• レポートコード:MRC23Q33511 • 出版社/出版日:QYResearch / 2023年3月 • レポート形態:英文、PDF、90ページ • 納品方法:Eメール(2-3日) • 産業分類:化学&材料 |
Single User | ¥435,000 (USD2,900) | ▷ お問い合わせ |
Enterprise License | ¥870,000 (USD5,800) | ▷ お問い合わせ |
• お支払方法:銀行振込(納品後、ご請求書送付)
レポート概要
本調査レポートは世界のモノグリセリル/ビスグリセリルステアレート市場について調査・分析し、世界のモノグリセリル/ビスグリセリルステアレート市場概要、メーカー別競争状況、地域別生産量、地域別消費量、タイプ別セグメント分析(食品用、工業用)、用途別セグメント分析(食品、化粧品、医薬品、その他)、主要企業のプロファイル、市場動向などに関する情報を掲載しています。主要企業としては、BASF、Croda、Akzonobel、ABITEC、Lonza、Zanyu Technology Group、Cardlo Biotechnology、China-TOP Chemical、Zhejiang Wumei Biotechnologyなどが含まれています。世界のモノグリセリル/ビスグリセリルステアレート市場は、2022年にXXX米ドル、2029年にはXXX米ドルに達すると予測され、予測期間中の年平均成長率はXXX%です。COVID-19とロシア・ウクライナ戦争による影響は、モノグリセリル/ビスグリセリルステアレート市場規模を推定する際に考慮しました。本レポートは、モノグリセリル/ビスグリセリルステアレートの世界市場を定量的・定性的な分析により包括的に提示し、読者がビジネス/成長戦略を策定し、市場競争状況を把握し、現在の市場における自社のポジションを分析し、モノグリセリル/ビスグリセリルステアレートに関するビジネス上の意思決定に役立てることを目的としています。 ・モノグリセリル/ビスグリセリルステアレート市場の概要 - 製品の定義 - モノグリセリル/ビスグリセリルステアレートのタイプ別セグメント - 世界のモノグリセリル/ビスグリセリルステアレート市場成長率のタイプ別分析(食品用、工業用) - モノグリセリル/ビスグリセリルステアレートの用途別セグメント - 世界のモノグリセリル/ビスグリセリルステアレート市場成長率の用途別分析(食品、化粧品、医薬品、その他) - 世界市場の成長展望 - 世界のモノグリセリル/ビスグリセリルステアレート生産量の推定と予測(2018年-2029年) - 世界のモノグリセリル/ビスグリセリルステアレート生産能力の推定と予測(2018年-2029年) - モノグリセリル/ビスグリセリルステアレートの平均価格の推定と予測(2018年-2029年) - 前提条件と制限事項 ・メーカー別競争状況 - メーカー別市場シェア - 世界の主要メーカー、業界ランキング分析 - メーカー別平均価格 - モノグリセリル/ビスグリセリルステアレート市場の競争状況およびトレンド ・モノグリセリル/ビスグリセリルステアレートの地域別生産量 - モノグリセリル/ビスグリセリルステアレート生産量の地域別推計と予測(2018年-2029年) - 地域別モノグリセリル/ビスグリセリルステアレート価格分析(2018年-2023年) - 北米のモノグリセリル/ビスグリセリルステアレート生産規模(2018年-2029年) - ヨーロッパのモノグリセリル/ビスグリセリルステアレート生産規模(2018年-2029年) - 中国のモノグリセリル/ビスグリセリルステアレート生産規模(2018年-2029年) - 日本のモノグリセリル/ビスグリセリルステアレート生産規模(2018年-2029年) - 韓国のモノグリセリル/ビスグリセリルステアレート生産規模(2018年-2029年) - インドのモノグリセリル/ビスグリセリルステアレート生産規模(2018年-2029年) ・モノグリセリル/ビスグリセリルステアレートの地域別消費量 - モノグリセリル/ビスグリセリルステアレート消費量の地域別推計と予測(2018年-2029年) - 北米のモノグリセリル/ビスグリセリルステアレート消費量(2018年-2029年) - アメリカのモノグリセリル/ビスグリセリルステアレート消費量(2018年-2029年) - ヨーロッパのモノグリセリル/ビスグリセリルステアレート消費量(2018年-2029年) - アジア太平洋のモノグリセリル/ビスグリセリルステアレート消費量(2018年-2029年) - 中国のモノグリセリル/ビスグリセリルステアレート消費量(2018年-2029年) - 日本のモノグリセリル/ビスグリセリルステアレート消費量(2018年-2029年) - 韓国のモノグリセリル/ビスグリセリルステアレート消費量(2018年-2029年) - 東南アジアのモノグリセリル/ビスグリセリルステアレート消費量(2018年-2029年) - インドのモノグリセリル/ビスグリセリルステアレート消費量(2018年-2029年) - 中南米・中東・アフリカのモノグリセリル/ビスグリセリルステアレート消費量(2018年-2029年) ・タイプ別セグメント:食品用、工業用 - 