Global Liposome in Cosmetics Market Research Report- Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2026 - 2035)
Description
Definition and Scope:
Liposomes are spherical vesicles in which their central aqueous section is surrounded by one or more of a bilayer membrane (Lamella) that is frequently enclosed by aquatic environments. These vesicles are formed when amphiphilic lipids confront with aqueous milieu. They can vary in size from 15 nm to several microns. In the last 30 years, the application of liposome has been expanded from drug delivery to the cosmetic field and it is the most widely known cosmetic delivery system nowadays.
This report offers a comprehensive analysis of the global Liposome in Cosmetics market, examining all key dimensions. It provides both a macro-level overview and micro-level market details, including market size, trends, competitive landscape, niche segments, growth drivers, and key challenges.
Report Framework and Key Highlights:
Market Dynamics: Identification of major market drivers, restraints, opportunities, and challenges.
Trend Analysis: Examination of ongoing and emerging trends impacting the market.
Competitive Landscape: Detailed profiles and market positioning of major players, including market share, operational status, product offerings, and strategic developments.
Strategic Analysis Tools: SWOT Analysis, Porter’s Five Forces Analysis, PEST Analysis, Value Chain Analysis
Market Segmentation: By type, application, region, and end-user industry.
Forecasting and Growth Projections: In-depth revenue forecasts and CAGR analysis through 2033.
This report equips readers with critical insights to navigate competitive dynamics and develop effective strategies. Whether assessing a new market entry or refining existing strategies, the report serves as a valuable tool for:
Industry players
Investors
Researchers
Consultants
Business strategists
And all stakeholders with an interest or investment in the Liposome in Cosmetics market.
Global Liposome in Cosmetics Market: Segmentation Analysis and Strategic Insights
This section of the report provides an in-depth segmentation analysis of the global Liposome in Cosmetics market. The market is segmented based on region (country), manufacturer, product type, and application. Segmentation enables a more precise understanding of market dynamics and facilitates targeted strategies across product development, marketing, and sales.
By breaking the market into meaningful subsets, stakeholders can better tailor their offerings to the specific needs of each segment—enhancing competitiveness and improving return on investment.
Global Liposome in Cosmetics Market: Market Segmentation Analysis
The research report includes specific segments by region (country), manufacturers, Type, and Application. Market segmentation creates subsets of a market based on product type, end-user or application, Geographic, and other factors. By understanding the market segments, the decision-maker can leverage this targeting in the product, sales, and marketing strategies. Market segments can power your product development cycles by informing how you create product offerings for different segments.
Key Companies Profiled
Lipoid Kosmetik
Lucas Meyer Cosmetics
Nippon Fine Chemical
Enoc Pharma
Nanovec
Lipotec
Croda
H&A Pharmachem
Lipomize
ID bio
BioSpectrum
Derma Clinical
Kewpie Corporation
Nanohealth Biotech
Creative Biostructure
Phenbiox
Market Segmentation by Type
Liposome Vitamin
Liposome Ceramide
Liposome CoQ10
Others
Market Segmentation by Application
Skin Care
Hair Care
Geographic Segmentation
North America: United States, Canada, Mexico
Europe: Germany, France, Italy, U.K., Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium, Russia.
Asia-Pacific: China, Japan, South Korea, India, Australia, Indonesia, Malaysia, Philippines, Singapore, Thailand
South America: Brazil, Argentina, Colombia.
Middle East and Africa (MEA): Saudi Arabia, United Arab Emirates, Egypt, Nigeria, South Africa, Rest of MEA
Report Framework and Chapter Summary
Chapter 1: Report Scope and Market Definition
This chapter outlines the statistical boundaries and scope of the report. It defines the segmentation standards used throughout the study, including criteria for dividing the market by region, product type, application, and other relevant dimensions. It establishes the foundational definitions and classifications that guide the rest of the analysis.
Chapter 2: Executive Summary
This chapter presents a concise summary of the market’s current status and future outlook across different segments—by geography, product type, and application. It includes key metrics such as market size, growth trends, and development potential for each segment. The chapter offers a high-level overview of the Liposome in Cosmetics Market, highlighting its evolution over the short, medium, and long term.
