Global Engineered Fluids Industry Growth and Trends Forecast to 2031
Description
Summary
Engineered fluids are versatile materials that are used for thermal management application. Some of the exceptional properties of these fluids include chemical stability, non-toxicity, non-flammability, high and low-temperature use, and excellent compatibility with a wide range of plastics, metals, and elastomers. Engineered fluids are used in various end-use Industries such as electronics & semiconductor, automotive, chemical processing, oil & gas, power generation, and aerospace, to reduce friction between machine parts.
According to APO Research, The global Engineered Fluids market was estimated at US$ million in 2025 and is projected to reach a revised size of US$ million by 2031, witnessing a CAGR of xx% during the forecast period 2026-2031.
North American market for Engineered Fluids is estimated to increase from $ million in 2025 to reach $ million by 2031, at a CAGR of % during the forecast period of 2026 through 2031.
Asia-Pacific market for Engineered Fluids is estimated to increase from $ million in 2025 to reach $ million by 2031, at a CAGR of % during the forecast period of 2026 through 2031.
Europe market for Engineered Fluids is estimated to increase from $ million in 2025 to reach $ million by 2031, at a CAGR of % during the forecast period of 2026 through 2031.
The major global manufacturers of Engineered Fluids include Chemours, Daikin Industries, Solvay, Asahi Glass, Halopolymer, Halocarbon, 3M, F2 Chemicals and Lubrilog, etc. In 2024, 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 Engineered Fluids, 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 Engineered Fluids.
The Engineered Fluids market size, estimations, and forecasts are provided in terms of sales volume (K Tonnes) and revenue ($ millions), considering 2024 as the base year, with history and forecast data for the period from 2020 to 2031. This report segments the global Engineered Fluids 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.
Key Companies & Market Share Insights
In this section, the readers will gain an understanding of the key players competing. This report has studied the key growth strategies, such as innovative trends and developments, intensification of product portfolio, mergers and acquisitions, collaborations, new product innovation, and geographical expansion, undertaken by these participants to maintain their presence. Apart from business strategies, the study includes current developments and key financials. The readers will also get access to the data related to global revenue, price, and sales by manufacturers for the period 2020-2025. This all-inclusive report will certainly serve the clients to stay updated and make effective decisions in their businesses.
Engineered Fluids Segment by Company
Chemours
Daikin Industries
Solvay
Asahi Glass
Halopolymer
Halocarbon
3M
F2 Chemicals
Lubrilog
Engineered Custom Lubricants
Engineered Fluids Segment by Type
Heat Transfer Fluids
Lubricants
Solvents
Others
Engineered Fluids Segment by Downstream Industry
Automotive
Electronics & Semiconductor
Power Generation
Processing & Manufacturing Plants
Oil & Gas
Aerospace
Others
Engineered Fluids Segment by Region
North America
United States
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Spain
Netherlands
Switzerland
Sweden
Poland
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Southeast Asia
South America
Brazil
Argentina
Chile
Middle East & Africa
Egypt
South Africa
Israel
Türkiye
GCC Countries
Key Drivers & Barriers
High-impact rendering factors and drivers have been studied in this report to aid the readers to understand the general development. Moreover, the report includes restraints and challenges that may act as stumbling blocks on the way of the players. This will assist the users to be attentive and make informed decisions related to business. Specialists have also laid their focus on the upcoming business prospects.
Reasons to Buy This Report
1. This report will help the readers to understand the competition within the industries and strategies for the competitive environment to enhance the potential profit. The report also focuses on the competitive landscape of the global Engineered Fluids market, and introduces in detail the market share, industry ranking, competitor ecosystem, market performance, new product development, operation situation, expansion, and acquisition. etc. of the main players, which helps the readers to identify the main competitors and deeply understand the competition pattern of the market.
2. This report will help stakeholders to understand the global industry status and trends of Engineered Fluids and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand competitors better and gain more insights to strengthen their position in their businesses. The competitive landscape section includes the market share and rank (in volume and value), competitor ecosystem, new product development, expansion, and acquisition.
4. This report stays updated with novel technology integration, features, and the latest developments in the market
5. This report helps stakeholders to gain insights into which regions to target globally
6. This report helps stakeholders to gain insights into the end-user perception concerning the adoption of Engineered Fluids.
7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.
Chapter Outline
Chapter 1: Introduces the study scope of this report, executive summary of market segments by type, market size segments for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter 2: 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 3: Detailed analysis of Engineered Fluids manufacturers competitive landscape, price, sales, revenue, market share and ranking, latest development plan, merger, and acquisition information, etc.