世界のモノグリセリル/ビスグリセリルステアレートのタイプ別生産量(2018年-2023年) - 世界のモノグリセリル/ビスグリセリルステアレートのタイプ別生産量(2024年-2029年) - 世界のモノグリセリル/ビスグリセリルステアレートのタイプ別価格 ・用途別セグメント:食品、化粧品、医薬品、その他 - 世界のモノグリセリル/ビスグリセリルステアレートの用途別生産量(2018年-2023年) - 世界のモノグリセリル/ビスグリセリルステアレートの用途別生産量(2024年-2029年) - 世界のモノグリセリル/ビスグリセリルステアレートの用途別価格 ・主要企業のプロファイル:企業情報、製品ポートフォリオ、生産量、価格、動向 BASF、Croda、Akzonobel、ABITEC、Lonza、Zanyu Technology Group、Cardlo Biotechnology、China-TOP Chemical、Zhejiang Wumei Biotechnology ・産業チェーンと販売チャネルの分析 - モノグリセリル/ビスグリセリルステアレート産業チェーン分析 - モノグリセリル/ビスグリセリルステアレートの主要原材料 - モノグリセリル/ビスグリセリルステアレートの販売チャネル - モノグリセリル/ビスグリセリルステアレートのディストリビューター - モノグリセリル/ビスグリセリルステアレートの主要顧客 ・モノグリセリル/ビスグリセリルステアレート市場ダイナミクス - モノグリセリル/ビスグリセリルステアレートの業界動向 - モノグリセリル/ビスグリセリルステアレート市場の成長ドライバ、課題、阻害要因 ・調査成果および結論 ・調査方法とデータソース |
Mono- and bisstearate glyceryl ester is the most widely used and largest amount of additives and emulsifiers in oleochemical and daily chemical industries. Its hydrophilic lipophilic balance value (referred to as HLB value) is 3.6-4.2, which is oil-soluble, and it has the effect of defoaming, anti-aging and controlling fat agglomeration in addition to emulsification, and is a typical non-ionic surfactant.
The global Mono- and Bis-Glyceryl Stearate market was valued at US$ million in 2022 and is anticipated to reach US$ million by 2029, witnessing a CAGR of % during the forecast period 2023-2029. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
North American market for Mono- and Bis-Glyceryl Stearate is estimated to increase from $ million in 2023 to reach $ million by 2029, at a CAGR of % during the forecast period of 2023 through 2029.
Asia-Pacific market for Mono- and Bis-Glyceryl Stearate is estimated to increase from $ million in 2023 to reach $ million by 2029, at a CAGR of % during the forecast period of 2023 through 2029.
The key global companies of Mono- and Bis-Glyceryl Stearate include BASF, Croda, Akzonobel, ABITEC, Lonza, Zanyu Technology Group, Cardlo Biotechnology, China-TOP Chemical and Zhejiang Wumei Biotechnology, etc. In 2022, the world’s top three vendors accounted for approximately % of the revenue.
Report Scope
This report aims to provide a comprehensive presentation of the global market for Mono- and Bis-Glyceryl Stearate, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Mono- and Bis-Glyceryl Stearate.
