Global Primary Lithium Battery Market Analysis and Forecast 2024-2030

Global Primary Lithium Battery Market Analysis and Forecast 2024-2030


Summary

Primary Lithium Batteries are primary batteries that have metallic lithium as an anode.it is one of the most popular primary battery. Primary Lithium Batteries Lithium batteries are widely used in Industrial, Medical devices, Consumer Electronics and among others.
The most common type of lithium cell used in consumer applications uses metallic lithium as anode and manganese dioxide as cathode, with a salt of lithium dissolved in an organic solvent.
The Primary Lithium Battery market covers Lithium/Thionyl Chloride Battery (Li/SOCL2) , Lithium/Manganese Dioxide Battery (Li/MnO2), etc. The typical players include Hitachi Maxell, SAFT, EVE Energy, Panasonic, FDK, etc.

According to APO Research, The global Primary Lithium Battery market is projected to grow from US$ million in 2024 to US$ million by 2030, at a Compound Annual Growth Rate (CAGR) of % during the forecast period.

The US & Canada market for Primary Lithium Battery is estimated to increase from $ million in 2024 to reach $ million by 2030, at a CAGR of % during the forecast period of 2025 through 2030.

Asia-Pacific market for Primary Lithium Battery is estimated to increase from $ million in 2024 to reach $ million by 2030, at a CAGR of % during the forecast period of 2025 through 2030.

The China market for Primary Lithium Battery is estimated to increase from $ million in 2024 to reach $ million by 2030, at a CAGR of % during the forecast period of 2025 through 2030.

Europe market for Primary Lithium Battery is estimated to increase from $ million in 2024 to reach $ million by 2030, at a CAGR of % during the forecast period of 2025 through 2030.

The major global manufacturers of Primary Lithium Battery include Hitachi Maxell, SAFT, EVE Energy, Panasonic, FDK, Duracell, Vitzrocell, Energizer and Ultralife, etc. In 2023, the world's top three vendors accounted for approximately % of the revenue.

In terms of production side, this report researches the Primary Lithium Battery production, growth rate, market share by manufacturers and by region (region level and country level), from 2019 to 2024, and forecast to 2030.

In terms of consumption side, this report focuses on the sales of Primary Lithium Battery by region (region level and country level), by Company, by Type and by Application. from 2019 to 2024 and forecast to 2030.

This report presents an overview of global market for Primary Lithium Battery, capacity, output, revenue and price. Analyses of the global market trends, with historic market revenue or sales data for 2019 - 2023, estimates for 2024, and projections of CAGR through 2030.

This report researches the key producers of Primary Lithium Battery, also provides the consumption of main regions and countries. Of the upcoming market potential for Primary Lithium Battery, and key regions or countries of focus to forecast this market into various segments and sub-segments. Country specific data and market value analysis for the U.S., Canada, Mexico, Brazil, China, Japan, South Korea, Southeast Asia, India, Germany, the U.K., Italy, Middle East, Africa, and Other Countries.

This report focuses on the Primary Lithium Battery sales, revenue, market share and industry ranking of main manufacturers, data from 2019 to 2024. Identification of the major stakeholders in the global Primary Lithium Battery market, and analysis of their competitive landscape and market positioning based on recent developments and segmental revenues. This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way.

This report analyzes the segments data by Type and by Application, sales, revenue, and price, from 2019 to 2030. Evaluation and forecast the market size for Primary Lithium Battery sales, projected growth trends, production technology, application and end-user industry.

