APO RESEARCH · REPORT
Liquid Optical Clear Adhesive
Liquid optically clear adhesive forms a transparent bond after curing between compatible optical components; refractive properties, bubbles and cure conditions determine optical and mechanical performance.
Product & engineering
Understand the product.
Composition, supplied form and processing history determine the usable material. Evaluate the property required by the actual application with the specified test method; a chemistry name alone does not define a finished grade.
What turns activity into demand
Qualified formulation or component output creates material purchases through loading, process yield and the supplied mass basis. Raw material, formulated blend and finished-part revenues describe separate transaction stages.
The commercial boundary
For Liquid Optical Clear Adhesive, distinguish the supplied product from its inputs and the complete application. Report types and applications may overlap; retain the selected edition's product definition, geography, period, unit and transaction basis when comparing estimates.
Which conditions determine usable liquid optical clear adhesive performance?
Liquid optically clear adhesive forms a transparent bond after curing between compatible optical components; refractive properties, bubbles and cure conditions determine optical and mechanical performance. Match formulation and impurity limits to the converting process, then verify the property after processing or curing. Compare like-for-like dry or as-supplied quantities; a finished component and its raw material represent different transaction stages.
Selected research
Industry Research
Liquid Optical Clear Adhesive Industry Research Report 2026
Market perspective
The global Liquid Optical Clear Adhesive market was valued at US$ million in 2025 and is projected to reach US$ million by 2032, implying a CAGR of % over 2026–2032.
The North America market for Liquid Optical Clear Adhesive is forecast to increase from US$ million in 2026 to US$ million by 2032, corresponding to a CAGR of % over 2026–2032.
The Europe market for Liquid Optical Clear Adhesive is projected to rise from US$ million in 2026 to US$ million by 2032, registering a CAGR of % over 2026–2032.
Read the full market overview
The Asia Pacific market for Liquid Optical Clear Adhesive is expected to grow from US$ million in 2026 to US$ million by 2032, at a CAGR of % over 2026–2032.
Leading global manufacturers of Liquid Optical Clear Adhesive include , among others. In 2025, the top three vendors together accounted for approximately % of global revenue.
Report Scope
This report quantifies the global Liquid Optical Clear Adhesive market in revenue (US$ million) and, where applicable, sales volume (t), using 2025 as the base year and providing annual historical and forecast data for 2021–2032.
It standardizes definitions of types and applications, harmonizes vendor attribution, and presents comparable time series by company, type, application, and region/country, including indicative price bands (US$/t) and concentration ratios (CR5/CR10).
The outputs are intended to support strategy development, budgeting, and performance benchmarking for manufacturers, new entrants, channel partners, and investors; the report also reviews technology shifts and notable product introductions relevant to Liquid Optical Clear Adhesive.
Key Companies & Market Share Insights
This section profiles leading manufacturers, combining 2021–2025 results with a 2026–2032 outlook. It reports revenue, market share, price bands, product and application mix, regional and channel mix, and key developments (M&A, capacity additions, certifications). It also provides global revenue, average price, and—where applicable—sales volume by manufacturer, and calculates CR5/CR10 and rank changes to support comparative benchmarking.
Liquid Optical Clear Adhesive Market by Company
DELO Industrial
H.B. Fuller
Henkel
Momentive
Shin-Etsu
Panacol
Dexerials
Wacker
CHT
HumiSeal
Master Bond
Norland Products
Epoxy Technology
BTL
Eternal
Shenzhen Bonic New Materials
3M
Dow Inc.
Dymax Corporation
Liquid Optical Clear Adhesive Segment by Type
Acrylics
Polyvinyl Acetate
Polyurethane
Silicone
Epoxy
Others
Liquid Optical Clear Adhesive Segment by Application
Consumer Electronics
Smart Home
Industrial Automation Controls
Medical Instruments
Military Equipment
Others
Liquid Optical Clear Adhesive 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 Liquid Optical Clear Adhesive 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 Liquid Optical Clear Adhesive 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 Liquid Optical Clear Adhesive.