Chapter 4: Sales, revenue of Engineered Fluids in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the future development prospects, and market space in the world.
Chapter 5: Introduces market segments by application, market size segment for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter 6: 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 7, 8, 9, 10 and 11: North America, Europe, Asia Pacific, South America, Middle East & Africa, sales and revenue by country.
Chapter 12: Analysis of industrial chain, key raw materials, manufacturing cost, and market dynamics.
Chapter 13: Concluding Insights of the report.
Please Note: Single-User license will be delivered via PDF from the publisher without the rights to print or to edit.
Engineered fluids are versatile materials that are used for thermal management application. Some of the exceptional properties of these fluids include chemical stability, non-toxicity, non-flammability, high and low-temperature use, and excellent compatibility with a wide range of plastics, metals, and elastomers. Engineered fluids are used in various end-use Industries such as electronics & semiconductor, automotive, chemical processing, oil & gas, power generation, and aerospace, to reduce friction between machine parts.
According to APO Research, The global Engineered Fluids market was estimated at US$ million in 2025 and is projected to reach a revised size of US$ million by 2031, witnessing a CAGR of xx% during the forecast period 2026-2031.
North American market for Engineered Fluids is estimated to increase from $ million in 2025 to reach $ million by 2031, at a CAGR of % during the forecast period of 2026 through 2031.
Asia-Pacific market for Engineered Fluids is estimated to increase from $ million in 2025 to reach $ million by 2031, at a CAGR of % during the forecast period of 2026 through 2031.
Europe market for Engineered Fluids is estimated to increase from $ million in 2025 to reach $ million by 2031, at a CAGR of % during the forecast period of 2026 through 2031.
The major global manufacturers of Engineered Fluids include Chemours, Daikin Industries, Solvay, Asahi Glass, Halopolymer, Halocarbon, 3M, F2 Chemicals and Lubrilog, etc. In 2024, 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 Engineered Fluids, 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 Engineered Fluids.
The Engineered Fluids market size, estimations, and forecasts are provided in terms of sales volume (K Tonnes) and revenue ($ millions), considering 2024 as the base year, with history and forecast data for the period from 2020 to 2031. This report segments the global Engineered Fluids 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.
Key Companies & Market Share Insights
In this section, the readers will gain an understanding of the key players competing. This report has studied the key growth strategies, such as innovative trends and developments, intensification of product portfolio, mergers and acquisitions, collaborations, new product innovation, and geographical expansion, undertaken by these participants to maintain their presence. Apart from business strategies, the study includes current developments and key financials. The readers will also get access to the data related to global revenue, price, and sales by manufacturers for the period 2020-2025. This all-inclusive report will certainly serve the clients to stay updated and make effective decisions in their businesses.
Engineered Fluids Segment by Company
Chemours
Daikin Industries
Solvay
Asahi Glass
Halopolymer
Halocarbon
3M
F2 Chemicals
Lubrilog
Engineered Custom Lubricants
Engineered Fluids Segment by Type
Heat Transfer Fluids
Lubricants
Solvents
Others
Engineered Fluids Segment by Downstream Industry
Automotive
Electronics & Semiconductor
Power Generation
Processing & Manufacturing Plants
Oil & Gas
Aerospace
Others
Engineered Fluids Segment by Region
North America
United States
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Spain
Netherlands
Switzerland
Sweden
Poland
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Southeast Asia
South America
Brazil
Argentina
Chile
Middle East & Africa
Egypt
South Africa
Israel
Türkiye
GCC Countries
Key Drivers & Barriers
High-impact rendering factors and drivers have been studied in this report to aid the readers to understand the general development. Moreover, the report includes restraints and challenges that may act as stumbling blocks on the way of the players. This will assist the users to be attentive and make informed decisions related to business. Specialists have also laid their focus on the upcoming business prospects.
Reasons to Buy This Report
1. This report will help the readers to understand the competition within the industries and strategies for the competitive environment to enhance the potential profit. The report also focuses on the competitive landscape of the global Engineered Fluids market, and introduces in detail the market share, industry ranking, competitor ecosystem, market performance, new product development, operation situation, expansion, and acquisition. etc. of the main players, which helps the readers to identify the main competitors and deeply understand the competition pattern of the market.
2. This report will help stakeholders to understand the global industry status and trends of Engineered Fluids and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand competitors better and gain more insights to strengthen their position in their businesses. The competitive landscape section includes the market share and rank (in volume and value), competitor ecosystem, new product development, expansion, and acquisition.
4. This report stays updated with novel technology integration, features, and the latest developments in the market
5. This report helps stakeholders to gain insights into which regions to target globally
6. This report helps stakeholders to gain insights into the end-user perception concerning the adoption of Engineered Fluids.
