定義
市場セグメント
世界の防水エマルジョン市場概要
当レポートの特徴・ベネフィット
調査手法と情報源

・世界の防水エマルジョン市場規模
世界の防水エマルジョン市場規模:2022年 VS 2029年
世界の防水エマルジョン市場規模と予測 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防水エマルジョンの売上
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
グローバル企業の防水エマルジョン製品タイプ
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:一液型防水エマルジョン、セメントモルタル専用乳剤、瓦用裏打ち接着剤乳剤、その他
防水エマルジョン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:工業、商業、エンジニアリング建築、インフラ、その他
防水エマルジョンの用途別グローバル売上・予測

・地域別市場分析
地域別防水エマルジョン市場規模 2022年と2029年
地域別防水エマルジョン売上・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)
Lubrizol、 Chang Chun Group、 Dow、 Arkema、 BASF、 BATF Industrial、 Shanghai Baolijia Chemical、 Jiangsu Richu Chemical、 Guangdong Yinyang Environment-Friendly New Materials、 Cangzhou Bohai New District Huyi Chemical、 Henghe Yongsheng Group
...

This research report provides a comprehensive analysis of the Waterproof Emulsion market, focusing on the current trends, market dynamics, and future prospects. The report explores the global Waterproof Emulsion market, including major regions such as North America, Europe, Asia-Pacific, and emerging markets. It also examines key factors driving the growth of Waterproof Emulsion, challenges faced by the industry, and potential opportunities for market players.
The global Waterproof Emulsion market has witnessed rapid growth in recent years, driven by increasing environmental concerns, government incentives, and advancements in technology. The Waterproof Emulsion market presents opportunities for various stakeholders, including Industrial, Commercial. Collaboration between the private sector and governments can accelerate the development of supportive policies, research and development efforts, and investment in Waterproof Emulsion market. Additionally, the growing consumer demand present avenues for market expansion.
The global Waterproof Emulsion 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.
The market prospect for waterproof emulsion appears to be promising. The increasing demand for durable and water-resistant building materials, coupled with the growing construction industry, drives the need for effective waterproofing solutions. Waterproof emulsion offers excellent water resistance and protection against moisture-related issues, making it a sought-after product in construction applications. With the rising awareness of the importance of waterproofing in maintaining the integrity of buildings, the market for waterproof emulsion is expected to experience steady growth. Moreover, advancements in technology and formulations are likely to further enhance the performance and versatility of waterproof emulsion, expanding its market potential.
Key Features:
The research report on the Waterproof Emulsion 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 Waterproof Emulsion market.
Market Overview: The report provides a comprehensive overview of the Waterproof Emulsion market, including its definition, historical development, and current market size. It covers market segmentation by Type (e.g., Single Component Waterproof Emulsion, Cement Mortar Special Emulsion), 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 Waterproof Emulsion 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 Waterproof Emulsion market’s trajectory.
Competitive Landscape: The report provides an in-depth analysis of the competitive landscape within the Waterproof Emulsion 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 Waterproof Emulsion 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 Waterproof Emulsion 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 Waterproof Emulsion 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 Waterproof Emulsion, 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 Waterproof Emulsion 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
Waterproof Emulsion 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
Single Component Waterproof Emulsion
Cement Mortar Special Emulsion
Tile Backing Glue Emulsion
Others
Market segment by Application
Industrial
Commercial
Civil Building
Infrastructures
Others
Global Waterproof Emulsion 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
Lubrizol
Chang Chun Group
Dow
Arkema
BASF
BATF Industrial
Shanghai Baolijia Chemical
Jiangsu Richu Chemical
Guangdong Yinyang Environment-Friendly New Materials
Cangzhou Bohai New District Huyi Chemical
Henghe Yongsheng Group
Outline of Major Chapters:
Chapter 1: Introduces the definition of Waterproof Emulsion, market overview.
Chapter 2: Global Waterproof Emulsion market size in revenue and volume.
Chapter 3: Detailed analysis of Waterproof Emulsion 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 Waterproof Emulsion 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 Waterproof Emulsion 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.