Primary Lithium Battery segment by Company

Hitachi Maxell
SAFT
EVE Energy
Panasonic
FDK
Duracell
Vitzrocell
Energizer
Ultralife
Wuhan Voltec Engrgy
HCB Battery
Varta
EnerSys Ltd
EEMB Battery
Primary Lithium Battery segment by Type

Li/SOCL2
Li/MnO2
Li-SO2
Others
Primary Lithium Battery segment by Application

Meter
Smoke Detector
Security
Automotive
Medical Equipment
Industrial Control
Others
Primary Lithium Battery segment by Region

North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Russia
Asia-Pacific
China
Japan
South Korea
India
Australia
China Taiwan
Indonesia
Thailand
Malaysia
Latin America
Mexico
Brazil
Argentina
Middle East & Africa
Turkey
Saudi Arabia
UAE

Study Objectives

1. To analyze and research the global status and future forecast, involving, production, value, consumption, growth rate (CAGR), market share, historical and forecast.
2. To present the key manufacturers, capacity, production, revenue, market share, and Recent Developments.
3. To split the breakdown data by regions, type, manufacturers, and Application.
4. To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints, and risks.
5. To identify significant trends, drivers, influence factors in global and regions.
6. To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.

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 Primary Lithium Battery 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 Primary Lithium Battery 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 Primary Lithium Battery.
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 report scope of the report, executive summary of different market segments (by type and 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: 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: Primary Lithium Battery production/output of global and key producers (regions/countries). It provides a quantitative analysis of the production, and development potential of each producer in the next six years.
Chapter 4: Sales (consumption), revenue of Primary Lithium Battery in global, 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 of each country in the world.
Chapter 5: Detailed analysis of Primary Lithium Battery manufacturers competitive landscape, price, sales, revenue, market share and industry ranking, latest development plan, merger, and acquisition information, etc.
Chapter 6: Provides the analysis of various market segments by type, covering the sales, revenue, average price, and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 7: Provides the analysis of various market segments by application, covering the sales, revenue, average price, and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 8: Provides profiles of key manufacturers, introducing the basic situation of the main companies in the market in detail, including product descriptions and specifications, Primary Lithium Battery sales, revenue, price, gross margin, and recent development, etc.
Chapter 9: North America (US & Canada) by type, by application and by country, sales, and revenue for each segment.
Chapter 10: Europe by type, by application and by country, sales, and revenue for each segment.
Chapter 11: China by type, by application, sales, and revenue for each segment.
Chapter 12: Asia (Excluding China) by type, by application and by region, sales, and revenue for each segment.
Chapter 13: Middle East, Africa, Latin America by type, by application and by country, sales, and revenue for each segment.
Chapter 14: Analysis of industrial chain, sales channel, key raw materials, distributors and customers.
Chapter 15: The main concluding insights of the report.


