Microcrystalline Cellulose (MCC) Industry Research Report 2025

Summary


Microcrystalline cellulose (MCC) is an odorless, tasteless, porous white powder derived from wood pulp or refined cotton. With a wide range of chemical, technical, and economic benefits, MCC is widely used in the pharmaceutical industry, food industry etc.

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

North American market for Microcrystalline Cellulose (MCC) is estimated to increase from $ million in 2025 to reach $ million by 2031, at a CAGR of % during the forecast period of 2026 through 2031.

Asia-Pacific market for Microcrystalline Cellulose (MCC) 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 Microcrystalline Cellulose (MCC) 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 Microcrystalline Cellulose (MCC) include , etc. In 2024, the world's top three vendors accounted for approximately % of the revenue.

Report Scope

This report aims to provide a comprehensive presentation of the global market for Microcrystalline Cellulose (MCC), 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 Microcrystalline Cellulose (MCC).

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

The Microcrystalline Cellulose (MCC) market size, estimations, and forecasts are provided in terms of sales volume (K MT) and revenue ($ millions), considering 2024 as the base year, with history and forecast data for the period from 2020 to 2031. This report segments the global Microcrystalline Cellulose (MCC) market comprehensively. Regional market sizes, concerning products by Type, by Application, and by players, are also provided. For a more in-depth understanding of the market, the report provides profiles of the competitive landscape, key competitors, and their respective market ranks. The report also discusses technological trends and new product developments.

Key Companies & Market Share Insights

In this section, the readers will gain an understanding of the key players competing. This report has studied the key growth strategies, such as innovative trends and developments, intensification of product portfolio, mergers and acquisitions, collaborations, new product innovation, and geographical expansion, undertaken by these participants to maintain their presence. Apart from business strategies, the study includes current developments and key financials. The readers will also get access to the data related to global revenue, price, and sales by manufacturers for the period 2020-2025. This all-inclusive report will certainly serve the clients to stay updated and make effective decisions in their businesses.

Microcrystalline Cellulose (MCC) Segment by Company

FMC
JRS
Mingtai
Asahi Kasei
Accent Microcell
Wei Ming Pharmaceutical
Juku Orchem Private Limited
Sigachi
BLANVER
Anhui Sunhere Pharmaceutical
Linghu Xinwang Chemical
Shandong Guangda
Huzhou Zhanwang Pharmaceutical
Jining Six Best Excipients
Aoda Pharmaceutical
QuFuShi Medical
Ahua Pharmaceutical
Qufu Tianli
Xinda biotchnology
Rutocel
Microcrystalline Cellulose (MCC) Segment by Type

Wood Pulp Based
Refined Cotton Based
Microcrystalline Cellulose (MCC) Segment by Application

Pharmaceutical
Food & Beverage
Cosmetics & Personal Care
Microcrystalline Cellulose (MCC) Segment by Region

North America
United States
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Spain
Netherlands
Switzerland
Sweden
Poland
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Southeast Asia
South America
Brazil
Argentina
Chile
Middle East & Africa
Egypt
South Africa
Israel
Türkiye
GCC Countries

Key Drivers & Barriers

High-impact rendering factors and drivers have been studied in this report to aid the readers to understand the general development. Moreover, the report includes restraints and challenges that may act as stumbling blocks on the way of the players. This will assist the users to be attentive and make informed decisions related to business. Specialists have also laid their focus on the upcoming business prospects.

Reasons to Buy This Report

1. This report will help the readers to understand the competition within the industries and strategies for the competitive environment to enhance the potential profit. The report also focuses on the competitive landscape of the global Microcrystalline Cellulose (MCC) 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 Microcrystalline Cellulose (MCC) 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 Microcrystalline Cellulose (MCC).
7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.

Chapter Outline

Chapter 1: Research objectives, research methods, data sources, data cross-validation;
Chapter 2: Introduces the report scope of the report, executive summary of different market segments (by region, product type, application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 3: Detailed analysis of Microcrystalline Cellulose (MCC) manufacturers competitive landscape, price, production and value market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product production/output, value, price, gross margin, product introduction, recent development, etc.
Chapter 5: Production/output, value of Microcrystalline Cellulose (MCC) by region/country. It provides a quantitative analysis of the market size and development potential of each region in the next six years.
Chapter 6: Consumption of Microcrystalline Cellulose (MCC) in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and production of each country in the world.
Chapter 7: Provides the analysis of various market segments by type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 8: Provides the analysis of various market segments by application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 9: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 10: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 11: The main points and conclusions of the report.