レポート目次

1 Introduction to Research & Analysis Reports
1.1 Waterproof Emulsion Market Definition
1.2 Market Segments
1.2.1 Market by Type
1.2.2 Market by Application
1.3 Global Waterproof Emulsion 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 Waterproof Emulsion Overall Market Size
2.1 Global Waterproof Emulsion Market Size: 2022 VS 2029
2.2 Global Waterproof Emulsion Revenue, Prospects & Forecasts: 2018-2029
2.3 Global Waterproof Emulsion Sales: 2018-2029
3 Company Landscape
3.1 Top Waterproof Emulsion Players in Global Market
3.2 Top Global Waterproof Emulsion Companies Ranked by Revenue
3.3 Global Waterproof Emulsion Revenue by Companies
3.4 Global Waterproof Emulsion Sales by Companies
3.5 Global Waterproof Emulsion Price by Manufacturer (2018-2023)
3.6 Top 3 and Top 5 Waterproof Emulsion Companies in Global Market, by Revenue in 2022
3.7 Global Manufacturers Waterproof Emulsion Product Type
3.8 Tier 1, Tier 2 and Tier 3 Waterproof Emulsion Players in Global Market
3.8.1 List of Global Tier 1 Waterproof Emulsion Companies
3.8.2 List of Global Tier 2 and Tier 3 Waterproof Emulsion Companies
4 Sights by Product
4.1 Overview
4.1.1 By Type – Global Waterproof Emulsion Market Size Markets, 2022 & 2029
4.1.2 Single Component Waterproof Emulsion
4.1.3 Cement Mortar Special Emulsion
4.1.4 Tile Backing Glue Emulsion
4.1.5 Others
4.2 By Type – Global Waterproof Emulsion Revenue & Forecasts
4.2.1 By Type – Global Waterproof Emulsion Revenue, 2018-2023
4.2.2 By Type – Global Waterproof Emulsion Revenue, 2024-2029
4.2.3 By Type – Global Waterproof Emulsion Revenue Market Share, 2018-2029
4.3 By Type – Global Waterproof Emulsion Sales & Forecasts
4.3.1 By Type – Global Waterproof Emulsion Sales, 2018-2023
4.3.2 By Type – Global Waterproof Emulsion Sales, 2024-2029
4.3.3 By Type – Global Waterproof Emulsion Sales Market Share, 2018-2029
4.4 By Type – Global Waterproof Emulsion Price (Manufacturers Selling Prices), 2018-2029
5 Sights by Application
5.1 Overview
5.1.1 By Application – Global Waterproof Emulsion Market Size, 2022 & 2029
5.1.2 Industrial
5.1.3 Commercial
5.1.4 Civil Building
5.1.5 Infrastructures
5.1.6 Others
5.2 By Application – Global Waterproof Emulsion Revenue & Forecasts
5.2.1 By Application – Global Waterproof Emulsion Revenue, 2018-2023
5.2.2 By Application – Global Waterproof Emulsion Revenue, 2024-2029
5.2.3 By Application – Global Waterproof Emulsion Revenue Market Share, 2018-2029
5.3 By Application – Global Waterproof Emulsion Sales & Forecasts
5.3.1 By Application – Global Waterproof Emulsion Sales, 2018-2023
5.3.2 By Application – Global Waterproof Emulsion Sales, 2024-2029
5.3.3 By Application – Global Waterproof Emulsion Sales Market Share, 2018-2029
5.4 By Application – Global Waterproof Emulsion Price (Manufacturers Selling Prices), 2018-2029
6 Sights by Region
6.1 By Region – Global Waterproof Emulsion Market Size, 2022 & 2029
6.2 By Region – Global Waterproof Emulsion Revenue & Forecasts
6.2.1 By Region – Global Waterproof Emulsion Revenue, 2018-2023
6.2.2 By Region – Global Waterproof Emulsion Revenue, 2024-2029
6.2.3 By Region – Global Waterproof Emulsion Revenue Market Share, 2018-2029
6.3 By Region – Global Waterproof Emulsion Sales & Forecasts
