Global Solar Cell Metal Paste Market by Size, by Type, by Application, by Region, History and Forecast 2020-2031

Summary

Photovoltaic metallization pastes are screen printed onto the surface of solar cells in a pattern of grid lines which serve to collect electricity produced by the cell and transport it out. According to applications, solar cell metal paste can be classified into four categories: Front Side Ag Paste, Rear Side Ag Paste, Rear Side Al Paste and others.

According to APO Research, The global Solar Cell Metal Paste market is projected to grow from US$ million in 2025 to US$ million by 2031, at a Compound Annual Growth Rate (CAGR) of % during the forecast period.

The US & Canada market for Solar Cell Metal Paste 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.

Asia-Pacific market for Solar Cell Metal Paste 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 China market for Solar Cell Metal Paste 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 Solar Cell Metal Paste 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 Solar Cell Metal Paste include DuPont, Heraeus, Samsung SDI, Giga Solar, Toyo Aluminium K.K., Monocrystal, Noritake, Namics and Dongjin Semichem, etc. In 2024, the world's top three vendors accounted for approximately % of the revenue.

In terms of production side, this report researches the Solar Cell Metal Paste production, growth rate, market share by manufacturers and by region (region level and country level), from 2020 to 2025, and forecast to 2031.

In terms of consumption side, this report focuses on the sales of Solar Cell Metal Paste by region (region level and country level), by company, by type and by application. from 2020 to 2025 and forecast to 2031.

This report presents an overview of global market for Solar Cell Metal Paste, capacity, output, revenue and price. Analyses of the global market trends, with historic market revenue or sales data for 2020 - 2024, estimates for 2025, and projections of CAGR through 2031.

This report researches the key producers of Solar Cell Metal Paste, also provides the consumption of main regions and countries. Of the upcoming market potential for Solar Cell Metal Paste, 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 Solar Cell Metal Paste sales, revenue, market share and industry ranking of main manufacturers, data from 2020 to 2025. Identification of the major stakeholders in the global Solar Cell Metal Paste 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 2020 to 2031. Evaluation and forecast the market size for Solar Cell Metal Paste sales, projected growth trends, production technology, application and end-user industry.

Solar Cell Metal Paste Segment by Company

DuPont
Heraeus
Samsung SDI
Giga Solar
Toyo Aluminium K.K.
Monocrystal
Noritake
Namics
Dongjin Semichem
EXOJET Technology Corporation
AG PRO
TTMC
Daejoo Electronic Materials
Rutech
Hoyi Technology
Tehsun
LEED Electronic Ink
Xi'an Hongxing Electronic Paste
Ru Xing Technology
Cermet Materials
Eging Optoelectronics Technology
Xi’an Chuanglian Photovoltaic New Material
ThinTech Materials
Wuhan Youleguang photoelectric technology

Solar Cell Metal Paste Segment by Type

Front Side Ag Paste
Rear Side Ag Paste
Rear Side Al Paste
Others

Solar Cell Metal Paste Segment by Application

Multicrystalline Silicon Solar Cell
Monocrystalline Silicon Solar Cell
Others

Solar Cell Metal Paste 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
Colombia
Middle East & Africa
Egypt
South Africa
Israel
Türkiye
GCC Countries

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 Solar Cell Metal Paste 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 Solar Cell Metal Paste 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 Solar Cell Metal Paste.
7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.

Chapter Outline

Chapter 1: Provides an overview of the Solar Cell Metal Paste market, including product definition, global market growth prospects, production value, capacity, and average price forecasts (2020-2031).
Chapter 2: Analysis key trends, drivers, challenges, and opportunities within the global Solar Cell Metal Paste industry.
Chapter 3: Detailed analysis of Solar Cell Metal Paste market competition landscape. Including Solar Cell Metal Paste manufacturers' output value, output and average price from 2020 to 2025, as well as competition analysis indicators such as origin, product type, application, merger and acquisition information, etc.
Chapter 4: 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 5: 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 6: 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 7: Production/Production Value of Solar Cell Metal Paste by region. It provides a quantitative analysis of the market size and development potential of each region in the next six years.
Chapter 8: Consumption of Solar Cell Metal Paste 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 9: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 10: Concluding Insights of the report.