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


1 Preface
1.1 Scope of Report
1.2 Reasons for Doing This Study
1.3 Research Methodology
1.4 Research Process
1.5 Data Source
1.5.1 Secondary Sources
1.5.2 Primary Sources
2 Market Overview
2.1 Product Definition
2.2 Microcrystalline Cellulose (MCC) by Type
2.2.1 Market Value Comparison by Type (2020 VS 2024 VS 2031) & (US$ Million)
2.2.2 Wood Pulp Based
2.2.3 Refined Cotton Based
2.3 Microcrystalline Cellulose (MCC) by Application
2.3.1 Market Value Comparison by Application (2020 VS 2024 VS 2031) & (US$ Million)
2.3.2 Pharmaceutical
2.3.3 Food & Beverage
2.3.4 Cosmetics & Personal Care
2.4 Global Market Growth Prospects
2.4.1 Global Microcrystalline Cellulose (MCC) Production Value Estimates and Forecasts (2020-2031)
2.4.2 Global Microcrystalline Cellulose (MCC) Production Capacity Estimates and Forecasts (2020-2031)
2.4.3 Global Microcrystalline Cellulose (MCC) Production Estimates and Forecasts (2020-2031)
2.4.4 Global Microcrystalline Cellulose (MCC) Market Average Price (2020-2031)
3 Market Competitive Landscape by Manufacturers
3.1 Global Microcrystalline Cellulose (MCC) Production by Manufacturers (2020-2025)
3.2 Global Microcrystalline Cellulose (MCC) Production Value by Manufacturers (2020-2025)
3.3 Global Microcrystalline Cellulose (MCC) Average Price by Manufacturers (2020-2025)
3.4 Global Microcrystalline Cellulose (MCC) Industry Manufacturers Ranking, 2023 VS 2024 VS 2025
3.5 Global Microcrystalline Cellulose (MCC) Key Manufacturers, Manufacturing Sites & Headquarters
3.6 Global Microcrystalline Cellulose (MCC) Manufacturers, Product Type & Application
3.7 Global Microcrystalline Cellulose (MCC) Manufacturers Established Date
3.8 Global Microcrystalline Cellulose (MCC) Market CR5 and HHI
3.9 Global Manufacturers Mergers & Acquisition
4 Manufacturers Profiled
4.1 FMC
4.1.1 FMC Microcrystalline Cellulose (MCC) Company Information
4.1.2 FMC Microcrystalline Cellulose (MCC) Business Overview
4.1.3 FMC Microcrystalline Cellulose (MCC) Production Capacity, Value and Gross Margin (2020-2025)
4.1.4 FMC Product Portfolio
4.1.5 FMC Recent Developments
4.2 JRS
4.2.1 JRS Microcrystalline Cellulose (MCC) Company Information
4.2.2 JRS Microcrystalline Cellulose (MCC) Business Overview
4.2.3 JRS Microcrystalline Cellulose (MCC) Production Capacity, Value and Gross Margin (2020-2025)
4.2.4 JRS Product Portfolio
4.2.5 JRS Recent Developments
4.3 Mingtai
4.3.1 Mingtai Microcrystalline Cellulose (MCC) Company Information
4.3.2 Mingtai Microcrystalline Cellulose (MCC) Business Overview
4.3.3 Mingtai Microcrystalline Cellulose (MCC) Production Capacity, Value and Gross Margin (2020-2025)
4.3.4 Mingtai Product Portfolio
4.3.5 Mingtai Recent Developments
4.4 Asahi Kasei
4.4.1 Asahi Kasei Microcrystalline Cellulose (MCC) Company Information
4.4.2 Asahi Kasei Microcrystalline Cellulose (MCC) Business Overview
4.4.3 Asahi Kasei Microcrystalline Cellulose (MCC) Production Capacity, Value and Gross Margin (2020-2025)
4.4.4 Asahi Kasei Product Portfolio
4.4.5 Asahi Kasei Recent Developments
4.5 Accent Microcell
4.5.1 Accent Microcell Microcrystalline Cellulose (MCC) Company Information
4.5.2 Accent Microcell Microcrystalline Cellulose (MCC) Business Overview
4.5.3 Accent Microcell Microcrystalline Cellulose (MCC) Production Capacity, Value and Gross Margin (2020-2025)
4.5.4 Accent Microcell Product Portfolio
4.5.5 Accent Microcell Recent Developments
4.6 Wei Ming Pharmaceutical
4.6.1 Wei Ming Pharmaceutical Microcrystalline Cellulose (MCC) Company Information
4.6.2 Wei Ming Pharmaceutical Microcrystalline Cellulose (MCC) Business Overview
