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Global Smart Fabrics & Interactive Textiles Market Research Report 2024
Synopsis
Smart fabrics and interactive textiles are those textiles that can respond to external environmental stimuli, such as moisture, temperature change, pressure, magnetism, and other stimuli. Various textiles can be embedded with electronics, digital components or additives, like silver, to enhance the desired functionalities. The high performance and cost-effectiveness of smart fabrics and interactive textiles have enabled them to replace traditional materials and become popular among many end-users.
The global Smart Fabrics & Interactive Textiles market was valued at US$ 3594 million in 2023 and is anticipated to reach US$ 4711.3 million by 2030, witnessing a CAGR of 4.0% during the forecast period 2024-2030.
North American market for Smart Fabrics & Interactive Textiles is estimated to increase from $ million in 2023 to reach $ million by 2030, at a CAGR of % during the forecast period of 2024 through 2030.
Asia-Pacific market for Smart Fabrics & Interactive Textiles is estimated to increase from $ million in 2023 to reach $ million by 2030, at a CAGR of % during the forecast period of 2024 through 2030.
The major global manufacturers of Smart Fabrics & Interactive Textiles include Intelligent Clothing, Milliken & Company, Interactive Wear AG, Toray Industries, Fibretronic Limited, Textronics, Heapsylon LLC, Schoeller Textil and Performance Fibers, etc. In 2023, the world's top three vendors accounted for approximately % of the revenue.
This report aims to provide a comprehensive presentation of the global market for Smart Fabrics & Interactive Textiles, 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 Smart Fabrics & Interactive Textiles.
Report Scope
The Smart Fabrics & Interactive Textiles market size, estimations, and forecasts are provided in terms of output/shipments (K MT) and revenue ($ millions), considering 2023 as the base year, with history and forecast data for the period from 2019 to 2030. This report segments the global Smart Fabrics & Interactive Textiles 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 Smart Fabrics & Interactive Textiles 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.
Market Segmentation
By Company
Intelligent Clothing
Milliken & Company
Interactive Wear AG
Toray Industries
Fibretronic Limited
Textronics
Heapsylon LLC
Schoeller Textil
Performance Fibers
Koninklijke Ten Cate
Exo2
Vista Medical
Ohmatex ApS
Segment by Type
Cotton Soundproofing Material
Rubber Soundproofing Material
Others
Segment by Application
Health Care
Military/Defense
Fashion and Entertainment
Sportswear
Transport and Automotive
Production by Region
North America
Europe
China
Japan
Consumption by Region
North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Russia
Asia-Pacific
China
Japan
South Korea
China Taiwan
Southeast Asia
India
Latin America, Middle East & Africa
Mexico
Brazil
Turkey
GCC Countries
Chapter Outline
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 Smart Fabrics & Interactive Textiles manufacturers competitive landscape, price, production and value market share, latest development plan, merger, and acquisition information, etc.
Chapter 3: Production/output, value of Smart Fabrics & Interactive Textiles 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 Smart Fabrics & Interactive Textiles 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 main 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.
Smart fabrics and interactive textiles are those textiles that can respond to external environmental stimuli, such as moisture, temperature change, pressure, magnetism, and other stimuli. Various textiles can be embedded with electronics, digital components or additives, like silver, to enhance the desired functionalities. The high performance and cost-effectiveness of smart fabrics and interactive textiles have enabled them to replace traditional materials and become popular among many end-users.
The global Smart Fabrics & Interactive Textiles market was valued at US$ 3594 million in 2023 and is anticipated to reach US$ 4711.3 million by 2030, witnessing a CAGR of 4.0% during the forecast period 2024-2030.
North American market for Smart Fabrics & Interactive Textiles is estimated to increase from $ million in 2023 to reach $ million by 2030, at a CAGR of % during the forecast period of 2024 through 2030.
Asia-Pacific market for Smart Fabrics & Interactive Textiles is estimated to increase from $ million in 2023 to reach $ million by 2030, at a CAGR of % during the forecast period of 2024 through 2030.
The major global manufacturers of Smart Fabrics & Interactive Textiles include Intelligent Clothing, Milliken & Company, Interactive Wear AG, Toray Industries, Fibretronic Limited, Textronics, Heapsylon LLC, Schoeller Textil and Performance Fibers, etc. In 2023, the world's top three vendors accounted for approximately % of the revenue.