6.3.1 By Region – Global Waterproof Emulsion Sales, 2018-2023
6.3.2 By Region – Global Waterproof Emulsion Sales, 2024-2029
6.3.3 By Region – Global Waterproof Emulsion Sales Market Share, 2018-2029
6.4 North America
6.4.1 By Country – North America Waterproof Emulsion Revenue, 2018-2029
6.4.2 By Country – North America Waterproof Emulsion Sales, 2018-2029
6.4.3 US Waterproof Emulsion Market Size, 2018-2029
6.4.4 Canada Waterproof Emulsion Market Size, 2018-2029
6.4.5 Mexico Waterproof Emulsion Market Size, 2018-2029
6.5 Europe
6.5.1 By Country – Europe Waterproof Emulsion Revenue, 2018-2029
6.5.2 By Country – Europe Waterproof Emulsion Sales, 2018-2029
6.5.3 Germany Waterproof Emulsion Market Size, 2018-2029
6.5.4 France Waterproof Emulsion Market Size, 2018-2029
6.5.5 U.K. Waterproof Emulsion Market Size, 2018-2029
6.5.6 Italy Waterproof Emulsion Market Size, 2018-2029
6.5.7 Russia Waterproof Emulsion Market Size, 2018-2029
6.5.8 Nordic Countries Waterproof Emulsion Market Size, 2018-2029
6.5.9 Benelux Waterproof Emulsion Market Size, 2018-2029
6.6 Asia
6.6.1 By Region – Asia Waterproof Emulsion Revenue, 2018-2029
6.6.2 By Region – Asia Waterproof Emulsion Sales, 2018-2029
6.6.3 China Waterproof Emulsion Market Size, 2018-2029
6.6.4 Japan Waterproof Emulsion Market Size, 2018-2029
6.6.5 South Korea Waterproof Emulsion Market Size, 2018-2029
6.6.6 Southeast Asia Waterproof Emulsion Market Size, 2018-2029
6.6.7 India Waterproof Emulsion Market Size, 2018-2029
6.7 South America
6.7.1 By Country – South America Waterproof Emulsion Revenue, 2018-2029
6.7.2 By Country – South America Waterproof Emulsion Sales, 2018-2029
6.7.3 Brazil Waterproof Emulsion Market Size, 2018-2029
6.7.4 Argentina Waterproof Emulsion Market Size, 2018-2029
6.8 Middle East & Africa
6.8.1 By Country – Middle East & Africa Waterproof Emulsion Revenue, 2018-2029
6.8.2 By Country – Middle East & Africa Waterproof Emulsion Sales, 2018-2029
6.8.3 Turkey Waterproof Emulsion Market Size, 2018-2029
6.8.4 Israel Waterproof Emulsion Market Size, 2018-2029
6.8.5 Saudi Arabia Waterproof Emulsion Market Size, 2018-2029
6.8.6 UAE Waterproof Emulsion Market Size, 2018-2029
7 Manufacturers & Brands Profiles
7.1 Lubrizol
7.1.1 Lubrizol Company Summary
7.1.2 Lubrizol Business Overview
7.1.3 Lubrizol Waterproof Emulsion Major Product Offerings
7.1.4 Lubrizol Waterproof Emulsion Sales and Revenue in Global (2018-2023)
7.1.5 Lubrizol Key News & Latest Developments
7.2 Chang Chun Group
7.2.1 Chang Chun Group Company Summary
7.2.2 Chang Chun Group Business Overview
7.2.3 Chang Chun Group Waterproof Emulsion Major Product Offerings
7.2.4 Chang Chun Group Waterproof Emulsion Sales and Revenue in Global (2018-2023)
7.2.5 Chang Chun Group Key News & Latest Developments
7.3 Dow
7.3.1 Dow Company Summary
7.3.2 Dow Business Overview
7.3.3 Dow Waterproof Emulsion Major Product Offerings
7.3.4 Dow Waterproof Emulsion Sales and Revenue in Global (2018-2023)
7.3.5 Dow Key News & Latest Developments
7.4 Arkema
7.4.1 Arkema Company Summary
7.4.2 Arkema Business Overview
7.4.3 Arkema Waterproof Emulsion Major Product Offerings
7.4.4 Arkema Waterproof Emulsion Sales and Revenue in Global (2018-2023)
7.4.5 Arkema Key News & Latest Developments