4.6.3 Wei Ming Pharmaceutical Microcrystalline Cellulose (MCC) Production Capacity, Value and Gross Margin (2020-2025)
4.6.4 Wei Ming Pharmaceutical Product Portfolio
4.6.5 Wei Ming Pharmaceutical Recent Developments
4.7 Juku Orchem Private Limited
4.7.1 Juku Orchem Private Limited Microcrystalline Cellulose (MCC) Company Information
4.7.2 Juku Orchem Private Limited Microcrystalline Cellulose (MCC) Business Overview
4.7.3 Juku Orchem Private Limited Microcrystalline Cellulose (MCC) Production Capacity, Value and Gross Margin (2020-2025)
4.7.4 Juku Orchem Private Limited Product Portfolio
4.7.5 Juku Orchem Private Limited Recent Developments
4.8 Sigachi
4.8.1 Sigachi Microcrystalline Cellulose (MCC) Company Information
4.8.2 Sigachi Microcrystalline Cellulose (MCC) Business Overview
4.8.3 Sigachi Microcrystalline Cellulose (MCC) Production Capacity, Value and Gross Margin (2020-2025)
4.8.4 Sigachi Product Portfolio
4.8.5 Sigachi Recent Developments
4.9 BLANVER
4.9.1 BLANVER Microcrystalline Cellulose (MCC) Company Information
4.9.2 BLANVER Microcrystalline Cellulose (MCC) Business Overview
4.9.3 BLANVER Microcrystalline Cellulose (MCC) Production Capacity, Value and Gross Margin (2020-2025)
4.9.4 BLANVER Product Portfolio
4.9.5 BLANVER Recent Developments
4.10 Anhui Sunhere Pharmaceutical
4.10.1 Anhui Sunhere Pharmaceutical Microcrystalline Cellulose (MCC) Company Information
4.10.2 Anhui Sunhere Pharmaceutical Microcrystalline Cellulose (MCC) Business Overview
4.10.3 Anhui Sunhere Pharmaceutical Microcrystalline Cellulose (MCC) Production Capacity, Value and Gross Margin (2020-2025)
4.10.4 Anhui Sunhere Pharmaceutical Product Portfolio
4.10.5 Anhui Sunhere Pharmaceutical Recent Developments
4.11 Linghu Xinwang Chemical
4.11.1 Linghu Xinwang Chemical Microcrystalline Cellulose (MCC) Company Information
4.11.2 Linghu Xinwang Chemical Microcrystalline Cellulose (MCC) Business Overview
4.11.3 Linghu Xinwang Chemical Microcrystalline Cellulose (MCC) Production Capacity, Value and Gross Margin (2020-2025)
4.11.4 Linghu Xinwang Chemical Product Portfolio
4.11.5 Linghu Xinwang Chemical Recent Developments
4.12 Shandong Guangda
4.12.1 Shandong Guangda Microcrystalline Cellulose (MCC) Company Information
4.12.2 Shandong Guangda Microcrystalline Cellulose (MCC) Business Overview
4.12.3 Shandong Guangda Microcrystalline Cellulose (MCC) Production Capacity, Value and Gross Margin (2020-2025)
4.12.4 Shandong Guangda Product Portfolio
4.12.5 Shandong Guangda Recent Developments
4.13 Huzhou Zhanwang Pharmaceutical
4.13.1 Huzhou Zhanwang Pharmaceutical Microcrystalline Cellulose (MCC) Company Information
4.13.2 Huzhou Zhanwang Pharmaceutical Microcrystalline Cellulose (MCC) Business Overview
4.13.3 Huzhou Zhanwang Pharmaceutical Microcrystalline Cellulose (MCC) Production Capacity, Value and Gross Margin (2020-2025)
4.13.4 Huzhou Zhanwang Pharmaceutical Product Portfolio
4.13.5 Huzhou Zhanwang Pharmaceutical Recent Developments
4.14 Jining Six Best Excipients
4.14.1 Jining Six Best Excipients Microcrystalline Cellulose (MCC) Company Information
4.14.2 Jining Six Best Excipients Microcrystalline Cellulose (MCC) Business Overview
4.14.3 Jining Six Best Excipients Microcrystalline Cellulose (MCC) Production Capacity, Value and Gross Margin (2020-2025)
4.14.4 Jining Six Best Excipients Product Portfolio
4.14.5 Jining Six Best Excipients Recent Developments
4.15 Aoda Pharmaceutical
4.15.1 Aoda Pharmaceutical Microcrystalline Cellulose (MCC) Company Information
4.15.2 Aoda Pharmaceutical Microcrystalline Cellulose (MCC) Business Overview