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1 Market Overview
1.1 Product Definition
1.2 Global Market Growth Prospects
1.2.1 Global Solar Cell Metal Paste Production Value Estimates and Forecasts (2020-2031)
1.2.2 Global Solar Cell Metal Paste Production Capacity Estimates and Forecasts (2020-2031)
1.2.3 Global Solar Cell Metal Paste Production Estimates and Forecasts (2020-2031)
1.2.4 Global Solar Cell Metal Paste Market Average Price (2020-2031)
1.3 Assumptions and Limitations
1.4 Study Goals and Objectives
2 Global Solar Cell Metal Paste Market Dynamics
2.1 Solar Cell Metal Paste Industry Trends
2.2 Solar Cell Metal Paste Industry Drivers
2.3 Solar Cell Metal Paste Industry Opportunities and Challenges
2.4 Solar Cell Metal Paste Industry Restraints
3 Solar Cell Metal Paste Market by Manufacturers
3.1 Global Solar Cell Metal Paste Production Value by Manufacturers (2020-2025)
3.2 Global Solar Cell Metal Paste Production by Manufacturers (2020-2025)
3.3 Global Solar Cell Metal Paste Average Price by Manufacturers (2020-2025)
3.4 Global Solar Cell Metal Paste Industry Manufacturers Ranking, 2023 VS 2024 VS 2025
3.5 Global Solar Cell Metal Paste Key Manufacturers Manufacturing Sites & Headquarters
3.6 Global Solar Cell Metal Paste Manufacturers, Product Type & Application
3.7 Global Solar Cell Metal Paste Manufacturers Established Date
3.8 Market Competitive Analysis
3.8.1 Global Solar Cell Metal Paste Market CR5 and HHI
3.8.2 Global Top 5 and 10 Solar Cell Metal Paste Players Market Share by Production Value in 2024
3.8.3 2024 Solar Cell Metal Paste Tier 1, Tier 2, and Tier 3
4 Solar Cell Metal Paste Market by Type
4.1 Solar Cell Metal Paste Type Introduction
4.1.1 Front Side Ag Paste
4.1.2 Rear Side Ag Paste
4.1.3 Rear Side Al Paste
4.1.4 Others
4.2 Global Solar Cell Metal Paste Production by Type
4.2.1 Global Solar Cell Metal Paste Production by Type (2020 VS 2024 VS 2031)
4.2.2 Global Solar Cell Metal Paste Production by Type (2020-2031)
4.2.3 Global Solar Cell Metal Paste Production Market Share by Type (2020-2031)
4.3 Global Solar Cell Metal Paste Production Value by Type
4.3.1 Global Solar Cell Metal Paste Production Value by Type (2020 VS 2024 VS 2031)
4.3.2 Global Solar Cell Metal Paste Production Value by Type (2020-2031)
4.3.3 Global Solar Cell Metal Paste Production Value Market Share by Type (2020-2031)
5 Solar Cell Metal Paste Market by Application
5.1 Solar Cell Metal Paste Application Introduction
5.1.1 Multicrystalline Silicon Solar Cell
5.1.2 Monocrystalline Silicon Solar Cell
5.1.3 Others
5.2 Global Solar Cell Metal Paste Production by Application
5.2.1 Global Solar Cell Metal Paste Production by Application (2020 VS 2024 VS 2031)
5.2.2 Global Solar Cell Metal Paste Production by Application (2020-2031)
5.2.3 Global Solar Cell Metal Paste Production Market Share by Application (2020-2031)
5.3 Global Solar Cell Metal Paste Production Value by Application
5.3.1 Global Solar Cell Metal Paste Production Value by Application (2020 VS 2024 VS 2031)
5.3.2 Global Solar Cell Metal Paste Production Value by Application (2020-2031)
5.3.3 Global Solar Cell Metal Paste Production Value Market Share by Application (2020-2031)
6 Company Profiles
6.1 DuPont
6.1.1 DuPont Comapny Information
6.1.2 DuPont Business Overview
6.1.3 DuPont Solar Cell Metal Paste Production, Value and Gross Margin (2020-2025)
6.1.4 DuPont Solar Cell Metal Paste Product Portfolio
6.1.5 DuPont Recent Developments
6.2 Heraeus
6.2.1 Heraeus Comapny Information
6.2.2 Heraeus Business Overview