Chapter 3: Market Dynamics and Policy Environment
This chapter explores the latest developments in the market, identifying key growth drivers, restraints, challenges, and risks faced by industry participants. It also includes an analysis of the policy and regulatory landscape affecting the market, providing insight into how external factors may shape future performance.
Chapter 4: Competitive Landscape
This chapter provides a detailed assessment of the market's competitive environment. It covers market share, production capacity, output, pricing trends, and strategic developments such as mergers, acquisitions, and expansion plans of leading players. This analysis offers a comprehensive view of the positioning and performance of top competitors.
Chapters 5–10: Regional Market Analysis
These chapters offer in-depth, quantitative evaluations of market size and growth potential across major regions and countries. Each chapter assesses regional consumption patterns, market dynamics, development prospects, and available capacity. The analysis helps readers understand geographical differences and opportunities in global markets.
Chapter 11: Market Segmentation by Product Type
This chapter examines the market based on product type, analyzing the size, growth trends, and potential of each segment. It helps stakeholders identify underexplored or high-potential product categories—often referred to as “blue ocean” opportunities.
Chapter 12: Market Segmentation by Application
This chapter analyzes the market based on application fields, providing insights into the scale and future development of each application segment. It supports readers in identifying high-growth areas across downstream markets.
Chapter 13: Company Profiles
This chapter presents comprehensive profiles of leading companies operating in the market. For each company, it details sales revenue, volume, pricing, gross profit margin, market share, product offerings, and recent strategic developments. This section offers valuable insight into corporate performance and strategy.
Chapter 14: Industry Chain and Value Chain Analysis
This chapter explores the full industry chain, from upstream raw material suppliers to downstream application sectors. It includes a value chain analysis that highlights the interconnections and dependencies across various parts of the ecosystem.
Chapter 15: Key Findings and Conclusions
The final chapter summarizes the main takeaways from the report, presenting the core conclusions, strategic recommendations, and implications for stakeholders. It encapsulates the insights drawn from all previous chapters.
Liposomes are spherical vesicles in which their central aqueous section is surrounded by one or more of a bilayer membrane (Lamella) that is frequently enclosed by aquatic environments. These vesicles are formed when amphiphilic lipids confront with aqueous milieu. They can vary in size from 15 nm to several microns. In the last 30 years, the application of liposome has been expanded from drug delivery to the cosmetic field and it is the most widely known cosmetic delivery system nowadays.
This report offers a comprehensive analysis of the global Liposome in Cosmetics market, examining all key dimensions. It provides both a macro-level overview and micro-level market details, including market size, trends, competitive landscape, niche segments, growth drivers, and key challenges.
Report Framework and Key Highlights:
Market Dynamics: Identification of major market drivers, restraints, opportunities, and challenges.
Trend Analysis: Examination of ongoing and emerging trends impacting the market.
Competitive Landscape: Detailed profiles and market positioning of major players, including market share, operational status, product offerings, and strategic developments.
Strategic Analysis Tools: SWOT Analysis, Porter’s Five Forces Analysis, PEST Analysis, Value Chain Analysis
Market Segmentation: By type, application, region, and end-user industry.
Forecasting and Growth Projections: In-depth revenue forecasts and CAGR analysis through 2033.
This report equips readers with critical insights to navigate competitive dynamics and develop effective strategies. Whether assessing a new market entry or refining existing strategies, the report serves as a valuable tool for:
Industry players
Investors
Researchers
Consultants
Business strategists
And all stakeholders with an interest or investment in the Liposome in Cosmetics market.
Global Liposome in Cosmetics Market: Segmentation Analysis and Strategic Insights
This section of the report provides an in-depth segmentation analysis of the global Liposome in Cosmetics market. The market is segmented based on region (country), manufacturer, product type, and application. Segmentation enables a more precise understanding of market dynamics and facilitates targeted strategies across product development, marketing, and sales.
By breaking the market into meaningful subsets, stakeholders can better tailor their offerings to the specific needs of each segment—enhancing competitiveness and improving return on investment.
Global Liposome in Cosmetics Market: Market Segmentation Analysis
The research report includes specific segments by region (country), manufacturers, Type, and Application. Market segmentation creates subsets of a market based on product type, end-user or application, Geographic, and other factors. By understanding the market segments, the decision-maker can leverage this targeting in the product, sales, and marketing strategies. Market segments can power your product development cycles by informing how you create product offerings for different segments.