This report aims to provide a comprehensive presentation of the global market for Smart Fabrics & Interactive Textiles, 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 Smart Fabrics & Interactive Textiles.
Report Scope
The Smart Fabrics & Interactive Textiles market size, estimations, and forecasts are provided in terms of output/shipments (K MT) and revenue ($ millions), considering 2023 as the base year, with history and forecast data for the period from 2019 to 2030. This report segments the global Smart Fabrics & Interactive Textiles 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 Smart Fabrics & Interactive Textiles 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.
Market Segmentation
By Company
Intelligent Clothing
Milliken & Company
Interactive Wear AG
Toray Industries
Fibretronic Limited
Textronics
Heapsylon LLC
Schoeller Textil
Performance Fibers
Koninklijke Ten Cate
Exo2
Vista Medical
Ohmatex ApS
Segment by Type
Cotton Soundproofing Material
Rubber Soundproofing Material
Others
Segment by Application
Health Care
Military/Defense
Fashion and Entertainment
Sportswear
Transport and Automotive
Production by Region
North America
Europe
China
Japan
Consumption by Region
North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Russia
Asia-Pacific
China
Japan
South Korea
China Taiwan
Southeast Asia
India
Latin America, Middle East & Africa
Mexico
Brazil
Turkey
GCC Countries
Chapter Outline
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 Smart Fabrics & Interactive Textiles manufacturers competitive landscape, price, production and value market share, latest development plan, merger, and acquisition information, etc.
Chapter 3: Production/output, value of Smart Fabrics & Interactive Textiles 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 Smart Fabrics & Interactive Textiles 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 main 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.
Index1 Smart Fabrics & Interactive Textiles Market Overview
1.1 Product Definition
1.2 Smart Fabrics & Interactive Textiles Segment by Type
1.2.1 Global Smart Fabrics & Interactive Textiles Market Value Growth Rate Analysis by Type 2023 VS 2030
1.2.2 Cotton Soundproofing Material
1.2.3 Rubber Soundproofing Material
1.2.4 Others
1.3 Smart Fabrics & Interactive Textiles Segment by Application
1.3.1 Global Smart Fabrics & Interactive Textiles Market Value Growth Rate Analysis by Application: 2023 VS 2030
1.3.2 Health Care
1.3.3 Military/Defense
1.3.4 Fashion and Entertainment
1.3.5 Sportswear
1.3.6 Transport and Automotive
1.4 Global Market Growth Prospects
1.4.1 Global Smart Fabrics & Interactive Textiles Production Value Estimates and Forecasts (2019-2030)
1.4.2 Global Smart Fabrics & Interactive Textiles Production Capacity Estimates and Forecasts (2019-2030)
1.4.3 Global Smart Fabrics & Interactive Textiles Production Estimates and Forecasts (2019-2030)
1.4.4 Global Smart Fabrics & Interactive Textiles Market Average Price Estimates and Forecasts (2019-2030)
1.5 Assumptions and Limitations
2 Market Competition by Manufacturers
2.1 Global Smart Fabrics & Interactive Textiles Production Market Share by Manufacturers (2019-2024)
2.2 Global Smart Fabrics & Interactive Textiles Production Value Market Share by Manufacturers (2019-2024)
2.3 Global Key Players of Smart Fabrics & Interactive Textiles, Industry Ranking, 2022 VS 2023 VS 2024
2.4 Global Smart Fabrics & Interactive Textiles Market Share by Company Type (Tier 1, Tier 2 and Tier 3)
2.5 Global Smart Fabrics & Interactive Textiles Average Price by Manufacturers (2019-2024)
2.6 Global Key Manufacturers of Smart Fabrics & Interactive Textiles, Manufacturing Base Distribution and Headquarters