1 Market Overview
1.1 Product Definition
1.2 Primary Lithium Battery Market by Type
1.2.1 Global Primary Lithium Battery Market Size by Type, 2019 VS 2023 VS 2030
1.2.2 Li/SOCL2
1.2.3 Li/MnO2
1.2.4 Li-SO2
1.2.5 Others
1.3 Primary Lithium Battery Market by Application
1.3.1 Global Primary Lithium Battery Market Size by Application, 2019 VS 2023 VS 2030
1.3.2 Meter
1.3.3 Smoke Detector
1.3.4 Security
1.3.5 Automotive
1.3.6 Medical Equipment
1.3.7 Industrial Control
1.3.8 Others
1.4 Assumptions and Limitations
1.5 Study Goals and Objectives
2 Primary Lithium Battery Market Dynamics
2.1 Primary Lithium Battery Industry Trends
2.2 Primary Lithium Battery Industry Drivers
2.3 Primary Lithium Battery Industry Opportunities and Challenges
2.4 Primary Lithium Battery Industry Restraints
3 Global Primary Lithium Battery Production Overview
3.1 Global Primary Lithium Battery Production Capacity (2019-2030)
3.2 Global Primary Lithium Battery Production by Region: 2019 VS 2023 VS 2030
3.3 Global Primary Lithium Battery Production by Region
3.3.1 Global Primary Lithium Battery Production by Region (2019-2024)
3.3.2 Global Primary Lithium Battery Production by Region (2025-2030)
3.3.3 Global Primary Lithium Battery Production Market Share by Region (2019-2030)
3.4 North America
3.5 Europe
3.6 China
3.7 Japan
3.8 South Korea
3.9 Southeast Asia
4 Global Market Growth Prospects
4.1 Global Primary Lithium Battery Revenue Estimates and Forecasts (2019-2030)
4.2 Global Primary Lithium Battery Revenue by Region
4.2.1 Global Primary Lithium Battery Revenue by Region: 2019 VS 2023 VS 2030
4.2.2 Global Primary Lithium Battery Revenue by Region (2019-2024)
4.2.3 Global Primary Lithium Battery Revenue by Region (2025-2030)
4.2.4 Global Primary Lithium Battery Revenue Market Share by Region (2019-2030)
4.3 Global Primary Lithium Battery Sales Estimates and Forecasts 2019-2030
4.4 Global Primary Lithium Battery Sales by Region
4.4.1 Global Primary Lithium Battery Sales by Region: 2019 VS 2023 VS 2030
4.4.2 Global Primary Lithium Battery Sales by Region (2019-2024)
4.4.3 Global Primary Lithium Battery Sales by Region (2025-2030)
4.4.4 Global Primary Lithium Battery Sales Market Share by Region (2019-2030)
4.5 US & Canada
4.6 Europe
4.7 China
4.8 Asia (Excluding China)
4.9 Middle East, Africa and Latin America
5 Market Competitive Landscape by Manufacturers
5.1 Global Primary Lithium Battery Revenue by Manufacturers
5.1.1 Global Primary Lithium Battery Revenue by Manufacturers (2019-2024)
5.1.2 Global Primary Lithium Battery Revenue Market Share by Manufacturers (2019-2024)
5.1.3 Global Primary Lithium Battery Manufacturers Revenue Share Top 10 and Top 5 in 2023
5.2 Global Primary Lithium Battery Sales by Manufacturers
5.2.1 Global Primary Lithium Battery Sales by Manufacturers (2019-2024)
5.2.2 Global Primary Lithium Battery Sales Market Share by Manufacturers (2019-2024)
5.2.3 Global Primary Lithium Battery Manufacturers Sales Share Top 10 and Top 5 in 2023
5.3 Global Primary Lithium Battery Sales Price by Manufacturers (2019-2024)
5.4 Global Primary Lithium Battery Key Manufacturers Ranking, 2022 VS 2023 VS 2024
5.5 Global Primary Lithium Battery Key Manufacturers Manufacturing Sites & Headquarters
5.6 Global Primary Lithium Battery Manufacturers, Product Type & Application
5.7 Global Primary Lithium Battery Manufacturers Commercialization Time
5.8 Market Competitive Analysis
5.8.1 Global Primary Lithium Battery Market CR5 and HHI
5.8.2 2023 Primary Lithium Battery Tier 1, Tier 2, and Tier 3