The Mono- and Bis-Glyceryl Stearate market size, estimations, and forecasts are provided in terms of output/shipments (Tons) and revenue ($ millions), considering 2022 as the base year, with history and forecast data for the period from 2018 to 2029. This report segments the global Mono- and Bis-Glyceryl Stearate market comprehensively. Regional market sizes, concerning products by type, by application and by players, are also provided.
For a more in-depth understanding of the market, the report provides profiles of the competitive landscape, key competitors, and their respective market ranks. The report also discusses technological trends and new product developments.
The report will help the Mono- and Bis-Glyceryl Stearate manufacturers, new entrants, and industry chain related companies in this market with information on the revenues, production, and average price for the overall market and the sub-segments across the different segments, by company, by type, by application, and by regions.
By Company
BASF
Croda
Akzonobel
ABITEC
Lonza
Zanyu Technology Group
Cardlo Biotechnology
China-TOP Chemical
Zhejiang Wumei Biotechnology
Segment by Type
Food Grade
Industrial Grade
Segment by Application
Foodstuff
Cosmetics
Medicine
Others
Production by Region
North America
Europe
China
Japan
Consumption by Region
North America
United States
Canada
Europe
Germany
France
U.K.
Italy
Russia
Asia-Pacific
China
Japan
South Korea
China Taiwan
Southeast Asia
India
Latin America
Mexico
Brazil
Core Chapters
Chapter 1: Introduces the report scope of the report, executive summary of different market segments (by region, by type, by application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 2: Detailed analysis of Mono- and Bis-Glyceryl Stearate manufacturers competitive landscape, price, production and value market share, latest development plan, merger, and acquisition information, etc.
Chapter 3: Production/output, value of Mono- and Bis-Glyceryl Stearate by region/country. It provides a quantitative analysis of the market size and development potential of each region in the next six years.
Chapter 4: Consumption of Mono- and Bis-Glyceryl Stearate 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, and production of each country in the world.
Chapter 5: 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 6: 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 7: Provides profiles of key players, introducing the basic situation of the key companies in the market in detail, including product production/output, value, price, gross margin, product introduction, recent development, etc.
Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.
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: The main points and conclusions of the report.