4.15.3 Aoda Pharmaceutical Microcrystalline Cellulose (MCC) Production Capacity, Value and Gross Margin (2020-2025)
4.15.4 Aoda Pharmaceutical Product Portfolio
4.15.5 Aoda Pharmaceutical Recent Developments
4.16 QuFuShi Medical
4.16.1 QuFuShi Medical Microcrystalline Cellulose (MCC) Company Information
4.16.2 QuFuShi Medical Microcrystalline Cellulose (MCC) Business Overview
4.16.3 QuFuShi Medical Microcrystalline Cellulose (MCC) Production Capacity, Value and Gross Margin (2020-2025)
4.16.4 QuFuShi Medical Product Portfolio
4.16.5 QuFuShi Medical Recent Developments
4.17 Ahua Pharmaceutical
4.17.1 Ahua Pharmaceutical Microcrystalline Cellulose (MCC) Company Information
4.17.2 Ahua Pharmaceutical Microcrystalline Cellulose (MCC) Business Overview
4.17.3 Ahua Pharmaceutical Microcrystalline Cellulose (MCC) Production Capacity, Value and Gross Margin (2020-2025)
4.17.4 Ahua Pharmaceutical Product Portfolio
4.17.5 Ahua Pharmaceutical Recent Developments
4.18 Qufu Tianli
4.18.1 Qufu Tianli Microcrystalline Cellulose (MCC) Company Information
4.18.2 Qufu Tianli Microcrystalline Cellulose (MCC) Business Overview
4.18.3 Qufu Tianli Microcrystalline Cellulose (MCC) Production Capacity, Value and Gross Margin (2020-2025)
4.18.4 Qufu Tianli Product Portfolio
4.18.5 Qufu Tianli Recent Developments
4.19 Xinda biotchnology
4.19.1 Xinda biotchnology Microcrystalline Cellulose (MCC) Company Information
4.19.2 Xinda biotchnology Microcrystalline Cellulose (MCC) Business Overview
4.19.3 Xinda biotchnology Microcrystalline Cellulose (MCC) Production Capacity, Value and Gross Margin (2020-2025)
4.19.4 Xinda biotchnology Product Portfolio
4.19.5 Xinda biotchnology Recent Developments
4.20 Rutocel
4.20.1 Rutocel Microcrystalline Cellulose (MCC) Company Information
4.20.2 Rutocel Microcrystalline Cellulose (MCC) Business Overview
4.20.3 Rutocel Microcrystalline Cellulose (MCC) Production Capacity, Value and Gross Margin (2020-2025)
4.20.4 Rutocel Product Portfolio
4.20.5 Rutocel Recent Developments
5 Global Microcrystalline Cellulose (MCC) Production by Region
5.1 Global Microcrystalline Cellulose (MCC) Production Estimates and Forecasts by Region: 2020 VS 2024 VS 2031
5.2 Global Microcrystalline Cellulose (MCC) Production by Region: 2020-2031
5.2.1 Global Microcrystalline Cellulose (MCC) Production by Region: 2020-2025
5.2.2 Global Microcrystalline Cellulose (MCC) Production Forecast by Region (2026-2031)
5.3 Global Microcrystalline Cellulose (MCC) Production Value Estimates and Forecasts by Region: 2020 VS 2024 VS 2031
5.4 Global Microcrystalline Cellulose (MCC) Production Value by Region: 2020-2031
5.4.1 Global Microcrystalline Cellulose (MCC) Production Value by Region: 2020-2025
5.4.2 Global Microcrystalline Cellulose (MCC) Production Value Forecast by Region (2026-2031)
5.5 Global Microcrystalline Cellulose (MCC) Market Price Analysis by Region (2020-2025)
5.6 Global Microcrystalline Cellulose (MCC) Production and Value, YOY Growth
5.6.1 North America Microcrystalline Cellulose (MCC) Production Value Estimates and Forecasts (2020-2031)
5.6.2 Europe Microcrystalline Cellulose (MCC) Production Value Estimates and Forecasts (2020-2031)
5.6.3 China Microcrystalline Cellulose (MCC) Production Value Estimates and Forecasts (2020-2031)
5.6.4 Japan Microcrystalline Cellulose (MCC) Production Value Estimates and Forecasts (2020-2031)
6 Global Microcrystalline Cellulose (MCC) Consumption by Region
6.1 Global Microcrystalline Cellulose (MCC) Consumption Estimates and Forecasts by Region: 2020 VS 2024 VS 2031
6.2 Global Microcrystalline Cellulose (MCC) Consumption by Region (2020-2031)