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 Liquid Optical Clear Adhesive 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 Liquid Optical Clear Adhesive 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 Liquid Optical Clear Adhesive 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.
More report detail
Tables and figures
Scope & coverage.
Types
- Acrylics
- Polyvinyl Acetate
- Polyurethane
- Silicone
- Epoxy
- Others
Applications
- Consumer Electronics
- Smart Home
- Industrial Automation Controls
- Medical Instruments
- Military Equipment
- Others
Companies covered
- DELO Industrial
- H.B. Fuller
- Henkel
- Momentive
- Shin-Etsu
- Panacol
- Dexerials
- Wacker
- CHT
- HumiSeal
- Master Bond
- Norland Products
- Epoxy Technology
- BTL
- Eternal
- Shenzhen Bonic New Materials
- 3M
- Dow Inc.
- Dymax Corporation
Inside the report.
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 Liquid Optical Clear Adhesive by Type
- 2.2.1 Market Value Comparison by Type (2021 VS 2025 VS 2032) & (US$ Million)
- 2.2.2 Acrylics
- 2.2.3 Polyvinyl Acetate
- 2.2.4 Polyurethane
- 2.2.5 Silicone
- 2.2.6 Epoxy
- 2.2.7 Others
- 2.3 Liquid Optical Clear Adhesive by Application
- 2.3.1 Market Value Comparison by Application (2021 VS 2025 VS 2032) & (US$ Million)
- 2.3.2 Consumer Electronics
- 2.3.3 Smart Home
- 2.3.4 Industrial Automation Controls
- 2.3.5 Medical Instruments
- 2.3.6 Military Equipment
- 2.3.7 Others
- 2.4 Global Market Growth Prospects
- 2.4.1 Global Liquid Optical Clear Adhesive Production Value Estimates and Forecasts (2021-2032)
- 2.4.2 Global Liquid Optical Clear Adhesive Production Capacity Estimates and Forecasts (2021-2032)
- 2.4.3 Global Liquid Optical Clear Adhesive Production Estimates and Forecasts (2021-2032)
- 2.4.4 Global Liquid Optical Clear Adhesive Market Average Price (2021-2032)
3 Market Competitive Landscape by Manufacturers
- 3.1 Global Liquid Optical Clear Adhesive Production by Manufacturers (2021-2026)
- 3.2 Global Liquid Optical Clear Adhesive Production Value by Manufacturers (2021-2026)
- 3.3 Global Liquid Optical Clear Adhesive Average Price by Manufacturers (2021-2026)
- 3.4 Global Liquid Optical Clear Adhesive Industry Manufacturers Ranking, 2024 VS 2025 VS 2026
- 3.5 Global Liquid Optical Clear Adhesive Key Manufacturers, Manufacturing Sites & Headquarters
- 3.6 Global Liquid Optical Clear Adhesive Manufacturers, Product Type & Application
- 3.7 Global Liquid Optical Clear Adhesive Manufacturers Established Date
- 3.8 Global Liquid Optical Clear Adhesive Market CR5 and HHI
- 3.9 Global Manufacturers Mergers & Acquisition
4 Manufacturers Profiled
- 4.1 DELO Industrial
- 4.1.1 DELO Industrial Liquid Optical Clear Adhesive Company Information
- 4.1.2 DELO Industrial Liquid Optical Clear Adhesive Business Overview
- 4.1.3 DELO Industrial Liquid Optical Clear Adhesive Production Capacity, Value and Gross Margin (2021-2026)
- 4.1.4 DELO Industrial Product Portfolio
- 4.1.5 DELO Industrial Recent Developments
- 4.2 H.B. Fuller