1 Mono- and Bis-Glyceryl Stearate Market Overview
1.1 Product Definition
1.2 Mono- and Bis-Glyceryl Stearate Segment by Type
1.2.1 Global Mono- and Bis-Glyceryl Stearate Market Value Growth Rate Analysis by Type 2022 VS 2029
1.2.2 Food Grade
1.2.3 Industrial Grade
1.3 Mono- and Bis-Glyceryl Stearate Segment by Application
1.3.1 Global Mono- and Bis-Glyceryl Stearate Market Value Growth Rate Analysis by Application: 2022 VS 2029
1.3.2 Foodstuff
1.3.3 Cosmetics
1.3.4 Medicine
1.3.5 Others
1.4 Global Market Growth Prospects
1.4.1 Global Mono- and Bis-Glyceryl Stearate Production Value Estimates and Forecasts (2018-2029)
1.4.2 Global Mono- and Bis-Glyceryl Stearate Production Capacity Estimates and Forecasts (2018-2029)
1.4.3 Global Mono- and Bis-Glyceryl Stearate Production Estimates and Forecasts (2018-2029)
1.4.4 Global Mono- and Bis-Glyceryl Stearate Market Average Price Estimates and Forecasts (2018-2029)
1.5 Assumptions and Limitations
2 Market Competition by Manufacturers
2.1 Global Mono- and Bis-Glyceryl Stearate Production Market Share by Manufacturers (2018-2023)
2.2 Global Mono- and Bis-Glyceryl Stearate Production Value Market Share by Manufacturers (2018-2023)
2.3 Global Key Players of Mono- and Bis-Glyceryl Stearate, Industry Ranking, 2021 VS 2022 VS 2023
2.4 Global Mono- and Bis-Glyceryl Stearate Market Share by Company Type (Tier 1, Tier 2 and Tier 3)
2.5 Global Mono- and Bis-Glyceryl Stearate Average Price by Manufacturers (2018-2023)
2.6 Global Key Manufacturers of Mono- and Bis-Glyceryl Stearate, Manufacturing Base Distribution and Headquarters
2.7 Global Key Manufacturers of Mono- and Bis-Glyceryl Stearate, Product Offered and Application
2.8 Global Key Manufacturers of Mono- and Bis-Glyceryl Stearate, Date of Enter into This Industry
2.9 Mono- and Bis-Glyceryl Stearate Market Competitive Situation and Trends
2.9.1 Mono- and Bis-Glyceryl Stearate Market Concentration Rate
2.9.2 Global 5 and 10 Largest Mono- and Bis-Glyceryl Stearate Players Market Share by Revenue
2.10 Mergers & Acquisitions, Expansion
3 Mono- and Bis-Glyceryl Stearate Production by Region
3.1 Global Mono- and Bis-Glyceryl Stearate Production Value Estimates and Forecasts by Region: 2018 VS 2022 VS 2029
3.2 Global Mono- and Bis-Glyceryl Stearate Production Value by Region (2018-2029)
3.2.1 Global Mono- and Bis-Glyceryl Stearate Production Value Market Share by Region (2018-2023)
3.2.2 Global Forecasted Production Value of Mono- and Bis-Glyceryl Stearate by Region (2024-2029)
3.3 Global Mono- and Bis-Glyceryl Stearate Production Estimates and Forecasts by Region: 2018 VS 2022 VS 2029
3.4 Global Mono- and Bis-Glyceryl Stearate Production by Region (2018-2029)
3.4.1 Global Mono- and Bis-Glyceryl Stearate Production Market Share by Region (2018-2023)
3.4.2 Global Forecasted Production of Mono- and Bis-Glyceryl Stearate by Region (2024-2029)
3.5 Global Mono- and Bis-Glyceryl Stearate Market Price Analysis by Region (2018-2023)
3.6 Global Mono- and Bis-Glyceryl Stearate Production and Value, Year-over-Year Growth
3.6.1 North America Mono- and Bis-Glyceryl Stearate Production Value Estimates and Forecasts (2018-2029)
3.6.2 Europe Mono- and Bis-Glyceryl Stearate Production Value Estimates and Forecasts (2018-2029)
3.6.3 China Mono- and Bis-Glyceryl Stearate Production Value Estimates and Forecasts (2018-2029)
3.6.4 Japan Mono- and Bis-Glyceryl Stearate Production Value Estimates and Forecasts (2018-2029)
4 Mono- and Bis-Glyceryl Stearate Consumption by Region
4.1 Global Mono- and Bis-Glyceryl Stearate Consumption Estimates and Forecasts by Region: 2018 VS 2022 VS 2029
4.2 Global Mono- and Bis-Glyceryl Stearate Consumption by Region (2018-2029)