7.5 BASF
7.5.1 BASF Company Summary
7.5.2 BASF Business Overview
7.5.3 BASF Waterproof Emulsion Major Product Offerings
7.5.4 BASF Waterproof Emulsion Sales and Revenue in Global (2018-2023)
7.5.5 BASF Key News & Latest Developments
7.6 BATF Industrial
7.6.1 BATF Industrial Company Summary
7.6.2 BATF Industrial Business Overview
7.6.3 BATF Industrial Waterproof Emulsion Major Product Offerings
7.6.4 BATF Industrial Waterproof Emulsion Sales and Revenue in Global (2018-2023)
7.6.5 BATF Industrial Key News & Latest Developments
7.7 Shanghai Baolijia Chemical
7.7.1 Shanghai Baolijia Chemical Company Summary
7.7.2 Shanghai Baolijia Chemical Business Overview
7.7.3 Shanghai Baolijia Chemical Waterproof Emulsion Major Product Offerings
7.7.4 Shanghai Baolijia Chemical Waterproof Emulsion Sales and Revenue in Global (2018-2023)
7.7.5 Shanghai Baolijia Chemical Key News & Latest Developments
7.8 Jiangsu Richu Chemical
7.8.1 Jiangsu Richu Chemical Company Summary
7.8.2 Jiangsu Richu Chemical Business Overview
7.8.3 Jiangsu Richu Chemical Waterproof Emulsion Major Product Offerings
7.8.4 Jiangsu Richu Chemical Waterproof Emulsion Sales and Revenue in Global (2018-2023)
7.8.5 Jiangsu Richu Chemical Key News & Latest Developments
7.9 Guangdong Yinyang Environment-Friendly New Materials
7.9.1 Guangdong Yinyang Environment-Friendly New Materials Company Summary
7.9.2 Guangdong Yinyang Environment-Friendly New Materials Business Overview
7.9.3 Guangdong Yinyang Environment-Friendly New Materials Waterproof Emulsion Major Product Offerings
7.9.4 Guangdong Yinyang Environment-Friendly New Materials Waterproof Emulsion Sales and Revenue in Global (2018-2023)
7.9.5 Guangdong Yinyang Environment-Friendly New Materials Key News & Latest Developments
7.10 Cangzhou Bohai New District Huyi Chemical
7.10.1 Cangzhou Bohai New District Huyi Chemical Company Summary
7.10.2 Cangzhou Bohai New District Huyi Chemical Business Overview
7.10.3 Cangzhou Bohai New District Huyi Chemical Waterproof Emulsion Major Product Offerings
7.10.4 Cangzhou Bohai New District Huyi Chemical Waterproof Emulsion Sales and Revenue in Global (2018-2023)
7.10.5 Cangzhou Bohai New District Huyi Chemical Key News & Latest Developments
7.11 Henghe Yongsheng Group
7.11.1 Henghe Yongsheng Group Company Summary
7.11.2 Henghe Yongsheng Group Business Overview
7.11.3 Henghe Yongsheng Group Waterproof Emulsion Major Product Offerings
7.11.4 Henghe Yongsheng Group Waterproof Emulsion Sales and Revenue in Global (2018-2023)
7.11.5 Henghe Yongsheng Group Key News & Latest Developments
8 Global Waterproof Emulsion Production Capacity, Analysis
8.1 Global Waterproof Emulsion Production Capacity, 2018-2029
8.2 Waterproof Emulsion Production Capacity of Key Manufacturers in Global Market
8.3 Global Waterproof Emulsion 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 Waterproof Emulsion Supply Chain Analysis
10.1 Waterproof Emulsion Industry Value Chain
10.2 Waterproof Emulsion Upstream Market
10.3 Waterproof Emulsion Downstream and Clients
10.4 Marketing Channels Analysis
10.4.1 Marketing Channels
10.4.2 Waterproof Emulsion Distributors and Sales Agents in Global
11 Conclusion
12 Appendix
12.1 Note
12.2 Examples of Clients
12.3 Disclaimer