6 Primary Lithium Battery Market by Type
6.1 Global Primary Lithium Battery Revenue by Type
6.1.1 Global Primary Lithium Battery Revenue by Type (2019 VS 2023 VS 2030)
6.1.2 Global Primary Lithium Battery Revenue by Type (2019-2030) & (US$ Million)
6.1.3 Global Primary Lithium Battery Revenue Market Share by Type (2019-2030)
6.2 Global Primary Lithium Battery Sales by Type
6.2.1 Global Primary Lithium Battery Sales by Type (2019 VS 2023 VS 2030)
6.2.2 Global Primary Lithium Battery Sales by Type (2019-2030) & (M Units)
6.2.3 Global Primary Lithium Battery Sales Market Share by Type (2019-2030)
6.3 Global Primary Lithium Battery Price by Type
7 Primary Lithium Battery Market by Application
7.1 Global Primary Lithium Battery Revenue by Application
7.1.1 Global Primary Lithium Battery Revenue by Application (2019 VS 2023 VS 2030)
7.1.2 Global Primary Lithium Battery Revenue by Application (2019-2030) & (US$ Million)
7.1.3 Global Primary Lithium Battery Revenue Market Share by Application (2019-2030)
7.2 Global Primary Lithium Battery Sales by Application
7.2.1 Global Primary Lithium Battery Sales by Application (2019 VS 2023 VS 2030)
7.2.2 Global Primary Lithium Battery Sales by Application (2019-2030) & (M Units)
7.2.3 Global Primary Lithium Battery Sales Market Share by Application (2019-2030)
7.3 Global Primary Lithium Battery Price by Application
8 Company Profiles
8.1 Hitachi Maxell
8.1.1 Hitachi Maxell Comapny Information
8.1.2 Hitachi Maxell Business Overview
8.1.3 Hitachi Maxell Primary Lithium Battery Sales, Revenue, Price and Gross Margin (2019-2024)
8.1.4 Hitachi Maxell Primary Lithium Battery Product Portfolio
8.1.5 Hitachi Maxell Recent Developments
8.2 SAFT
8.2.1 SAFT Comapny Information
8.2.2 SAFT Business Overview
8.2.3 SAFT Primary Lithium Battery Sales, Revenue, Price and Gross Margin (2019-2024)
8.2.4 SAFT Primary Lithium Battery Product Portfolio
8.2.5 SAFT Recent Developments
8.3 EVE Energy
8.3.1 EVE Energy Comapny Information
8.3.2 EVE Energy Business Overview
8.3.3 EVE Energy Primary Lithium Battery Sales, Revenue, Price and Gross Margin (2019-2024)
8.3.4 EVE Energy Primary Lithium Battery Product Portfolio
8.3.5 EVE Energy Recent Developments
8.4 Panasonic
8.4.1 Panasonic Comapny Information
8.4.2 Panasonic Business Overview
8.4.3 Panasonic Primary Lithium Battery Sales, Revenue, Price and Gross Margin (2019-2024)
8.4.4 Panasonic Primary Lithium Battery Product Portfolio
8.4.5 Panasonic Recent Developments
8.5 FDK
8.5.1 FDK Comapny Information
8.5.2 FDK Business Overview
8.5.3 FDK Primary Lithium Battery Sales, Revenue, Price and Gross Margin (2019-2024)
8.5.4 FDK Primary Lithium Battery Product Portfolio
8.5.5 FDK Recent Developments
8.6 Duracell
8.6.1 Duracell Comapny Information
8.6.2 Duracell Business Overview
8.6.3 Duracell Primary Lithium Battery Sales, Revenue, Price and Gross Margin (2019-2024)
8.6.4 Duracell Primary Lithium Battery Product Portfolio
8.6.5 Duracell Recent Developments
8.7 Vitzrocell
8.7.1 Vitzrocell Comapny Information
8.7.2 Vitzrocell Business Overview
8.7.3 Vitzrocell Primary Lithium Battery Sales, Revenue, Price and Gross Margin (2019-2024)
8.7.4 Vitzrocell Primary Lithium Battery Product Portfolio
8.7.5 Vitzrocell Recent Developments
8.8 Energizer
8.8.1 Energizer Comapny Information
8.8.2 Energizer Business Overview
8.8.3 Energizer Primary Lithium Battery Sales, Revenue, Price and Gross Margin (2019-2024)
8.8.4 Energizer Primary Lithium Battery Product Portfolio
8.8.5 Energizer Recent Developments
8.9 Ultralife
8.9.1 Ultralife Comapny Information