- 4.2.1 H.B. Fuller Liquid Optical Clear Adhesive Company Information
- 4.2.2 H.B. Fuller Liquid Optical Clear Adhesive Business Overview
- 4.2.3 H.B. Fuller Liquid Optical Clear Adhesive Production Capacity, Value and Gross Margin (2021-2026)
- 4.2.4 H.B. Fuller Product Portfolio
- 4.2.5 H.B. Fuller Recent Developments
- 4.3 Henkel
- 4.3.1 Henkel Liquid Optical Clear Adhesive Company Information
- 4.3.2 Henkel Liquid Optical Clear Adhesive Business Overview
- 4.3.3 Henkel Liquid Optical Clear Adhesive Production Capacity, Value and Gross Margin (2021-2026)
- 4.3.4 Henkel Product Portfolio
- 4.3.5 Henkel Recent Developments
- 4.4 Momentive
- 4.4.1 Momentive Liquid Optical Clear Adhesive Company Information
- 4.4.2 Momentive Liquid Optical Clear Adhesive Business Overview
- 4.4.3 Momentive Liquid Optical Clear Adhesive Production Capacity, Value and Gross Margin (2021-2026)
- 4.4.4 Momentive Product Portfolio
- 4.4.5 Momentive Recent Developments
- 4.5 Shin-Etsu
- 4.5.1 Shin-Etsu Liquid Optical Clear Adhesive Company Information
- 4.5.2 Shin-Etsu Liquid Optical Clear Adhesive Business Overview
- 4.5.3 Shin-Etsu Liquid Optical Clear Adhesive Production Capacity, Value and Gross Margin (2021-2026)
- 4.5.4 Shin-Etsu Product Portfolio
- 4.5.5 Shin-Etsu Recent Developments
- 4.6 Panacol
- 4.6.1 Panacol Liquid Optical Clear Adhesive Company Information
- 4.6.2 Panacol Liquid Optical Clear Adhesive Business Overview
- 4.6.3 Panacol Liquid Optical Clear Adhesive Production Capacity, Value and Gross Margin (2021-2026)
- 4.6.4 Panacol Product Portfolio
- 4.6.5 Panacol Recent Developments
- 4.7 Dexerials
- 4.7.1 Dexerials Liquid Optical Clear Adhesive Company Information
- 4.7.2 Dexerials Liquid Optical Clear Adhesive Business Overview
- 4.7.3 Dexerials Liquid Optical Clear Adhesive Production Capacity, Value and Gross Margin (2021-2026)
- 4.7.4 Dexerials Product Portfolio
- 4.7.5 Dexerials Recent Developments
- 4.8 Wacker
- 4.8.1 Wacker Liquid Optical Clear Adhesive Company Information
- 4.8.2 Wacker Liquid Optical Clear Adhesive Business Overview
- 4.8.3 Wacker Liquid Optical Clear Adhesive Production Capacity, Value and Gross Margin (2021-2026)
- 4.8.4 Wacker Product Portfolio
- 4.8.5 Wacker Recent Developments
- 4.9 CHT
- 4.9.1 CHT Liquid Optical Clear Adhesive Company Information
- 4.9.2 CHT Liquid Optical Clear Adhesive Business Overview
- 4.9.3 CHT Liquid Optical Clear Adhesive Production Capacity, Value and Gross Margin (2021-2026)
- 4.9.4 CHT Product Portfolio
- 4.9.5 CHT Recent Developments
- 4.10 HumiSeal
- 4.10.1 HumiSeal Liquid Optical Clear Adhesive Company Information
- 4.10.2 HumiSeal Liquid Optical Clear Adhesive Business Overview
- 4.10.3 HumiSeal Liquid Optical Clear Adhesive Production Capacity, Value and Gross Margin (2021-2026)
- 4.10.4 HumiSeal Product Portfolio
- 4.10.5 HumiSeal Recent Developments
- 4.11 Master Bond
- 4.11.1 Master Bond Liquid Optical Clear Adhesive Company Information
- 4.11.2 Master Bond Liquid Optical Clear Adhesive Business Overview