2.7 Global Key Manufacturers of Smart Fabrics & Interactive Textiles, Product Offered and Application
2.8 Global Key Manufacturers of Smart Fabrics & Interactive Textiles, Date of Enter into This Industry
2.9 Smart Fabrics & Interactive Textiles Market Competitive Situation and Trends
2.9.1 Smart Fabrics & Interactive Textiles Market Concentration Rate
2.9.2 Global 5 and 10 Largest Smart Fabrics & Interactive Textiles Players Market Share by Revenue
2.10 Mergers & Acquisitions, Expansion
3 Smart Fabrics & Interactive Textiles Production by Region
3.1 Global Smart Fabrics & Interactive Textiles Production Value Estimates and Forecasts by Region: 2019 VS 2023 VS 2030
3.2 Global Smart Fabrics & Interactive Textiles Production Value by Region (2019-2030)
3.2.1 Global Smart Fabrics & Interactive Textiles Production Value Market Share by Region (2019-2024)
3.2.2 Global Forecasted Production Value of Smart Fabrics & Interactive Textiles by Region (2025-2030)
3.3 Global Smart Fabrics & Interactive Textiles Production Estimates and Forecasts by Region: 2019 VS 2023 VS 2030
3.4 Global Smart Fabrics & Interactive Textiles Production by Region (2019-2030)
3.4.1 Global Smart Fabrics & Interactive Textiles Production Market Share by Region (2019-2024)
3.4.2 Global Forecasted Production of Smart Fabrics & Interactive Textiles by Region (2025-2030)
3.5 Global Smart Fabrics & Interactive Textiles Market Price Analysis by Region (2019-2024)
3.6 Global Smart Fabrics & Interactive Textiles Production and Value, Year-over-Year Growth
3.6.1 North America Smart Fabrics & Interactive Textiles Production Value Estimates and Forecasts (2019-2030)
3.6.2 Europe Smart Fabrics & Interactive Textiles Production Value Estimates and Forecasts (2019-2030)
3.6.3 China Smart Fabrics & Interactive Textiles Production Value Estimates and Forecasts (2019-2030)
3.6.4 Japan Smart Fabrics & Interactive Textiles Production Value Estimates and Forecasts (2019-2030)
4 Smart Fabrics & Interactive Textiles Consumption by Region
4.1 Global Smart Fabrics & Interactive Textiles Consumption Estimates and Forecasts by Region: 2019 VS 2023 VS 2030
4.2 Global Smart Fabrics & Interactive Textiles Consumption by Region (2019-2030)
4.2.1 Global Smart Fabrics & Interactive Textiles Consumption by Region (2019-2024)
4.2.2 Global Smart Fabrics & Interactive Textiles Forecasted Consumption by Region (2025-2030)
4.3 North America
4.3.1 North America Smart Fabrics & Interactive Textiles Consumption Growth Rate by Country: 2019 VS 2023 VS 2030
4.3.2 North America Smart Fabrics & Interactive Textiles Consumption by Country (2019-2030)
4.3.3 U.S.
4.3.4 Canada
4.4 Europe
4.4.1 Europe Smart Fabrics & Interactive Textiles Consumption Growth Rate by Country: 2019 VS 2023 VS 2030
4.4.2 Europe Smart Fabrics & Interactive Textiles Consumption by Country (2019-2030)
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 Smart Fabrics & Interactive Textiles Consumption Growth Rate by Region: 2019 VS 2023 VS 2030
4.5.2 Asia Pacific Smart Fabrics & Interactive Textiles Consumption by Region (2019-2030)
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 Smart Fabrics & Interactive Textiles Consumption Growth Rate by Country: 2019 VS 2023 VS 2030
4.6.2 Latin America, Middle East & Africa Smart Fabrics & Interactive Textiles Consumption by Country (2019-2030)
4.6.3 Mexico
4.6.4 Brazil
4.6.5 Turkey
5 Segment by Type
5.1 Global Smart Fabrics & Interactive Textiles Production by Type (2019-2030)
5.1.1 Global Smart Fabrics & Interactive Textiles Production by Type (2019-2024)
5.1.2 Global Smart Fabrics & Interactive Textiles Production by Type (2025-2030)
5.1.3 Global Smart Fabrics & Interactive Textiles Production Market Share by Type (2019-2030)