6.2.3 Heraeus Solar Cell Metal Paste Production, Value and Gross Margin (2020-2025)
6.2.4 Heraeus Solar Cell Metal Paste Product Portfolio
6.2.5 Heraeus Recent Developments
6.3 Samsung SDI
6.3.1 Samsung SDI Comapny Information
6.3.2 Samsung SDI Business Overview
6.3.3 Samsung SDI Solar Cell Metal Paste Production, Value and Gross Margin (2020-2025)
6.3.4 Samsung SDI Solar Cell Metal Paste Product Portfolio
6.3.5 Samsung SDI Recent Developments
6.4 Giga Solar
6.4.1 Giga Solar Comapny Information
6.4.2 Giga Solar Business Overview
6.4.3 Giga Solar Solar Cell Metal Paste Production, Value and Gross Margin (2020-2025)
6.4.4 Giga Solar Solar Cell Metal Paste Product Portfolio
6.4.5 Giga Solar Recent Developments
6.5 Toyo Aluminium K.K.
6.5.1 Toyo Aluminium K.K. Comapny Information
6.5.2 Toyo Aluminium K.K. Business Overview
6.5.3 Toyo Aluminium K.K. Solar Cell Metal Paste Production, Value and Gross Margin (2020-2025)
6.5.4 Toyo Aluminium K.K. Solar Cell Metal Paste Product Portfolio
6.5.5 Toyo Aluminium K.K. Recent Developments
6.6 Monocrystal
6.6.1 Monocrystal Comapny Information
6.6.2 Monocrystal Business Overview
6.6.3 Monocrystal Solar Cell Metal Paste Production, Value and Gross Margin (2020-2025)
6.6.4 Monocrystal Solar Cell Metal Paste Product Portfolio
6.6.5 Monocrystal Recent Developments
6.7 Noritake
6.7.1 Noritake Comapny Information
6.7.2 Noritake Business Overview
6.7.3 Noritake Solar Cell Metal Paste Production, Value and Gross Margin (2020-2025)
6.7.4 Noritake Solar Cell Metal Paste Product Portfolio
6.7.5 Noritake Recent Developments
6.8 Namics
6.8.1 Namics Comapny Information
6.8.2 Namics Business Overview
6.8.3 Namics Solar Cell Metal Paste Production, Value and Gross Margin (2020-2025)
6.8.4 Namics Solar Cell Metal Paste Product Portfolio
6.8.5 Namics Recent Developments
6.9 Dongjin Semichem
6.9.1 Dongjin Semichem Comapny Information
6.9.2 Dongjin Semichem Business Overview
6.9.3 Dongjin Semichem Solar Cell Metal Paste Production, Value and Gross Margin (2020-2025)
6.9.4 Dongjin Semichem Solar Cell Metal Paste Product Portfolio
6.9.5 Dongjin Semichem Recent Developments
6.10 EXOJET Technology Corporation
6.10.1 EXOJET Technology Corporation Comapny Information
6.10.2 EXOJET Technology Corporation Business Overview
6.10.3 EXOJET Technology Corporation Solar Cell Metal Paste Production, Value and Gross Margin (2020-2025)
6.10.4 EXOJET Technology Corporation Solar Cell Metal Paste Product Portfolio
6.10.5 EXOJET Technology Corporation Recent Developments
6.11 AG PRO
6.11.1 AG PRO Comapny Information
6.11.2 AG PRO Business Overview
6.11.3 AG PRO Solar Cell Metal Paste Production, Value and Gross Margin (2020-2025)
6.11.4 AG PRO Solar Cell Metal Paste Product Portfolio
6.11.5 AG PRO Recent Developments
6.12 TTMC
6.12.1 TTMC Comapny Information
6.12.2 TTMC Business Overview
6.12.3 TTMC Solar Cell Metal Paste Production, Value and Gross Margin (2020-2025)
6.12.4 TTMC Solar Cell Metal Paste Product Portfolio
6.12.5 TTMC Recent Developments
6.13 Daejoo Electronic Materials
6.13.1 Daejoo Electronic Materials Comapny Information
6.13.2 Daejoo Electronic Materials Business Overview
6.13.3 Daejoo Electronic Materials Solar Cell Metal Paste Production, Value and Gross Margin (2020-2025)
6.13.4 Daejoo Electronic Materials Solar Cell Metal Paste Product Portfolio
6.13.5 Daejoo Electronic Materials Recent Developments
6.14 Rutech
6.14.1 Rutech Comapny Information
6.14.2 Rutech Business Overview
6.14.3 Rutech Solar Cell Metal Paste Production, Value and Gross Margin (2020-2025)
6.14.4 Rutech Solar Cell Metal Paste Product Portfolio