8.9.2 Ultralife Business Overview
8.9.3 Ultralife Primary Lithium Battery Sales, Revenue, Price and Gross Margin (2019-2024)
8.9.4 Ultralife Primary Lithium Battery Product Portfolio
8.9.5 Ultralife Recent Developments
8.10 Wuhan Voltec Engrgy
8.10.1 Wuhan Voltec Engrgy Comapny Information
8.10.2 Wuhan Voltec Engrgy Business Overview
8.10.3 Wuhan Voltec Engrgy Primary Lithium Battery Sales, Revenue, Price and Gross Margin (2019-2024)
8.10.4 Wuhan Voltec Engrgy Primary Lithium Battery Product Portfolio
8.10.5 Wuhan Voltec Engrgy Recent Developments
8.11 HCB Battery
8.11.1 HCB Battery Comapny Information
8.11.2 HCB Battery Business Overview
8.11.3 HCB Battery Primary Lithium Battery Sales, Revenue, Price and Gross Margin (2019-2024)
8.11.4 HCB Battery Primary Lithium Battery Product Portfolio
8.11.5 HCB Battery Recent Developments
8.12 Varta
8.12.1 Varta Comapny Information
8.12.2 Varta Business Overview
8.12.3 Varta Primary Lithium Battery Sales, Revenue, Price and Gross Margin (2019-2024)
8.12.4 Varta Primary Lithium Battery Product Portfolio
8.12.5 Varta Recent Developments
8.13 EnerSys Ltd
8.13.1 EnerSys Ltd Comapny Information
8.13.2 EnerSys Ltd Business Overview
8.13.3 EnerSys Ltd Primary Lithium Battery Sales, Revenue, Price and Gross Margin (2019-2024)
8.13.4 EnerSys Ltd Primary Lithium Battery Product Portfolio
8.13.5 EnerSys Ltd Recent Developments
8.14 EEMB Battery
8.14.1 EEMB Battery Comapny Information
8.14.2 EEMB Battery Business Overview
8.14.3 EEMB Battery Primary Lithium Battery Sales, Revenue, Price and Gross Margin (2019-2024)
8.14.4 EEMB Battery Primary Lithium Battery Product Portfolio
8.14.5 EEMB Battery Recent Developments
9 North America
9.1 North America Primary Lithium Battery Market Size by Type
9.1.1 North America Primary Lithium Battery Revenue by Type (2019-2030)
9.1.2 North America Primary Lithium Battery Sales by Type (2019-2030)
9.1.3 North America Primary Lithium Battery Price by Type (2019-2030)
9.2 North America Primary Lithium Battery Market Size by Application
9.2.1 North America Primary Lithium Battery Revenue by Application (2019-2030)
9.2.2 North America Primary Lithium Battery Sales by Application (2019-2030)
9.2.3 North America Primary Lithium Battery Price by Application (2019-2030)
9.3 North America Primary Lithium Battery Market Size by Country
9.3.1 North America Primary Lithium Battery Revenue Grow Rate by Country (2019 VS 2023 VS 2030)
9.3.2 North America Primary Lithium Battery Sales by Country (2019 VS 2023 VS 2030)
9.3.3 North America Primary Lithium Battery Price by Country (2019-2030)
9.3.4 U.S.
9.3.5 Canada
10 Europe
10.1 Europe Primary Lithium Battery Market Size by Type
10.1.1 Europe Primary Lithium Battery Revenue by Type (2019-2030)
10.1.2 Europe Primary Lithium Battery Sales by Type (2019-2030)
10.1.3 Europe Primary Lithium Battery Price by Type (2019-2030)
10.2 Europe Primary Lithium Battery Market Size by Application
10.2.1 Europe Primary Lithium Battery Revenue by Application (2019-2030)
10.2.2 Europe Primary Lithium Battery Sales by Application (2019-2030)
10.2.3 Europe Primary Lithium Battery Price by Application (2019-2030)
10.3 Europe Primary Lithium Battery Market Size by Country
10.3.1 Europe Primary Lithium Battery Revenue Grow Rate by Country (2019 VS 2023 VS 2030)
10.3.2 Europe Primary Lithium Battery Sales by Country (2019 VS 2023 VS 2030)
10.3.3 Europe Primary Lithium Battery Price by Country (2019-2030)
10.3.4 Germany
10.3.5 France
10.3.6 U.K.
10.3.7 Italy
10.3.8 Russia
11 China
