Monofunctional Anhydride Industry Research Report 2025

Summary

According to APO Research, The global Monofunctional Anhydride market was valued at US$ million in 2024 and is anticipated to reach US$ million by 2031, witnessing a CAGR of xx% during the forecast period 2025-2031.

North American market for Monofunctional Anhydride 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 Monofunctional Anhydride is estimated to increase from $ million in 2025 to reach $ million by 2031, at a CAGR of % during the forecast period of 2025 through 2031.

Europe market for Monofunctional Anhydride is estimated to increase from $ million in 2025 to reach $ million by 2031, at a CAGR of % during the forecast period of 2025 through 2031.

The major global manufacturers of Monofunctional Anhydride include , 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 Monofunctional Anhydride, 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 Monofunctional Anhydride.

The report will help the Monofunctional Anhydride manufacturers, new entrants, and industry chain related companies in this market with information on the revenues, sales volume, and average price for the overall market and the sub-segments across the different segments, by company, by Type, by Application, and by regions.

The Monofunctional Anhydride market size, estimations, and forecasts are provided in terms of sales volume (Tons) 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 Monofunctional Anhydride 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.
Monofunctional Anhydride Segment by Company

Ataman Kimya
ATMOSA Petrochemie Gmbh
Emco Dyestuff Pvt Ltd
Henan GP Chemicals Co.,Ltd
IG Petrochemicals Ltd.
JFE Chemical Corporation
Lanxess
LXBIO
Pluskim
Shandong Qingyang New Materials Co., Ltd.
Puyang Shenghuade Chemical Co., Ltd.
Puyang Huicheng Electronic Materials Co., Ltd.
Nanya Plastics Industry Co., Ltd.
TNJ Chemical
Thirumalai Chemicals
Stepan
Sanyo Chemical Industries, Ltd.
Polynt Group
Otto Chemie Pvt Ltd
Actylis
Hebei Pengyu Chemical Technology Co., Ltd.
Monofunctional Anhydride Segment by Type

Tetrahydrophthalic Anhydride
Dodecylsuccinic Anhydride
Chlorendic Anhydride
Hexahydrophthalic Anhydride
Phthalic Anhydride
Methyltetrahydrophthalic Anhydride
Methylnadic Anhydride
Methylhexahydrophthalic Anhydride
Monofunctional Anhydride Segment by Application

Coatings
Epoxy Resins
Other
Monofunctional Anhydride 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 Middle East & Africa
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 Monofunctional Anhydride 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 Monofunctional Anhydride 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 Monofunctional Anhydride.
7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.

Chapter Outline

Chapter 1: Research objectives, research methods, data sources, data cross-validation;
Chapter 2: Introduces the report scope of the report, executive summary of different market segments (by region, product type, 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 3: Detailed analysis of Monofunctional Anhydride manufacturers competitive landscape, price, production and value market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product production/output, value, price, gross margin, product introduction, recent development, etc.
Chapter 5: Production/output, value of Monofunctional Anhydride by region/country. It provides a quantitative analysis of the market size and development potential of each region in the next six years.
Chapter 6: Consumption of Monofunctional Anhydride 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 7: 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 8: 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 9: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 10: 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 11: The main points and conclusions of the report.

Please Note: Single-User license will be delivered via PDF from the publisher without the rights to print or to edit.