6.14.5 Rutech Recent Developments
6.15 Hoyi Technology
6.15.1 Hoyi Technology Comapny Information
6.15.2 Hoyi Technology Business Overview
6.15.3 Hoyi Technology Solar Cell Metal Paste Production, Value and Gross Margin (2020-2025)
6.15.4 Hoyi Technology Solar Cell Metal Paste Product Portfolio
6.15.5 Hoyi Technology Recent Developments
6.16 Tehsun
6.16.1 Tehsun Comapny Information
6.16.2 Tehsun Business Overview
6.16.3 Tehsun Solar Cell Metal Paste Production, Value and Gross Margin (2020-2025)
6.16.4 Tehsun Solar Cell Metal Paste Product Portfolio
6.16.5 Tehsun Recent Developments
6.17 LEED Electronic Ink
6.17.1 LEED Electronic Ink Comapny Information
6.17.2 LEED Electronic Ink Business Overview
6.17.3 LEED Electronic Ink Solar Cell Metal Paste Production, Value and Gross Margin (2020-2025)
6.17.4 LEED Electronic Ink Solar Cell Metal Paste Product Portfolio
6.17.5 LEED Electronic Ink Recent Developments
6.18 Xi'an Hongxing Electronic Paste
6.18.1 Xi'an Hongxing Electronic Paste Comapny Information
6.18.2 Xi'an Hongxing Electronic Paste Business Overview
6.18.3 Xi'an Hongxing Electronic Paste Solar Cell Metal Paste Production, Value and Gross Margin (2020-2025)
6.18.4 Xi'an Hongxing Electronic Paste Solar Cell Metal Paste Product Portfolio
6.18.5 Xi'an Hongxing Electronic Paste Recent Developments
6.19 Ru Xing Technology
6.19.1 Ru Xing Technology Comapny Information
6.19.2 Ru Xing Technology Business Overview
6.19.3 Ru Xing Technology Solar Cell Metal Paste Production, Value and Gross Margin (2020-2025)
6.19.4 Ru Xing Technology Solar Cell Metal Paste Product Portfolio
6.19.5 Ru Xing Technology Recent Developments
6.20 Cermet Materials
6.20.1 Cermet Materials Comapny Information
6.20.2 Cermet Materials Business Overview
6.20.3 Cermet Materials Solar Cell Metal Paste Production, Value and Gross Margin (2020-2025)
6.20.4 Cermet Materials Solar Cell Metal Paste Product Portfolio
6.20.5 Cermet Materials Recent Developments
6.21 Eging Optoelectronics Technology
6.21.1 Eging Optoelectronics Technology Comapny Information
6.21.2 Eging Optoelectronics Technology Business Overview
6.21.3 Eging Optoelectronics Technology Solar Cell Metal Paste Production, Value and Gross Margin (2020-2025)
6.21.4 Eging Optoelectronics Technology Solar Cell Metal Paste Product Portfolio
6.21.5 Eging Optoelectronics Technology Recent Developments
6.22 Xi’an Chuanglian Photovoltaic New Material
6.22.1 Xi’an Chuanglian Photovoltaic New Material Comapny Information
6.22.2 Xi’an Chuanglian Photovoltaic New Material Business Overview
6.22.3 Xi’an Chuanglian Photovoltaic New Material Solar Cell Metal Paste Production, Value and Gross Margin (2020-2025)
6.22.4 Xi’an Chuanglian Photovoltaic New Material Solar Cell Metal Paste Product Portfolio
6.22.5 Xi’an Chuanglian Photovoltaic New Material Recent Developments
6.23 ThinTech Materials
6.23.1 ThinTech Materials Comapny Information
6.23.2 ThinTech Materials Business Overview
6.23.3 ThinTech Materials Solar Cell Metal Paste Production, Value and Gross Margin (2020-2025)
6.23.4 ThinTech Materials Solar Cell Metal Paste Product Portfolio
6.23.5 ThinTech Materials Recent Developments
6.24 Wuhan Youleguang photoelectric technology
6.24.1 Wuhan Youleguang photoelectric technology Comapny Information
6.24.2 Wuhan Youleguang photoelectric technology Business Overview
6.24.3 Wuhan Youleguang photoelectric technology Solar Cell Metal Paste Production, Value and Gross Margin (2020-2025)
6.24.4 Wuhan Youleguang photoelectric technology Solar Cell Metal Paste Product Portfolio