11.1 China Primary Lithium Battery Market Size by Type
11.1.1 China Primary Lithium Battery Revenue by Type (2019-2030)
11.1.2 China Primary Lithium Battery Sales by Type (2019-2030)
11.1.3 China Primary Lithium Battery Price by Type (2019-2030)
11.2 China Primary Lithium Battery Market Size by Application
11.2.1 China Primary Lithium Battery Revenue by Application (2019-2030)
11.2.2 China Primary Lithium Battery Sales by Application (2019-2030)
11.2.3 China Primary Lithium Battery Price by Application (2019-2030)
12 Asia (Excluding China)
12.1 Asia Primary Lithium Battery Market Size by Type
12.1.1 Asia Primary Lithium Battery Revenue by Type (2019-2030)
12.1.2 Asia Primary Lithium Battery Sales by Type (2019-2030)
12.1.3 Asia Primary Lithium Battery Price by Type (2019-2030)
12.2 Asia Primary Lithium Battery Market Size by Application
12.2.1 Asia Primary Lithium Battery Revenue by Application (2019-2030)
12.2.2 Asia Primary Lithium Battery Sales by Application (2019-2030)
12.2.3 Asia Primary Lithium Battery Price by Application (2019-2030)
12.3 Asia Primary Lithium Battery Market Size by Country
12.3.1 Asia Primary Lithium Battery Revenue Grow Rate by Country (2019 VS 2023 VS 2030)
12.3.2 Asia Primary Lithium Battery Sales by Country (2019 VS 2023 VS 2030)
12.3.3 Asia Primary Lithium Battery Price by Country (2019-2030)
12.3.4 Japan
12.3.5 South Korea
12.3.6 India
12.3.7 Australia
12.3.8 China Taiwan
12.3.9 Southeast Asia
13 Middle East, Africa and Latin America
13.1 Middle East, Africa and Latin America Primary Lithium Battery Market Size by Type
13.1.1 Middle East, Africa and Latin America Primary Lithium Battery Revenue by Type (2019-2030)
13.1.2 Middle East, Africa and Latin America Primary Lithium Battery Sales by Type (2019-2030)
13.1.3 Middle East, Africa and Latin America Primary Lithium Battery Price by Type (2019-2030)
13.2 Middle East, Africa and Latin America Primary Lithium Battery Market Size by Application
13.2.1 Middle East, Africa and Latin America Primary Lithium Battery Revenue by Application (2019-2030)
13.2.2 Middle East, Africa and Latin America Primary Lithium Battery Sales by Application (2019-2030)
13.2.3 Middle East, Africa and Latin America Primary Lithium Battery Price by Application (2019-2030)
13.3 Middle East, Africa and Latin America Primary Lithium Battery Market Size by Country
13.3.1 Middle East, Africa and Latin America Primary Lithium Battery Revenue Grow Rate by Country (2019 VS 2023 VS 2030)
13.3.2 Middle East, Africa and Latin America Primary Lithium Battery Sales by Country (2019 VS 2023 VS 2030)
13.3.3 Middle East, Africa and Latin America Primary Lithium Battery Price by Country (2019-2030)
13.3.4 Mexico
13.3.5 Brazil
13.3.6 Israel
13.3.7 Argentina
13.3.8 Colombia
13.3.9 Turkey
13.3.10 Saudi Arabia
13.3.11 UAE
14 Value Chain and Sales Channels Analysis
14.1 Primary Lithium Battery Value Chain Analysis
14.1.1 Primary Lithium Battery Key Raw Materials
14.1.2 Raw Materials Key Suppliers
14.1.3 Manufacturing Cost Structure
14.1.4 Primary Lithium Battery Production Mode & Process
14.2 Primary Lithium Battery Sales Channels Analysis
14.2.1 Direct Comparison with Distribution Share
14.2.2 Primary Lithium Battery Distributors
14.2.3 Primary Lithium Battery Customers
15 Concluding Insights
16 Appendix
16.1 Reasons for Doing This Study
16.2 Research Methodology
16.3 Research Process
16.4 Authors List of This Report
16.5 Data Source
16.5.1 Secondary Sources
16.5.2 Primary Sources
16.6 Disclaimer

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