1 Preface
1.1 Scope of Report
1.2 Reasons for Doing This Study
1.3 Research Methodology
1.4 Research Process
1.5 Data Source
1.5.1 Secondary Sources
1.5.2 Primary Sources
2 Market Overview
2.1 Product Definition
2.2 Monofunctional Anhydride by Type
2.2.1 Market Value Comparison by Type (2020 VS 2024 VS 2031) & (US$ Million)
2.2.2 Tetrahydrophthalic Anhydride
2.2.3 Dodecylsuccinic Anhydride
2.2.4 Chlorendic Anhydride
2.2.5 Hexahydrophthalic Anhydride
2.2.6 Phthalic Anhydride
2.2.7 Methyltetrahydrophthalic Anhydride
2.2.8 Methylnadic Anhydride
2.2.9 Methylhexahydrophthalic Anhydride
2.3 Monofunctional Anhydride by Application
2.3.1 Market Value Comparison by Application (2020 VS 2024 VS 2031) & (US$ Million)
2.3.2 Coatings
2.3.3 Epoxy Resins
2.3.4 Other
2.4 Global Market Growth Prospects
2.4.1 Global Monofunctional Anhydride Production Value Estimates and Forecasts (2020-2031)
2.4.2 Global Monofunctional Anhydride Production Capacity Estimates and Forecasts (2020-2031)
2.4.3 Global Monofunctional Anhydride Production Estimates and Forecasts (2020-2031)
2.4.4 Global Monofunctional Anhydride Market Average Price (2020-2031)
3 Market Competitive Landscape by Manufacturers
3.1 Global Monofunctional Anhydride Production by Manufacturers (2020-2025)
3.2 Global Monofunctional Anhydride Production Value by Manufacturers (2020-2025)
3.3 Global Monofunctional Anhydride Average Price by Manufacturers (2020-2025)
3.4 Global Monofunctional Anhydride Industry Manufacturers Ranking, 2023 VS 2024 VS 2025
3.5 Global Monofunctional Anhydride Key Manufacturers, Manufacturing Sites & Headquarters
3.6 Global Monofunctional Anhydride Manufacturers, Product Type & Application
3.7 Global Monofunctional Anhydride Manufacturers Established Date
3.8 Global Monofunctional Anhydride Market CR5 and HHI
3.9 Global Manufacturers Mergers & Acquisition
4 Manufacturers Profiled
4.1 Ataman Kimya
4.1.1 Ataman Kimya Monofunctional Anhydride Company Information
4.1.2 Ataman Kimya Monofunctional Anhydride Business Overview
4.1.3 Ataman Kimya Monofunctional Anhydride Production Capacity, Value and Gross Margin (2020-2025)
4.1.4 Ataman Kimya Product Portfolio
4.1.5 Ataman Kimya Recent Developments
4.2 ATMOSA Petrochemie Gmbh
4.2.1 ATMOSA Petrochemie Gmbh Monofunctional Anhydride Company Information
4.2.2 ATMOSA Petrochemie Gmbh Monofunctional Anhydride Business Overview
4.2.3 ATMOSA Petrochemie Gmbh Monofunctional Anhydride Production Capacity, Value and Gross Margin (2020-2025)
4.2.4 ATMOSA Petrochemie Gmbh Product Portfolio
4.2.5 ATMOSA Petrochemie Gmbh Recent Developments
4.3 Emco Dyestuff Pvt Ltd
4.3.1 Emco Dyestuff Pvt Ltd Monofunctional Anhydride Company Information
4.3.2 Emco Dyestuff Pvt Ltd Monofunctional Anhydride Business Overview
4.3.3 Emco Dyestuff Pvt Ltd Monofunctional Anhydride Production Capacity, Value and Gross Margin (2020-2025)
4.3.4 Emco Dyestuff Pvt Ltd Product Portfolio
4.3.5 Emco Dyestuff Pvt Ltd Recent Developments
4.4 Henan GP Chemicals Co.,Ltd
4.4.1 Henan GP Chemicals Co.,Ltd Monofunctional Anhydride Company Information
4.4.2 Henan GP Chemicals Co.,Ltd Monofunctional Anhydride Business Overview
4.4.3 Henan GP Chemicals Co.,Ltd Monofunctional Anhydride Production Capacity, Value and Gross Margin (2020-2025)
4.4.4 Henan GP Chemicals Co.,Ltd Product Portfolio
4.4.5 Henan GP Chemicals Co.,Ltd Recent Developments
4.5 IG Petrochemicals Ltd.
4.5.1 IG Petrochemicals Ltd. Monofunctional Anhydride Company Information
4.5.2 IG Petrochemicals Ltd. Monofunctional Anhydride Business Overview
4.5.3 IG Petrochemicals Ltd. Monofunctional Anhydride Production Capacity, Value and Gross Margin (2020-2025)