Key Companies Profiled
Lipoid Kosmetik
Lucas Meyer Cosmetics
Nippon Fine Chemical
Enoc Pharma
Nanovec
Lipotec
Croda
H&A Pharmachem
Lipomize
ID bio
BioSpectrum
Derma Clinical
Kewpie Corporation
Nanohealth Biotech
Creative Biostructure
Phenbiox
Market Segmentation by Type
Liposome Vitamin
Liposome Ceramide
Liposome CoQ10
Others
Market Segmentation by Application
Skin Care
Hair Care
Geographic Segmentation
North America: United States, Canada, Mexico
Europe: Germany, France, Italy, U.K., Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium, Russia.
Asia-Pacific: China, Japan, South Korea, India, Australia, Indonesia, Malaysia, Philippines, Singapore, Thailand
South America: Brazil, Argentina, Colombia.
Middle East and Africa (MEA): Saudi Arabia, United Arab Emirates, Egypt, Nigeria, South Africa, Rest of MEA
Report Framework and Chapter Summary
Chapter 1: Report Scope and Market Definition
This chapter outlines the statistical boundaries and scope of the report. It defines the segmentation standards used throughout the study, including criteria for dividing the market by region, product type, application, and other relevant dimensions. It establishes the foundational definitions and classifications that guide the rest of the analysis.
Chapter 2: Executive Summary
This chapter presents a concise summary of the market’s current status and future outlook across different segments—by geography, product type, and application. It includes key metrics such as market size, growth trends, and development potential for each segment. The chapter offers a high-level overview of the Liposome in Cosmetics Market, highlighting its evolution over the short, medium, and long term.
Chapter 3: Market Dynamics and Policy Environment
This chapter explores the latest developments in the market, identifying key growth drivers, restraints, challenges, and risks faced by industry participants. It also includes an analysis of the policy and regulatory landscape affecting the market, providing insight into how external factors may shape future performance.
Chapter 4: Competitive Landscape
This chapter provides a detailed assessment of the market's competitive environment. It covers market share, production capacity, output, pricing trends, and strategic developments such as mergers, acquisitions, and expansion plans of leading players. This analysis offers a comprehensive view of the positioning and performance of top competitors.
Chapters 5–10: Regional Market Analysis
These chapters offer in-depth, quantitative evaluations of market size and growth potential across major regions and countries. Each chapter assesses regional consumption patterns, market dynamics, development prospects, and available capacity. The analysis helps readers understand geographical differences and opportunities in global markets.
Chapter 11: Market Segmentation by Product Type
This chapter examines the market based on product type, analyzing the size, growth trends, and potential of each segment. It helps stakeholders identify underexplored or high-potential product categories—often referred to as “blue ocean” opportunities.
Chapter 12: Market Segmentation by Application
This chapter analyzes the market based on application fields, providing insights into the scale and future development of each application segment. It supports readers in identifying high-growth areas across downstream markets.
Chapter 13: Company Profiles
This chapter presents comprehensive profiles of leading companies operating in the market. For each company, it details sales revenue, volume, pricing, gross profit margin, market share, product offerings, and recent strategic developments. This section offers valuable insight into corporate performance and strategy.
Chapter 14: Industry Chain and Value Chain Analysis
This chapter explores the full industry chain, from upstream raw material suppliers to downstream application sectors. It includes a value chain analysis that highlights the interconnections and dependencies across various parts of the ecosystem.
Chapter 15: Key Findings and Conclusions
The final chapter summarizes the main takeaways from the report, presenting the core conclusions, strategic recommendations, and implications for stakeholders. It encapsulates the insights drawn from all previous chapters.