6.24.5 Wuhan Youleguang photoelectric technology Recent Developments
7 Global Solar Cell Metal Paste Production by Region
7.1 Global Solar Cell Metal Paste Production by Region: 2020 VS 2024 VS 2031
7.2 Global Solar Cell Metal Paste Production by Region (2020-2031)
7.2.1 Global Solar Cell Metal Paste Production by Region: 2020-2025
7.2.2 Global Solar Cell Metal Paste Production Forecast by Region: 2026-2031
7.3 Global Solar Cell Metal Paste Production by Region: 2020 VS 2024 VS 2031
7.4 Global Solar Cell Metal Paste Production Value by Region (2020-2031)
7.4.1 Global Solar Cell Metal Paste Production Value by Region: 2020-2025
7.4.2 Global Solar Cell Metal Paste Production Value by Region (2026-2031)
7.5 Global Solar Cell Metal Paste Market Price Analysis by Region (2020-2031)
7.6 Regional Production Value Trends (2020-2031)
7.6.1 North America Solar Cell Metal Paste Production Value (2020-2031)
7.6.2 Europe Solar Cell Metal Paste Production Value (2020-2031)
7.6.3 Asia-Pacific Solar Cell Metal Paste Production Value (2020-2031)
7.6.4 South America Solar Cell Metal Paste Production Value (2020-2031)
7.6.5 Middle East & Africa Solar Cell Metal Paste Production Value (2020-2031)
8 Global Solar Cell Metal Paste Consumption by Region
8.1 Global Solar Cell Metal Paste Consumption by Region: 2020 VS 2024 VS 2031
8.2 Global Solar Cell Metal Paste Consumption by Region (2020-2031)
8.2.1 Global Solar Cell Metal Paste Consumption by Region (2020-2025)
8.2.2 Global Solar Cell Metal Paste Consumption by Region (2026-2031)
8.3 North America
8.3.1 North America Solar Cell Metal Paste Consumption Growth Rate by Country: 2020 VS 2024 VS 2031
8.3.2 North America Solar Cell Metal Paste Consumption by Country (2020-2031)
8.3.3 U.S.
8.3.4 Canada
8.3.5 Mexico
8.4 Europe
8.4.1 Europe Solar Cell Metal Paste Consumption Growth Rate by Country: 2020 VS 2024 VS 2031
8.4.2 Europe Solar Cell Metal Paste Consumption by Country (2020-2031)
8.4.3 Germany
8.4.4 France
8.4.5 U.K.
8.4.6 Italy
8.4.7 Netherlands
8.5 Asia Pacific
8.5.1 Asia Pacific Solar Cell Metal Paste Consumption Growth Rate by Country: 2020 VS 2024 VS 2031
8.5.2 Asia Pacific Solar Cell Metal Paste Consumption by Country (2020-2031)
8.5.3 China
8.5.4 Japan
8.5.5 South Korea
8.5.6 Southeast Asia
8.5.7 India
8.5.8 Australia
8.6 South America
8.6.1 South America Solar Cell Metal Paste Consumption Growth Rate by Country: 2020 VS 2024 VS 2031
8.6.2 South America Solar Cell Metal Paste Consumption by Country (2020-2031)
8.6.3 Brazil
8.6.4 Argentina
8.6.5 Chile
8.6.6 Colombia
8.7 Middle East & Africa
8.7.1 Middle East & Africa Solar Cell Metal Paste Consumption Growth Rate by Country: 2020 VS 2024 VS 2031
8.7.2 Middle East & Africa Solar Cell Metal Paste Consumption by Country (2020-2031)
8.7.3 Egypt
8.7.4 South Africa
8.7.5 Israel
8.7.6 Türkiye
8.7.7 GCC Countries
9 Value Chain and Sales Channels Analysis
9.1 Solar Cell Metal Paste Value Chain Analysis
9.1.1 Solar Cell Metal Paste Key Raw Materials
9.1.2 Raw Materials Key Suppliers
9.1.3 Manufacturing Cost Structure
9.1.4 Solar Cell Metal Paste Production Mode & Process
9.2 Solar Cell Metal Paste Sales Channels Analysis
9.2.1 Direct Comparison with Distribution Share
9.2.2 Solar Cell Metal Paste Distributors
9.2.3 Solar Cell Metal Paste Customers
10 Concluding Insights
11 Appendix
11.1 Reasons for Doing This Study
11.2 Research Methodology
11.3 Research Process
11.4 Authors List of This Report
11.5 Data Source
11.5.1 Secondary Sources
11.5.2 Primary Sources
11.6 Disclaimer

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