7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.
Chapter Outline
Chapter 1: Introduces the study scope of this report, executive summary of market segments by type, market size segments for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter 2: 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 3: Detailed analysis of Engineered Fluids manufacturers competitive landscape, price, sales, revenue, market share and ranking, latest development plan, merger, and acquisition information, etc.
Chapter 4: Sales, revenue of Engineered Fluids in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the future development prospects, and market space in the world.
Chapter 5: Introduces market segments by application, market size segment for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter 6: 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 7, 8, 9, 10 and 11: North America, Europe, Asia Pacific, South America, Middle East & Africa, sales and revenue by country.
Chapter 12: Analysis of industrial chain, key raw materials, manufacturing cost, and market dynamics.
Chapter 13: Concluding Insights of the report.
Please Note: Single-User license will be delivered via PDF from the publisher without the rights to print or to edit.
Table of Contents
104 Pages
- 1 Market Overview
- 2 Global Market Dynamics
- 3 Market Competitive Landscape by Company
- 4 Engineered Fluids Regional Status and Outlook
- 5 Engineered Fluids by Application
- 6 Company Profiles
- 7 North America by Country
- 8 Europe by Country
- 9 Asia-Pacific by Country
- 10 South America by Country
- 11 Middle East and Africa by Country
- 12 Value Chain and Sales Channels Analysis
- 13 Concluding Insights
- 14 Appendix
1.1 Product Definition
1.2 Global Market Growth Prospects
1.2.1 Global Engineered Fluids Market Size Estimates and Forecasts (2020-2031)
1.2.2 Global Engineered Fluids Sales Estimates and Forecasts (2020-2031)
1.3 Engineered Fluids Market by Type
1.3.1 Heat Transfer Fluids
1.3.2 Lubricants
1.3.3 Solvents
1.3.4 Others
1.4 Global Engineered Fluids Market Size by Type
1.4.1 Global Engineered Fluids Market Size Overview by Type (2020-2031)
1.4.2 Global Engineered Fluids Historic Market Size Review by Type (2020-2025)
1.4.3 Global Engineered Fluids Forecasted Market Size by Type (2026-2031)
1.5 Key Regions Market Size by Type
1.5.1 North America Engineered Fluids Sales Breakdown by Type (2020-2025)
1.5.2 Europe Engineered Fluids Sales Breakdown by Type (2020-2025)
1.5.3 Asia-Pacific Engineered Fluids Sales Breakdown by Type (2020-2025)
1.5.4 South America Engineered Fluids Sales Breakdown by Type (2020-2025)
1.5.5 Middle East and Africa Engineered Fluids Sales Breakdown by Type (2020-2025)
2.1 Engineered Fluids Industry Trends
2.2 Engineered Fluids Industry Drivers
2.3 Engineered Fluids Industry Opportunities and Challenges
2.4 Engineered Fluids Industry Restraints
3.1 Global Top Players by Engineered Fluids Revenue (2020-2025)
3.2 Global Top Players by Engineered Fluids Sales (2020-2025)
3.3 Global Top Players by Engineered Fluids Price (2020-2025)
3.4 Global Engineered Fluids Industry Company Ranking, 2023 VS 2024 VS 2025
3.5 Global Engineered Fluids Major Company Production Sites & Headquarters
3.6 Global Engineered Fluids Company, Product Type & Application
3.7 Global Engineered Fluids Company Establishment Date
3.8 Market Competitive Analysis
3.8.1 Global Engineered Fluids Market CR5 and HHI
3.8.2 Global Top 5 and 10 Engineered Fluids Players Market Share by Revenue in 2024
3.8.3 2023 Engineered Fluids Tier 1, Tier 2, and Tier 3
4.1 Global Engineered Fluids Market Size and CAGR by Region: 2020 VS 2024 VS 2031
4.2 Global Engineered Fluids Historic Market Size by Region
4.2.1 Global Engineered Fluids Sales in Volume by Region (2020-2025)
4.2.2 Global Engineered Fluids Sales in Value by Region (2020-2025)