Table of Contents
212 Pages
- 1 Introduction to Research & Analysis Reports
- 1.1 Liposome in Cosmetics Market Definition
- 1.2 Liposome in Cosmetics Market Segments
- 1.2.1 Segment by Type
- 1.2.2 Segment by Application
- 2 Executive Summary
- 2.1 Global Liposome in Cosmetics Market Size
- 2.2 Market Segmentation – by Type
- 2.3 Market Segmentation – by Application
- 2.4 Market Segmentation – by Geography
- 3 Key Market Trends, Opportunity, Drivers and Restraints
- 3.1 Key Takeway
- 3.2 Market Opportunities & Trends
- 3.3 Market Drivers
- 3.4 Market Restraints
- 3.5 Market Major Factor Assessment
- 4 Global Liposome in Cosmetics Market Competitive Landscape
- 4.1 Global Liposome in Cosmetics Sales by Manufacturers (2020-2025)
- 4.2 Global Liposome in Cosmetics Revenue Market Share by Manufacturers (2020-2025)
- 4.3 Liposome in Cosmetics Market Share by Company Type (Tier 1, Tier 2, and Tier 3)
- 4.4 New Entrant and Capacity Expansion Plans
- 4.5 Mergers & Acquisitions
- 5 Global Liposome in Cosmetics Market by Region
- 5.1 Global Liposome in Cosmetics Market Size by Region
- 5.1.1 Global Liposome in Cosmetics Market Size by Region
- 5.1.2 Global Liposome in Cosmetics Market Size Market Share by Region
- 5.2 Global Liposome in Cosmetics Sales by Region
- 5.2.1 Global Liposome in Cosmetics Sales by Region
- 5.2.2 Global Liposome in Cosmetics Sales Market Share by Region
- 6 North America Market Overview
- 6.1 North America Liposome in Cosmetics Market Size by Country
- 6.1.1 USA Market Overview
- 6.1.2 Canada Market Overview
- 6.1.3 Mexico Market Overview
- 6.2 North America Liposome in Cosmetics Market Size by Type
- 6.3 North America Liposome in Cosmetics Market Size by Application
- 6.4 Top Players in North America Liposome in Cosmetics Market
- 7 Europe Market Overview
- 7.1 Europe Liposome in Cosmetics Market Size by Country
- 7.1.1 Germany Market Overview
- 7.1.2 France Market Overview
- 7.1.3 U.K. Market Overview
- 7.1.4 Italy Market Overview
- 7.1.5 Spain Market Overview
- 7.1.6 Sweden Market Overview
- 7.1.7 Denmark Market Overview
- 7.1.8 Netherlands Market Overview
- 7.1.9 Switzerland Market Overview
- 7.1.10 Belgium Market Overview
- 7.1.11 Russia Market Overview
- 7.2 Europe Liposome in Cosmetics Market Size by Type
- 7.3 Europe Liposome in Cosmetics Market Size by Application
- 7.4 Top Players in Europe Liposome in Cosmetics Market
- 8 Asia-Pacific Market Overview
- 8.1 Asia-Pacific Liposome in Cosmetics Market Size by Country
- 8.1.1 China Market Overview
- 8.1.2 Japan Market Overview
- 8.1.3 South Korea Market Overview
- 8.1.4 India Market Overview
- 8.1.5 Australia Market Overview
- 8.1.6 Indonesia Market Overview
- 8.1.7 Malaysia Market Overview
- 8.1.8 Philippines Market Overview
- 8.1.9 Singapore Market Overview
- 8.1.10 Thailand Market Overview
- 8.1.11 Rest of APAC Market Overview
- 8.2 Asia-Pacific Liposome in Cosmetics Market Size by Type
- 8.3 Asia-Pacific Liposome in Cosmetics Market Size by Application
- 8.4 Top Players in Asia-Pacific Liposome in Cosmetics Market
- 9 South America Market Overview
- 9.1 South America Liposome in Cosmetics Market Size by Country
- 9.1.1 Brazil Market Overview
- 9.1.2 Argentina Market Overview
- 9.1.3 Columbia Market Overview
- 9.2 South America Liposome in Cosmetics Market Size by Type
- 9.3 South America Liposome in Cosmetics Market Size by Application
- 9.4 Top Players in South America Liposome in Cosmetics Market