4.2.1 Global Mono- and Bis-Glyceryl Stearate Consumption by Region (2018-2023)
4.2.2 Global Mono- and Bis-Glyceryl Stearate Forecasted Consumption by Region (2024-2029)
4.3 North America
4.3.1 North America Mono- and Bis-Glyceryl Stearate Consumption Growth Rate by Country: 2018 VS 2022 VS 2029
4.3.2 North America Mono- and Bis-Glyceryl Stearate Consumption by Country (2018-2029)
4.3.3 United States
4.3.4 Canada
4.4 Europe
4.4.1 Europe Mono- and Bis-Glyceryl Stearate Consumption Growth Rate by Country: 2018 VS 2022 VS 2029
4.4.2 Europe Mono- and Bis-Glyceryl Stearate Consumption by Country (2018-2029)
4.4.3 Germany
4.4.4 France
4.4.5 U.K.
4.4.6 Italy
4.4.7 Russia
4.5 Asia Pacific
4.5.1 Asia Pacific Mono- and Bis-Glyceryl Stearate Consumption Growth Rate by Region: 2018 VS 2022 VS 2029
4.5.2 Asia Pacific Mono- and Bis-Glyceryl Stearate Consumption by Region (2018-2029)
4.5.3 China
4.5.4 Japan
4.5.5 South Korea
4.5.6 China Taiwan
4.5.7 Southeast Asia
4.5.8 India
4.6 Latin America, Middle East & Africa
4.6.1 Latin America, Middle East & Africa Mono- and Bis-Glyceryl Stearate Consumption Growth Rate by Country: 2018 VS 2022 VS 2029
4.6.2 Latin America, Middle East & Africa Mono- and Bis-Glyceryl Stearate Consumption by Country (2018-2029)
4.6.3 Mexico
4.6.4 Brazil
4.6.5 Turkey
4.6.6 GCC Countries
5 Segment by Type
5.1 Global Mono- and Bis-Glyceryl Stearate Production by Type (2018-2029)
5.1.1 Global Mono- and Bis-Glyceryl Stearate Production by Type (2018-2023)
5.1.2 Global Mono- and Bis-Glyceryl Stearate Production by Type (2024-2029)
5.1.3 Global Mono- and Bis-Glyceryl Stearate Production Market Share by Type (2018-2029)
5.2 Global Mono- and Bis-Glyceryl Stearate Production Value by Type (2018-2029)
5.2.1 Global Mono- and Bis-Glyceryl Stearate Production Value by Type (2018-2023)
5.2.2 Global Mono- and Bis-Glyceryl Stearate Production Value by Type (2024-2029)
5.2.3 Global Mono- and Bis-Glyceryl Stearate Production Value Market Share by Type (2018-2029)
5.3 Global Mono- and Bis-Glyceryl Stearate Price by Type (2018-2029)
6 Segment by Application
6.1 Global Mono- and Bis-Glyceryl Stearate Production by Application (2018-2029)
6.1.1 Global Mono- and Bis-Glyceryl Stearate Production by Application (2018-2023)
6.1.2 Global Mono- and Bis-Glyceryl Stearate Production by Application (2024-2029)
6.1.3 Global Mono- and Bis-Glyceryl Stearate Production Market Share by Application (2018-2029)
6.2 Global Mono- and Bis-Glyceryl Stearate Production Value by Application (2018-2029)
6.2.1 Global Mono- and Bis-Glyceryl Stearate Production Value by Application (2018-2023)
6.2.2 Global Mono- and Bis-Glyceryl Stearate Production Value by Application (2024-2029)
6.2.3 Global Mono- and Bis-Glyceryl Stearate Production Value Market Share by Application (2018-2029)
6.3 Global Mono- and Bis-Glyceryl Stearate Price by Application (2018-2029)
7 Key Companies Profiled
7.1 BASF
7.1.1 BASF Mono- and Bis-Glyceryl Stearate Corporation Information
7.1.2 BASF Mono- and Bis-Glyceryl Stearate Product Portfolio
7.1.3 BASF Mono- and Bis-Glyceryl Stearate Production, Value, Price and Gross Margin (2018-2023)
7.1.4 BASF Main Business and Markets Served
7.1.5 BASF Recent Developments/Updates
7.2 Croda
7.2.1 Croda Mono- and Bis-Glyceryl Stearate Corporation Information
7.2.2 Croda Mono- and Bis-Glyceryl Stearate Product Portfolio
7.2.3 Croda Mono- and Bis-Glyceryl Stearate Production, Value, Price and Gross Margin (2018-2023)
7.2.4 Croda Main Business and Markets Served
7.2.5 Croda Recent Developments/Updates
7.3 Akzonobel
7.3.1 Akzonobel Mono- and Bis-Glyceryl Stearate Corporation Information