4.5.4 IG Petrochemicals Ltd. Product Portfolio
4.5.5 IG Petrochemicals Ltd. Recent Developments
4.6 JFE Chemical Corporation
4.6.1 JFE Chemical Corporation Monofunctional Anhydride Company Information
4.6.2 JFE Chemical Corporation Monofunctional Anhydride Business Overview
4.6.3 JFE Chemical Corporation Monofunctional Anhydride Production Capacity, Value and Gross Margin (2020-2025)
4.6.4 JFE Chemical Corporation Product Portfolio
4.6.5 JFE Chemical Corporation Recent Developments
4.7 Lanxess
4.7.1 Lanxess Monofunctional Anhydride Company Information
4.7.2 Lanxess Monofunctional Anhydride Business Overview
4.7.3 Lanxess Monofunctional Anhydride Production Capacity, Value and Gross Margin (2020-2025)
4.7.4 Lanxess Product Portfolio
4.7.5 Lanxess Recent Developments
4.8 LXBIO
4.8.1 LXBIO Monofunctional Anhydride Company Information
4.8.2 LXBIO Monofunctional Anhydride Business Overview
4.8.3 LXBIO Monofunctional Anhydride Production Capacity, Value and Gross Margin (2020-2025)
4.8.4 LXBIO Product Portfolio
4.8.5 LXBIO Recent Developments
4.9 Pluskim
4.9.1 Pluskim Monofunctional Anhydride Company Information
4.9.2 Pluskim Monofunctional Anhydride Business Overview
4.9.3 Pluskim Monofunctional Anhydride Production Capacity, Value and Gross Margin (2020-2025)
4.9.4 Pluskim Product Portfolio
4.9.5 Pluskim Recent Developments
4.10 Shandong Qingyang New Materials Co., Ltd.
4.10.1 Shandong Qingyang New Materials Co., Ltd. Monofunctional Anhydride Company Information
4.10.2 Shandong Qingyang New Materials Co., Ltd. Monofunctional Anhydride Business Overview
4.10.3 Shandong Qingyang New Materials Co., Ltd. Monofunctional Anhydride Production Capacity, Value and Gross Margin (2020-2025)
4.10.4 Shandong Qingyang New Materials Co., Ltd. Product Portfolio
4.10.5 Shandong Qingyang New Materials Co., Ltd. Recent Developments
4.11 Puyang Shenghuade Chemical Co., Ltd.
4.11.1 Puyang Shenghuade Chemical Co., Ltd. Monofunctional Anhydride Company Information
4.11.2 Puyang Shenghuade Chemical Co., Ltd. Monofunctional Anhydride Business Overview
4.11.3 Puyang Shenghuade Chemical Co., Ltd. Monofunctional Anhydride Production Capacity, Value and Gross Margin (2020-2025)
4.11.4 Puyang Shenghuade Chemical Co., Ltd. Product Portfolio
4.11.5 Puyang Shenghuade Chemical Co., Ltd. Recent Developments
4.12 Puyang Huicheng Electronic Materials Co., Ltd.
4.12.1 Puyang Huicheng Electronic Materials Co., Ltd. Monofunctional Anhydride Company Information
4.12.2 Puyang Huicheng Electronic Materials Co., Ltd. Monofunctional Anhydride Business Overview
4.12.3 Puyang Huicheng Electronic Materials Co., Ltd. Monofunctional Anhydride Production Capacity, Value and Gross Margin (2020-2025)
4.12.4 Puyang Huicheng Electronic Materials Co., Ltd. Product Portfolio
4.12.5 Puyang Huicheng Electronic Materials Co., Ltd. Recent Developments
4.13 Nanya Plastics Industry Co., Ltd.
4.13.1 Nanya Plastics Industry Co., Ltd. Monofunctional Anhydride Company Information
4.13.2 Nanya Plastics Industry Co., Ltd. Monofunctional Anhydride Business Overview
4.13.3 Nanya Plastics Industry Co., Ltd. Monofunctional Anhydride Production Capacity, Value and Gross Margin (2020-2025)
4.13.4 Nanya Plastics Industry Co., Ltd. Product Portfolio
4.13.5 Nanya Plastics Industry Co., Ltd. Recent Developments
4.14 TNJ Chemical
4.14.1 TNJ Chemical Monofunctional Anhydride Company Information
4.14.2 TNJ Chemical Monofunctional Anhydride Business Overview
4.14.3 TNJ Chemical Monofunctional Anhydride Production Capacity, Value and Gross Margin (2020-2025)
4.14.4 TNJ Chemical Product Portfolio
4.14.5 TNJ Chemical Recent Developments
4.15 Thirumalai Chemicals
4.15.1 Thirumalai Chemicals Monofunctional Anhydride Company Information