4.2.3 Global Engineered Fluids Sales (Volume & Value), Price and Gross Margin (2020-2025)
4.3 Global Engineered Fluids Forecasted Market Size by Region
4.3.1 Global Engineered Fluids Sales in Volume by Region (2026-2031)
4.3.2 Global Engineered Fluids Sales in Value by Region (2026-2031)
4.3.3 Global Engineered Fluids Sales (Volume & Value), Price and Gross Margin (2026-2031)
5.1 Engineered Fluids Market by Downstream Industry
5.1.1 Automotive
5.1.2 Electronics & Semiconductor
5.1.3 Power Generation
5.1.4 Processing & Manufacturing Plants
5.1.5 Oil & Gas
5.1.6 Aerospace
5.1.7 Others
5.2 Global Engineered Fluids Market Size by Downstream Industry
5.2.1 Global Engineered Fluids Market Size Overview by Application (2020-2031)
5.2.2 Global Engineered Fluids Historic Market Size Review by Application (2020-2025)
5.2.3 Global Engineered Fluids Forecasted Market Size by Application (2026-2031)
5.3 Key Regions Market Size by Downstream Industry
5.3.1 North America Engineered Fluids Sales Breakdown by Downstream Industry (2020-2025)
5.3.2 Europe Engineered Fluids Sales Breakdown by Downstream Industry (2020-2025)
5.3.3 Asia-Pacific Engineered Fluids Sales Breakdown by Downstream Industry (2020-2025)
5.3.4 South America Engineered Fluids Sales Breakdown by Downstream Industry (2020-2025)
5.3.5 Middle East and Africa Engineered Fluids Sales Breakdown by Downstream Industry (2020-2025)
6.1 Chemours
6.1.1 Chemours Comapny Information
6.1.2 Chemours Business Overview
6.1.3 Chemours Engineered Fluids Sales, Revenue and Gross Margin (2020-2025)
6.1.4 Chemours Engineered Fluids Product Portfolio
6.1.5 Chemours Recent Developments
6.2 Daikin Industries
6.2.1 Daikin Industries Comapny Information
6.2.2 Daikin Industries Business Overview
6.2.3 Daikin Industries Engineered Fluids Sales, Revenue and Gross Margin (2020-2025)
6.2.4 Daikin Industries Engineered Fluids Product Portfolio
6.2.5 Daikin Industries Recent Developments
6.3 Solvay
6.3.1 Solvay Comapny Information
6.3.2 Solvay Business Overview
6.3.3 Solvay Engineered Fluids Sales, Revenue and Gross Margin (2020-2025)
6.3.4 Solvay Engineered Fluids Product Portfolio
6.3.5 Solvay Recent Developments
6.4 Asahi Glass
6.4.1 Asahi Glass Comapny Information
6.4.2 Asahi Glass Business Overview
6.4.3 Asahi Glass Engineered Fluids Sales, Revenue and Gross Margin (2020-2025)
6.4.4 Asahi Glass Engineered Fluids Product Portfolio
6.4.5 Asahi Glass Recent Developments
6.5 Halopolymer
6.5.1 Halopolymer Comapny Information
6.5.2 Halopolymer Business Overview
6.5.3 Halopolymer Engineered Fluids Sales, Revenue and Gross Margin (2020-2025)
6.5.4 Halopolymer Engineered Fluids Product Portfolio
6.5.5 Halopolymer Recent Developments
6.6 Halocarbon
6.6.1 Halocarbon Comapny Information
6.6.2 Halocarbon Business Overview
6.6.3 Halocarbon Engineered Fluids Sales, Revenue and Gross Margin (2020-2025)
6.6.4 Halocarbon Engineered Fluids Product Portfolio
6.6.5 Halocarbon Recent Developments
6.7 3M
6.7.1 3M Comapny Information
6.7.2 3M Business Overview
6.7.3 3M Engineered Fluids Sales, Revenue and Gross Margin (2020-2025)
6.7.4 3M Engineered Fluids Product Portfolio
6.7.5 3M Recent Developments
6.8 F2 Chemicals
6.8.1 F2 Chemicals Comapny Information
6.8.2 F2 Chemicals Business Overview
6.8.3 F2 Chemicals Engineered Fluids Sales, Revenue and Gross Margin (2020-2025)
6.8.4 F2 Chemicals Engineered Fluids Product Portfolio
6.8.5 F2 Chemicals Recent Developments
6.9 Lubrilog
6.9.1 Lubrilog Comapny Information
6.9.2 Lubrilog Business Overview
6.9.3 Lubrilog Engineered Fluids Sales, Revenue and Gross Margin (2020-2025)
6.9.4 Lubrilog Engineered Fluids Product Portfolio
6.9.5 Lubrilog Recent Developments
6.10 Engineered Custom Lubricants
6.10.1 Engineered Custom Lubricants Comapny Information
6.10.2 Engineered Custom Lubricants Business Overview
6.10.3 Engineered Custom Lubricants Engineered Fluids Sales, Revenue and Gross Margin (2020-2025)