- 10 Middle East and Africa Market Overview
- 10.1 Middle East and Africa Liposome in Cosmetics Market Size by Country
- 10.1.1 Saudi Arabia Market Overview
- 10.1.2 UAE Market Overview
- 10.1.3 Egypt Market Overview
- 10.1.4 Nigeria Market Overview
- 10.1.5 South Africa Market Overview
- 10.2 Middle East and Africa Liposome in Cosmetics Market Size by Type
- 10.3 Middle East and Africa Liposome in Cosmetics Market Size by Application
- 10.4 Top Players in Middle East and Africa Liposome in Cosmetics Market
- 11 Liposome in Cosmetics Market Segmentation by Type
- 11.1 Evaluation Matrix of Segment Market Development Potential (Type)
- 11.2 Global Liposome in Cosmetics Sales Market Share by Type (2020-2035)
- 11.3 Global Liposome in Cosmetics Market Size Market Share by Type (2020-2035)
- 11.4 Global Liposome in Cosmetics Price by Type (2020-2035)
- 12 Liposome in Cosmetics Market Segmentation by Application
- 12.1 Evaluation Matrix of Segment Market Development Potential (Application)
- 12.2 Global Liposome in Cosmetics Market Sales by Application (2020-2035)
- 12.3 Global Liposome in Cosmetics Market Size (M USD) by Application (2020-2035)
- 12.4 Global Liposome in Cosmetics Sales Growth Rate by Application (2020-2035)
- 13 Company Profiles
- 13.1 Lipoid Kosmetik
- 13.1.1 Lipoid Kosmetik Company Overview
- 13.1.2 Lipoid Kosmetik Business Overview
- 13.1.3 Lipoid Kosmetik Liposome in Cosmetics Major Product Offerings
- 13.1.4 Lipoid Kosmetik Liposome in Cosmetics Sales and Revenue fromLiposome in Cosmetics (2020-2025)
- 13.1.5 Key News
- 13.2 Lucas Meyer Cosmetics
- 13.2.1 Lucas Meyer Cosmetics Company Overview
- 13.2.2 Lucas Meyer Cosmetics Business Overview
- 13.2.3 Lucas Meyer Cosmetics Liposome in Cosmetics Major Product Offerings
- 13.2.4 Lucas Meyer Cosmetics Liposome in Cosmetics Sales and Revenue fromLiposome in Cosmetics (2020-2025)
- 13.2.5 Key News
- 13.3 Nippon Fine Chemical
- 13.3.1 Nippon Fine Chemical Company Overview
- 13.3.2 Nippon Fine Chemical Business Overview
- 13.3.3 Nippon Fine Chemical Liposome in Cosmetics Major Product Offerings
- 13.3.4 Nippon Fine Chemical Liposome in Cosmetics Sales and Revenue fromLiposome in Cosmetics (2020-2025)
- 13.3.5 Key News
- 13.4 Enoc Pharma
- 13.4.1 Enoc Pharma Company Overview
- 13.4.2 Enoc Pharma Business Overview
- 13.4.3 Enoc Pharma Liposome in Cosmetics Major Product Offerings
- 13.4.4 Enoc Pharma Liposome in Cosmetics Sales and Revenue fromLiposome in Cosmetics (2020-2025)
- 13.4.5 Key News
- 13.5 Nanovec
- 13.5.1 Nanovec Company Overview
- 13.5.2 Nanovec Business Overview
- 13.5.3 Nanovec Liposome in Cosmetics Major Product Offerings
- 13.5.4 Nanovec Liposome in Cosmetics Sales and Revenue fromLiposome in Cosmetics (2020-2025)
- 13.5.5 Key News
- 13.6 Lipotec
- 13.6.1 Lipotec Company Overview
- 13.6.2 Lipotec Business Overview
- 13.6.3 Lipotec Liposome in Cosmetics Major Product Offerings
- 13.6.4 Lipotec Liposome in Cosmetics Sales and Revenue fromLiposome in Cosmetics (2020-2025)
- 13.6.5 Key News
- 13.7 Croda
- 13.7.1 Croda Company Overview
- 13.7.2 Croda Business Overview
- 13.7.3 Croda Liposome in Cosmetics Major Product Offerings
- 13.7.4 Croda Liposome in Cosmetics Sales and Revenue fromLiposome in Cosmetics (2020-2025)
- 13.7.5 Key News
- 13.8 HandA Pharmachem
- 13.8.1 HandA Pharmachem Company Overview
- 13.8.2 HandA Pharmachem Business Overview
- 13.8.3 HandA Pharmachem Liposome in Cosmetics Major Product Offerings