7.3.2 Akzonobel Mono- and Bis-Glyceryl Stearate Product Portfolio
7.3.3 Akzonobel Mono- and Bis-Glyceryl Stearate Production, Value, Price and Gross Margin (2018-2023)
7.3.4 Akzonobel Main Business and Markets Served
7.3.5 Akzonobel Recent Developments/Updates
7.4 ABITEC
7.4.1 ABITEC Mono- and Bis-Glyceryl Stearate Corporation Information
7.4.2 ABITEC Mono- and Bis-Glyceryl Stearate Product Portfolio
7.4.3 ABITEC Mono- and Bis-Glyceryl Stearate Production, Value, Price and Gross Margin (2018-2023)
7.4.4 ABITEC Main Business and Markets Served
7.4.5 ABITEC Recent Developments/Updates
7.5 Lonza
7.5.1 Lonza Mono- and Bis-Glyceryl Stearate Corporation Information
7.5.2 Lonza Mono- and Bis-Glyceryl Stearate Product Portfolio
7.5.3 Lonza Mono- and Bis-Glyceryl Stearate Production, Value, Price and Gross Margin (2018-2023)
7.5.4 Lonza Main Business and Markets Served
7.5.5 Lonza Recent Developments/Updates
7.6 Zanyu Technology Group
7.6.1 Zanyu Technology Group Mono- and Bis-Glyceryl Stearate Corporation Information
7.6.2 Zanyu Technology Group Mono- and Bis-Glyceryl Stearate Product Portfolio
7.6.3 Zanyu Technology Group Mono- and Bis-Glyceryl Stearate Production, Value, Price and Gross Margin (2018-2023)
7.6.4 Zanyu Technology Group Main Business and Markets Served
7.6.5 Zanyu Technology Group Recent Developments/Updates
7.7 Cardlo Biotechnology
7.7.1 Cardlo Biotechnology Mono- and Bis-Glyceryl Stearate Corporation Information
7.7.2 Cardlo Biotechnology Mono- and Bis-Glyceryl Stearate Product Portfolio
7.7.3 Cardlo Biotechnology Mono- and Bis-Glyceryl Stearate Production, Value, Price and Gross Margin (2018-2023)
7.7.4 Cardlo Biotechnology Main Business and Markets Served
7.7.5 Cardlo Biotechnology Recent Developments/Updates
7.8 China-TOP Chemical
7.8.1 China-TOP Chemical Mono- and Bis-Glyceryl Stearate Corporation Information
7.8.2 China-TOP Chemical Mono- and Bis-Glyceryl Stearate Product Portfolio
7.8.3 China-TOP Chemical Mono- and Bis-Glyceryl Stearate Production, Value, Price and Gross Margin (2018-2023)
7.8.4 China-TOP Chemical Main Business and Markets Served
7.7.5 China-TOP Chemical Recent Developments/Updates
7.9 Zhejiang Wumei Biotechnology
7.9.1 Zhejiang Wumei Biotechnology Mono- and Bis-Glyceryl Stearate Corporation Information
7.9.2 Zhejiang Wumei Biotechnology Mono- and Bis-Glyceryl Stearate Product Portfolio
7.9.3 Zhejiang Wumei Biotechnology Mono- and Bis-Glyceryl Stearate Production, Value, Price and Gross Margin (2018-2023)
7.9.4 Zhejiang Wumei Biotechnology Main Business and Markets Served
7.9.5 Zhejiang Wumei Biotechnology Recent Developments/Updates
8 Industry Chain and Sales Channels Analysis
8.1 Mono- and Bis-Glyceryl Stearate Industry Chain Analysis
8.2 Mono- and Bis-Glyceryl Stearate Key Raw Materials
8.2.1 Key Raw Materials
8.2.2 Raw Materials Key Suppliers
8.3 Mono- and Bis-Glyceryl Stearate Production Mode & Process
8.4 Mono- and Bis-Glyceryl Stearate Sales and Marketing
8.4.1 Mono- and Bis-Glyceryl Stearate Sales Channels
8.4.2 Mono- and Bis-Glyceryl Stearate Distributors
8.5 Mono- and Bis-Glyceryl Stearate Customers
9 Mono- and Bis-Glyceryl Stearate Market Dynamics
9.1 Mono- and Bis-Glyceryl Stearate Industry Trends
9.2 Mono- and Bis-Glyceryl Stearate Market Drivers
9.3 Mono- and Bis-Glyceryl Stearate Market Challenges
9.4 Mono- and Bis-Glyceryl Stearate Market Restraints
10 Research Finding and Conclusion
11 Methodology and Data Source
11.1 Methodology/Research Approach
11.1.1 Research Programs/Design
11.1.2 Market Size Estimation
11.1.3 Market Breakdown and Data Triangulation
11.2 Data Source
11.2.1 Secondary Sources
11.2.2 Primary Sources
11.3 Author List
11.4 Disclaimer