5.2 Global Smart Fabrics & Interactive Textiles Production Value by Type (2019-2030)
5.2.1 Global Smart Fabrics & Interactive Textiles Production Value by Type (2019-2024)
5.2.2 Global Smart Fabrics & Interactive Textiles Production Value by Type (2025-2030)
5.2.3 Global Smart Fabrics & Interactive Textiles Production Value Market Share by Type (2019-2030)
5.3 Global Smart Fabrics & Interactive Textiles Price by Type (2019-2030)
6 Segment by Application
6.1 Global Smart Fabrics & Interactive Textiles Production by Application (2019-2030)
6.1.1 Global Smart Fabrics & Interactive Textiles Production by Application (2019-2024)
6.1.2 Global Smart Fabrics & Interactive Textiles Production by Application (2025-2030)
6.1.3 Global Smart Fabrics & Interactive Textiles Production Market Share by Application (2019-2030)
6.2 Global Smart Fabrics & Interactive Textiles Production Value by Application (2019-2030)
6.2.1 Global Smart Fabrics & Interactive Textiles Production Value by Application (2019-2024)
6.2.2 Global Smart Fabrics & Interactive Textiles Production Value by Application (2025-2030)
6.2.3 Global Smart Fabrics & Interactive Textiles Production Value Market Share by Application (2019-2030)
6.3 Global Smart Fabrics & Interactive Textiles Price by Application (2019-2030)
7 Key Companies Profiled
7.1 Intelligent Clothing
7.1.1 Intelligent Clothing Smart Fabrics & Interactive Textiles Corporation Information
7.1.2 Intelligent Clothing Smart Fabrics & Interactive Textiles Product Portfolio
7.1.3 Intelligent Clothing Smart Fabrics & Interactive Textiles Production, Value, Price and Gross Margin (2019-2024)
7.1.4 Intelligent Clothing Main Business and Markets Served
7.1.5 Intelligent Clothing Recent Developments/Updates
7.2 Milliken & Company
7.2.1 Milliken & Company Smart Fabrics & Interactive Textiles Corporation Information
7.2.2 Milliken & Company Smart Fabrics & Interactive Textiles Product Portfolio
7.2.3 Milliken & Company Smart Fabrics & Interactive Textiles Production, Value, Price and Gross Margin (2019-2024)
7.2.4 Milliken & Company Main Business and Markets Served
7.2.5 Milliken & Company Recent Developments/Updates
7.3 Interactive Wear AG
7.3.1 Interactive Wear AG Smart Fabrics & Interactive Textiles Corporation Information
7.3.2 Interactive Wear AG Smart Fabrics & Interactive Textiles Product Portfolio
7.3.3 Interactive Wear AG Smart Fabrics & Interactive Textiles Production, Value, Price and Gross Margin (2019-2024)
7.3.4 Interactive Wear AG Main Business and Markets Served
7.3.5 Interactive Wear AG Recent Developments/Updates
7.4 Toray Industries
7.4.1 Toray Industries Smart Fabrics & Interactive Textiles Corporation Information
7.4.2 Toray Industries Smart Fabrics & Interactive Textiles Product Portfolio
7.4.3 Toray Industries Smart Fabrics & Interactive Textiles Production, Value, Price and Gross Margin (2019-2024)
7.4.4 Toray Industries Main Business and Markets Served
7.4.5 Toray Industries Recent Developments/Updates
7.5 Fibretronic Limited
7.5.1 Fibretronic Limited Smart Fabrics & Interactive Textiles Corporation Information
7.5.2 Fibretronic Limited Smart Fabrics & Interactive Textiles Product Portfolio
7.5.3 Fibretronic Limited Smart Fabrics & Interactive Textiles Production, Value, Price and Gross Margin (2019-2024)
7.5.4 Fibretronic Limited Main Business and Markets Served
7.5.5 Fibretronic Limited Recent Developments/Updates
7.6 Textronics
7.6.1 Textronics Smart Fabrics & Interactive Textiles Corporation Information
7.6.2 Textronics Smart Fabrics & Interactive Textiles Product Portfolio
7.6.3 Textronics Smart Fabrics & Interactive Textiles Production, Value, Price and Gross Margin (2019-2024)