- 13.8.4 HandA Pharmachem Liposome in Cosmetics Sales and Revenue fromLiposome in Cosmetics (2020-2025)
- 13.8.5 Key News
- 13.9 Lipomize
- 13.9.1 Lipomize Company Overview
- 13.9.2 Lipomize Business Overview
- 13.9.3 Lipomize Liposome in Cosmetics Major Product Offerings
- 13.9.4 Lipomize Liposome in Cosmetics Sales and Revenue fromLiposome in Cosmetics (2020-2025)
- 13.9.5 Key News
- 13.10 ID bio
- 13.10.1 ID bio Company Overview
- 13.10.2 ID bio Business Overview
- 13.10.3 ID bio Liposome in Cosmetics Major Product Offerings
- 13.10.4 ID bio Liposome in Cosmetics Sales and Revenue fromLiposome in Cosmetics (2020-2025)
- 13.10.5 Key News
- 13.11 BioSpectrum
- 13.11.1 BioSpectrum Company Overview
- 13.11.2 BioSpectrum Business Overview
- 13.11.3 BioSpectrum Liposome in Cosmetics Major Product Offerings
- 13.11.4 BioSpectrum Liposome in Cosmetics Sales and Revenue fromLiposome in Cosmetics (2020-2025)
- 13.11.5 Key News
- 13.12 Derma Clinical
- 13.12.1 Derma Clinical Company Overview
- 13.12.2 Derma Clinical Business Overview
- 13.12.3 Derma Clinical Liposome in Cosmetics Major Product Offerings
- 13.12.4 Derma Clinical Liposome in Cosmetics Sales and Revenue fromLiposome in Cosmetics (2020-2025)
- 13.12.5 Key News
- 13.13 Kewpie Corporation
- 13.13.1 Kewpie Corporation Company Overview
- 13.13.2 Kewpie Corporation Business Overview
- 13.13.3 Kewpie Corporation Liposome in Cosmetics Major Product Offerings
- 13.13.4 Kewpie Corporation Liposome in Cosmetics Sales and Revenue fromLiposome in Cosmetics (2020-2025)
- 13.13.5 Key News
- 13.14 Nanohealth Biotech
- 13.14.1 Nanohealth Biotech Company Overview
- 13.14.2 Nanohealth Biotech Business Overview
- 13.14.3 Nanohealth Biotech Liposome in Cosmetics Major Product Offerings
- 13.14.4 Nanohealth Biotech Liposome in Cosmetics Sales and Revenue fromLiposome in Cosmetics (2020-2025)
- 13.14.5 Key News
- 13.15 Creative Biostructure
- 13.15.1 Creative Biostructure Company Overview
- 13.15.2 Creative Biostructure Business Overview
- 13.15.3 Creative Biostructure Liposome in Cosmetics Major Product Offerings
- 13.15.4 Creative Biostructure Liposome in Cosmetics Sales and Revenue fromLiposome in Cosmetics (2020-2025)
- 13.15.5 Key News
- 13.16 Phenbiox
- 13.16.1 Phenbiox Company Overview
- 13.16.2 Phenbiox Business Overview
- 13.16.3 Phenbiox Liposome in Cosmetics Major Product Offerings
- 13.16.4 Phenbiox Liposome in Cosmetics Sales and Revenue fromLiposome in Cosmetics (2020-2025)
- 13.16.5 Key News
- 14 Key Market Trends, Opportunity, Drivers and Restraints
- 14.1 Key Takeway
- 14.2 Market Opportunities & Trends
- 14.3 Market Drivers
- 14.4 Market Restraints
- 14.5 Market Major Factor Assessment
- 14.6 Porter's Five Forces Analysis of Liposome in Cosmetics Market
- 14.7 PEST Analysis of Liposome in Cosmetics Market
- 15 Analysis of the Liposome in Cosmetics Industry Chain
- 15.1 Overview of the Industry Chain
- 15.2 Upstream Segment Analysis
- 15.3 Midstream Segment Analysis
- 15.3.1 Manufacturing, Processing or Conversion Process Analysis
- 15.3.2 Key Technology Analysis
- 15.4 Downstream Segment Analysis
- 15.4.1 Downstream Customer List and Contact Details
- 15.4.2 Customer Concerns or Preference Analysis
- 16 Conclusion
- 17 Appendix
- 17.1 Methodology
- 17.2 Research Process and Data Source
- 17.3 Disclaimer
- 17.4 Note
- 17.5 Examples of Clients
- 17.6 Disclaimer
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