4.15.2 Thirumalai Chemicals Monofunctional Anhydride Business Overview
4.15.3 Thirumalai Chemicals Monofunctional Anhydride Production Capacity, Value and Gross Margin (2020-2025)
4.15.4 Thirumalai Chemicals Product Portfolio
4.15.5 Thirumalai Chemicals Recent Developments
4.16 Stepan
4.16.1 Stepan Monofunctional Anhydride Company Information
4.16.2 Stepan Monofunctional Anhydride Business Overview
4.16.3 Stepan Monofunctional Anhydride Production Capacity, Value and Gross Margin (2020-2025)
4.16.4 Stepan Product Portfolio
4.16.5 Stepan Recent Developments
4.17 Sanyo Chemical Industries, Ltd.
4.17.1 Sanyo Chemical Industries, Ltd. Monofunctional Anhydride Company Information
4.17.2 Sanyo Chemical Industries, Ltd. Monofunctional Anhydride Business Overview
4.17.3 Sanyo Chemical Industries, Ltd. Monofunctional Anhydride Production Capacity, Value and Gross Margin (2020-2025)
4.17.4 Sanyo Chemical Industries, Ltd. Product Portfolio
4.17.5 Sanyo Chemical Industries, Ltd. Recent Developments
4.18 Polynt Group
4.18.1 Polynt Group Monofunctional Anhydride Company Information
4.18.2 Polynt Group Monofunctional Anhydride Business Overview
4.18.3 Polynt Group Monofunctional Anhydride Production Capacity, Value and Gross Margin (2020-2025)
4.18.4 Polynt Group Product Portfolio
4.18.5 Polynt Group Recent Developments
4.19 Otto Chemie Pvt Ltd
4.19.1 Otto Chemie Pvt Ltd Monofunctional Anhydride Company Information
4.19.2 Otto Chemie Pvt Ltd Monofunctional Anhydride Business Overview
4.19.3 Otto Chemie Pvt Ltd Monofunctional Anhydride Production Capacity, Value and Gross Margin (2020-2025)
4.19.4 Otto Chemie Pvt Ltd Product Portfolio
4.19.5 Otto Chemie Pvt Ltd Recent Developments
4.20 Actylis
4.20.1 Actylis Monofunctional Anhydride Company Information
4.20.2 Actylis Monofunctional Anhydride Business Overview
4.20.3 Actylis Monofunctional Anhydride Production Capacity, Value and Gross Margin (2020-2025)
4.20.4 Actylis Product Portfolio
4.20.5 Actylis Recent Developments
4.21 Hebei Pengyu Chemical Technology Co., Ltd.
4.21.1 Hebei Pengyu Chemical Technology Co., Ltd. Monofunctional Anhydride Company Information
4.21.2 Hebei Pengyu Chemical Technology Co., Ltd. Monofunctional Anhydride Business Overview
4.21.3 Hebei Pengyu Chemical Technology Co., Ltd. Monofunctional Anhydride Production Capacity, Value and Gross Margin (2020-2025)
4.21.4 Hebei Pengyu Chemical Technology Co., Ltd. Product Portfolio
4.21.5 Hebei Pengyu Chemical Technology Co., Ltd. Recent Developments
5 Global Monofunctional Anhydride Production by Region
5.1 Global Monofunctional Anhydride Production Estimates and Forecasts by Region: 2020 VS 2024 VS 2031
5.2 Global Monofunctional Anhydride Production by Region: 2020-2031
5.2.1 Global Monofunctional Anhydride Production by Region: 2020-2025
5.2.2 Global Monofunctional Anhydride Production Forecast by Region (2026-2031)
5.3 Global Monofunctional Anhydride Production Value Estimates and Forecasts by Region: 2020 VS 2024 VS 2031
5.4 Global Monofunctional Anhydride Production Value by Region: 2020-2031
5.4.1 Global Monofunctional Anhydride Production Value by Region: 2020-2025
5.4.2 Global Monofunctional Anhydride Production Value Forecast by Region (2026-2031)
5.5 Global Monofunctional Anhydride Market Price Analysis by Region (2020-2025)
5.6 Global Monofunctional Anhydride Production and Value, YOY Growth
5.6.1 North America Monofunctional Anhydride Production Value Estimates and Forecasts (2020-2031)
5.6.2 Europe Monofunctional Anhydride Production Value Estimates and Forecasts (2020-2031)
5.6.3 China Monofunctional Anhydride Production Value Estimates and Forecasts (2020-2031)