6.10.4 Engineered Custom Lubricants Engineered Fluids Product Portfolio
6.10.5 Engineered Custom Lubricants Recent Developments
7.1 North America Engineered Fluids Sales by Country
7.1.1 North America Engineered Fluids Sales Growth Rate (CAGR) by Country: 2020 VS 2024 VS 2031
7.1.2 North America Engineered Fluids Sales by Country (2020-2025)
7.1.3 North America Engineered Fluids Sales Forecast by Country (2026-2031)
7.2 North America Engineered Fluids Market Size by Country
7.2.1 North America Engineered Fluids Market Size Growth Rate (CAGR) by Country: 2020 VS 2024 VS 2031
7.2.2 North America Engineered Fluids Market Size by Country (2020-2025)
7.2.3 North America Engineered Fluids Market Size Forecast by Country (2026-2031)
8.1 Europe Engineered Fluids Sales by Country
8.1.1 Europe Engineered Fluids Sales Growth Rate (CAGR) by Country: 2020 VS 2024 VS 2031
8.1.2 Europe Engineered Fluids Sales by Country (2020-2025)
8.1.3 Europe Engineered Fluids Sales Forecast by Country (2026-2031)
8.2 Europe Engineered Fluids Market Size by Country
8.2.1 Europe Engineered Fluids Market Size Growth Rate (CAGR) by Country: 2020 VS 2024 VS 2031
8.2.2 Europe Engineered Fluids Market Size by Country (2020-2025)
8.2.3 Europe Engineered Fluids Market Size Forecast by Country (2026-2031)
9.1 Asia-Pacific Engineered Fluids Sales by Country
9.1.1 Asia-Pacific Engineered Fluids Sales Growth Rate (CAGR) by Country: 2020 VS 2024 VS 2031
9.1.2 Asia-Pacific Engineered Fluids Sales by Country (2020-2025)
9.1.3 Asia-Pacific Engineered Fluids Sales Forecast by Country (2026-2031)
9.2 Asia-Pacific Engineered Fluids Market Size by Country
9.2.1 Asia-Pacific Engineered Fluids Market Size Growth Rate (CAGR) by Country: 2020 VS 2024 VS 2031
9.2.2 Asia-Pacific Engineered Fluids Market Size by Country (2020-2025)
9.2.3 Asia-Pacific Engineered Fluids Market Size Forecast by Country (2026-2031)
10.1 South America Engineered Fluids Sales by Country
10.1.1 South America Engineered Fluids Sales Growth Rate (CAGR) by Country: 2020 VS 2024 VS 2031
10.1.2 South America Engineered Fluids Sales by Country (2020-2025)
10.1.3 South America Engineered Fluids Sales Forecast by Country (2026-2031)
10.2 South America Engineered Fluids Market Size by Country
10.2.1 South America Engineered Fluids Market Size Growth Rate (CAGR) by Country: 2020 VS 2024 VS 2031
10.2.2 South America Engineered Fluids Market Size by Country (2020-2025)
10.2.3 South America Engineered Fluids Market Size Forecast by Country (2026-2031)
11.1 Middle East and Africa Engineered Fluids Sales by Country
11.1.1 Middle East and Africa Engineered Fluids Sales Growth Rate (CAGR) by Country: 2020 VS 2024 VS 2031
11.1.2 Middle East and Africa Engineered Fluids Sales by Country (2020-2025)
11.1.3 Middle East and Africa Engineered Fluids Sales Forecast by Country (2026-2031)
11.2 Middle East and Africa Engineered Fluids Market Size by Country
11.2.1 Middle East and Africa Engineered Fluids Market Size Growth Rate (CAGR) by Country: 2020 VS 2024 VS 2031
11.2.2 Middle East and Africa Engineered Fluids Market Size by Country (2020-2025)
11.2.3 Middle East and Africa Engineered Fluids Market Size Forecast by Country (2026-2031)
12.1 Engineered Fluids Value Chain Analysis
12.1.1 Engineered Fluids Key Raw Materials
12.1.2 Key Raw Materials Price
12.1.3 Raw Materials Key Suppliers
12.1.4 Manufacturing Cost Structure
12.1.5 Engineered Fluids Production Mode & Process
12.2 Engineered Fluids Sales Channels Analysis
12.2.1 Direct Comparison with Distribution Share
12.2.2 Engineered Fluids Distributors
12.2.3 Engineered Fluids Customers
14.1 Reasons for Doing This Study
14.2 Research Methodology
14.3 Research Process
14.4 Authors List of This Report
14.5 Data Source
14.5.1 Secondary Sources
14.5.2 Primary Sources
14.6 Disclaimer
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