7.6.4 Textronics Main Business and Markets Served
7.6.5 Textronics Recent Developments/Updates
7.7 Heapsylon LLC
7.7.1 Heapsylon LLC Smart Fabrics & Interactive Textiles Corporation Information
7.7.2 Heapsylon LLC Smart Fabrics & Interactive Textiles Product Portfolio
7.7.3 Heapsylon LLC Smart Fabrics & Interactive Textiles Production, Value, Price and Gross Margin (2019-2024)
7.7.4 Heapsylon LLC Main Business and Markets Served
7.7.5 Heapsylon LLC Recent Developments/Updates
7.8 Schoeller Textil
7.8.1 Schoeller Textil Smart Fabrics & Interactive Textiles Corporation Information
7.8.2 Schoeller Textil Smart Fabrics & Interactive Textiles Product Portfolio
7.8.3 Schoeller Textil Smart Fabrics & Interactive Textiles Production, Value, Price and Gross Margin (2019-2024)
7.8.4 Schoeller Textil Main Business and Markets Served
7.7.5 Schoeller Textil Recent Developments/Updates
7.9 Performance Fibers
7.9.1 Performance Fibers Smart Fabrics & Interactive Textiles Corporation Information
7.9.2 Performance Fibers Smart Fabrics & Interactive Textiles Product Portfolio
7.9.3 Performance Fibers Smart Fabrics & Interactive Textiles Production, Value, Price and Gross Margin (2019-2024)
7.9.4 Performance Fibers Main Business and Markets Served
7.9.5 Performance Fibers Recent Developments/Updates
7.10 Koninklijke Ten Cate
7.10.1 Koninklijke Ten Cate Smart Fabrics & Interactive Textiles Corporation Information
7.10.2 Koninklijke Ten Cate Smart Fabrics & Interactive Textiles Product Portfolio
7.10.3 Koninklijke Ten Cate Smart Fabrics & Interactive Textiles Production, Value, Price and Gross Margin (2019-2024)
7.10.4 Koninklijke Ten Cate Main Business and Markets Served
7.10.5 Koninklijke Ten Cate Recent Developments/Updates
7.11 Exo2
7.11.1 Exo2 Smart Fabrics & Interactive Textiles Corporation Information
7.11.2 Exo2 Smart Fabrics & Interactive Textiles Product Portfolio
7.11.3 Exo2 Smart Fabrics & Interactive Textiles Production, Value, Price and Gross Margin (2019-2024)
7.11.4 Exo2 Main Business and Markets Served
7.11.5 Exo2 Recent Developments/Updates
7.12 Vista Medical
7.12.1 Vista Medical Smart Fabrics & Interactive Textiles Corporation Information
7.12.2 Vista Medical Smart Fabrics & Interactive Textiles Product Portfolio
7.12.3 Vista Medical Smart Fabrics & Interactive Textiles Production, Value, Price and Gross Margin (2019-2024)
7.12.4 Vista Medical Main Business and Markets Served
7.12.5 Vista Medical Recent Developments/Updates
7.13 Ohmatex ApS
7.13.1 Ohmatex ApS Smart Fabrics & Interactive Textiles Corporation Information
7.13.2 Ohmatex ApS Smart Fabrics & Interactive Textiles Product Portfolio
7.13.3 Ohmatex ApS Smart Fabrics & Interactive Textiles Production, Value, Price and Gross Margin (2019-2024)
7.13.4 Ohmatex ApS Main Business and Markets Served
7.13.5 Ohmatex ApS Recent Developments/Updates
8 Industry Chain and Sales Channels Analysis
8.1 Smart Fabrics & Interactive Textiles Industry Chain Analysis
8.2 Smart Fabrics & Interactive Textiles Key Raw Materials
8.2.1 Key Raw Materials
8.2.2 Raw Materials Key Suppliers
8.3 Smart Fabrics & Interactive Textiles Production Mode & Process
8.4 Smart Fabrics & Interactive Textiles Sales and Marketing
8.4.1 Smart Fabrics & Interactive Textiles Sales Channels
8.4.2 Smart Fabrics & Interactive Textiles Distributors
8.5 Smart Fabrics & Interactive Textiles Customers
9 Smart Fabrics & Interactive Textiles Market Dynamics
9.1 Smart Fabrics & Interactive Textiles Industry Trends
9.2 Smart Fabrics & Interactive Textiles Market Drivers
9.3 Smart Fabrics & Interactive Textiles Market Challenges
9.4 Smart Fabrics & Interactive Textiles 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
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