5.6.4 Japan Monofunctional Anhydride Production Value Estimates and Forecasts (2020-2031)
6 Global Monofunctional Anhydride Consumption by Region
6.1 Global Monofunctional Anhydride Consumption Estimates and Forecasts by Region: 2020 VS 2024 VS 2031
6.2 Global Monofunctional Anhydride Consumption by Region (2020-2031)
6.2.1 Global Monofunctional Anhydride Consumption by Region: 2020-2025
6.2.2 Global Monofunctional Anhydride Forecasted Consumption by Region (2026-2031)
6.3 North America
6.3.1 North America Monofunctional Anhydride Consumption Growth Rate by Country: 2020 VS 2024 VS 2031
6.3.2 North America Monofunctional Anhydride Consumption by Country (2020-2031)
6.3.3 United States
6.3.4 Canada
6.3.5 Mexico
6.4 Europe
6.4.1 Europe Monofunctional Anhydride Consumption Growth Rate by Country: 2020 VS 2024 VS 2031
6.4.2 Europe Monofunctional Anhydride Consumption by Country (2020-2031)
6.4.3 Germany
6.4.4 France
6.4.5 U.K.
6.4.6 Italy
6.4.7 Russia
6.4.8 Spain
6.4.9 Netherlands
6.4.10 Switzerland
6.4.11 Sweden
6.4.12 Poland
6.5 Asia Pacific
6.5.1 Asia Pacific Monofunctional Anhydride Consumption Growth Rate by Country: 2020 VS 2024 VS 2031
6.5.2 Asia Pacific Monofunctional Anhydride Consumption by Country (2020-2031)
6.5.3 China
6.5.4 Japan
6.5.5 South Korea
6.5.6 India
6.5.7 Australia
6.5.8 Taiwan
6.5.9 Southeast Asia
6.6 South America, Middle East & Africa
6.6.1 South America, Middle East & Africa Monofunctional Anhydride Consumption Growth Rate by Country: 2020 VS 2024 VS 2031
6.6.2 South America, Middle East & Africa Monofunctional Anhydride Consumption by Country (2020-2031)
6.6.3 Brazil
6.6.4 Argentina
6.6.5 Chile
6.6.6 Turkey
6.6.7 GCC Countries
7 Segment by Type
7.1 Global Monofunctional Anhydride Production by Type (2020-2031)
7.1.1 Global Monofunctional Anhydride Production by Type (2020-2031) & (Tons)
7.1.2 Global Monofunctional Anhydride Production Market Share by Type (2020-2031)
7.2 Global Monofunctional Anhydride Production Value by Type (2020-2031)
7.2.1 Global Monofunctional Anhydride Production Value by Type (2020-2031) & (US$ Million)
7.2.2 Global Monofunctional Anhydride Production Value Market Share by Type (2020-2031)
7.3 Global Monofunctional Anhydride Price by Type (2020-2031)
8 Segment by Application
8.1 Global Monofunctional Anhydride Production by Application (2020-2031)
8.1.1 Global Monofunctional Anhydride Production by Application (2020-2031) & (Tons)
8.1.2 Global Monofunctional Anhydride Production Market Share by Application (2020-2031)
8.2 Global Monofunctional Anhydride Production Value by Application (2020-2031)
8.2.1 Global Monofunctional Anhydride Production Value by Application (2020-2031) & (US$ Million)
8.2.2 Global Monofunctional Anhydride Production Value Market Share by Application (2020-2031)
8.3 Global Monofunctional Anhydride Price by Application (2020-2031)
9 Value Chain and Sales Channels Analysis of the Market
9.1 Monofunctional Anhydride Value Chain Analysis
9.1.1 Monofunctional Anhydride Key Raw Materials
9.1.2 Raw Materials Key Suppliers
9.1.3 Monofunctional Anhydride Production Mode & Process
9.2 Monofunctional Anhydride Sales Channels Analysis
9.2.1 Direct Comparison with Distribution Share
9.2.2 Monofunctional Anhydride Distributors
9.2.3 Monofunctional Anhydride Customers
10 Global Monofunctional Anhydride Analyzing Market Dynamics
10.1 Monofunctional Anhydride Industry Trends
10.2 Monofunctional Anhydride Industry Drivers
10.3 Monofunctional Anhydride Industry Opportunities and Challenges
10.4 Monofunctional Anhydride Industry Restraints
11 Report Conclusion
12 Disclaimer

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