6.2.1 Global Microcrystalline Cellulose (MCC) Consumption by Region: 2020-2025
6.2.2 Global Microcrystalline Cellulose (MCC) Forecasted Consumption by Region (2026-2031)
6.3 North America
6.3.1 North America Microcrystalline Cellulose (MCC) Consumption Growth Rate by Country: 2020 VS 2024 VS 2031
6.3.2 North America Microcrystalline Cellulose (MCC) Consumption by Country (2020-2031)
6.3.3 United States
6.3.4 Canada
6.3.5 Mexico
6.4 Europe
6.4.1 Europe Microcrystalline Cellulose (MCC) Consumption Growth Rate by Country: 2020 VS 2024 VS 2031
6.4.2 Europe Microcrystalline Cellulose (MCC) Consumption by Country (2020-2031)
6.4.3 Germany
6.4.4 France
6.4.5 U.K.
6.4.6 Italy
6.4.7 Russia
6.4.8 Spain
6.4.9 Netherlands
6.4.10 Switzerland
6.4.11 Sweden
6.4.12 Poland
6.5 Asia Pacific
6.5.1 Asia Pacific Microcrystalline Cellulose (MCC) Consumption Growth Rate by Country: 2020 VS 2024 VS 2031
6.5.2 Asia Pacific Microcrystalline Cellulose (MCC) Consumption by Country (2020-2031)
6.5.3 China
6.5.4 Japan
6.5.5 South Korea
6.5.6 India
6.5.7 Australia
6.5.8 Taiwan
6.5.9 Southeast Asia
6.6 South America, Middle East & Africa
6.6.1 South America, Middle East & Africa Microcrystalline Cellulose (MCC) Consumption Growth Rate by Country: 2020 VS 2024 VS 2031
6.6.2 South America, Middle East & Africa Microcrystalline Cellulose (MCC) Consumption by Country (2020-2031)
6.6.3 Brazil
6.6.4 Argentina
6.6.5 Chile
6.6.6 Turkey
6.6.7 GCC Countries
7 Segment by Type
7.1 Global Microcrystalline Cellulose (MCC) Production by Type (2020-2031)
7.1.1 Global Microcrystalline Cellulose (MCC) Production by Type (2020-2031) & (K MT)
7.1.2 Global Microcrystalline Cellulose (MCC) Production Market Share by Type (2020-2031)
7.2 Global Microcrystalline Cellulose (MCC) Production Value by Type (2020-2031)
7.2.1 Global Microcrystalline Cellulose (MCC) Production Value by Type (2020-2031) & (US$ Million)
7.2.2 Global Microcrystalline Cellulose (MCC) Production Value Market Share by Type (2020-2031)
7.3 Global Microcrystalline Cellulose (MCC) Price by Type (2020-2031)
8 Segment by Application
8.1 Global Microcrystalline Cellulose (MCC) Production by Application (2020-2031)
8.1.1 Global Microcrystalline Cellulose (MCC) Production by Application (2020-2031) & (K MT)
8.1.2 Global Microcrystalline Cellulose (MCC) Production Market Share by Application (2020-2031)
8.2 Global Microcrystalline Cellulose (MCC) Production Value by Application (2020-2031)
8.2.1 Global Microcrystalline Cellulose (MCC) Production Value by Application (2020-2031) & (US$ Million)
8.2.2 Global Microcrystalline Cellulose (MCC) Production Value Market Share by Application (2020-2031)
8.3 Global Microcrystalline Cellulose (MCC) Price by Application (2020-2031)
9 Value Chain and Sales Channels Analysis of the Market
9.1 Microcrystalline Cellulose (MCC) Value Chain Analysis
9.1.1 Microcrystalline Cellulose (MCC) Key Raw Materials
9.1.2 Raw Materials Key Suppliers
9.1.3 Microcrystalline Cellulose (MCC) Production Mode & Process
9.2 Microcrystalline Cellulose (MCC) Sales Channels Analysis
9.2.1 Direct Comparison with Distribution Share
9.2.2 Microcrystalline Cellulose (MCC) Distributors
9.2.3 Microcrystalline Cellulose (MCC) Customers
10 Global Microcrystalline Cellulose (MCC) Analyzing Market Dynamics
10.1 Microcrystalline Cellulose (MCC) Industry Trends
10.2 Microcrystalline Cellulose (MCC) Industry Drivers
10.3 Microcrystalline Cellulose (MCC) Industry Opportunities and Challenges
10.4 Microcrystalline Cellulose (MCC) Industry Restraints
11 Report Conclusion
12 Disclaimer

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