- 4.11.3 Master Bond Liquid Optical Clear Adhesive Production Capacity, Value and Gross Margin (2021-2026)
- 4.11.4 Master Bond Product Portfolio
- 4.11.5 Master Bond Recent Developments
- 4.12 Norland Products
- 4.12.1 Norland Products Liquid Optical Clear Adhesive Company Information
- 4.12.2 Norland Products Liquid Optical Clear Adhesive Business Overview
- 4.12.3 Norland Products Liquid Optical Clear Adhesive Production Capacity, Value and Gross Margin (2021-2026)
- 4.12.4 Norland Products Product Portfolio
- 4.12.5 Norland Products Recent Developments
- 4.13 Epoxy Technology
- 4.13.1 Epoxy Technology Liquid Optical Clear Adhesive Company Information
- 4.13.2 Epoxy Technology Liquid Optical Clear Adhesive Business Overview
- 4.13.3 Epoxy Technology Liquid Optical Clear Adhesive Production Capacity, Value and Gross Margin (2021-2026)
- 4.13.4 Epoxy Technology Product Portfolio
- 4.13.5 Epoxy Technology Recent Developments
- 4.14 BTL
- 4.14.1 BTL Liquid Optical Clear Adhesive Company Information
- 4.14.2 BTL Liquid Optical Clear Adhesive Business Overview
- 4.14.3 BTL Liquid Optical Clear Adhesive Production Capacity, Value and Gross Margin (2021-2026)
- 4.14.4 BTL Product Portfolio
- 4.14.5 BTL Recent Developments
- 4.15 Eternal
- 4.15.1 Eternal Liquid Optical Clear Adhesive Company Information
- 4.15.2 Eternal Liquid Optical Clear Adhesive Business Overview
- 4.15.3 Eternal Liquid Optical Clear Adhesive Production Capacity, Value and Gross Margin (2021-2026)
- 4.15.4 Eternal Product Portfolio
- 4.15.5 Eternal Recent Developments
- 4.16 Shenzhen Bonic New Materials
- 4.16.1 Shenzhen Bonic New Materials Liquid Optical Clear Adhesive Company Information
- 4.16.2 Shenzhen Bonic New Materials Liquid Optical Clear Adhesive Business Overview
- 4.16.3 Shenzhen Bonic New Materials Liquid Optical Clear Adhesive Production Capacity, Value and Gross Margin (2021-2026)
- 4.16.4 Shenzhen Bonic New Materials Product Portfolio
- 4.16.5 Shenzhen Bonic New Materials Recent Developments
- 4.17 3M
- 4.17.1 3M Liquid Optical Clear Adhesive Company Information
- 4.17.2 3M Liquid Optical Clear Adhesive Business Overview
- 4.17.3 3M Liquid Optical Clear Adhesive Production Capacity, Value and Gross Margin (2021-2026)
- 4.17.4 3M Product Portfolio
- 4.17.5 3M Recent Developments
- 4.18 Dow Inc.
- 4.18.1 Dow Inc. Liquid Optical Clear Adhesive Company Information
- 4.18.2 Dow Inc. Liquid Optical Clear Adhesive Business Overview
- 4.18.3 Dow Inc. Liquid Optical Clear Adhesive Production Capacity, Value and Gross Margin (2021-2026)
- 4.18.4 Dow Inc. Product Portfolio
- 4.18.5 Dow Inc. Recent Developments
- 4.19 Dymax Corporation
- 4.19.1 Dymax Corporation Liquid Optical Clear Adhesive Company Information
- 4.19.2 Dymax Corporation Liquid Optical Clear Adhesive Business Overview
- 4.19.3 Dymax Corporation Liquid Optical Clear Adhesive Production Capacity, Value and Gross Margin (2021-2026)
- 4.19.4 Dymax Corporation Product Portfolio
- 4.19.5 Dymax Corporation Recent Developments
5 Global Liquid Optical Clear Adhesive Production by Region
- 5.1 Global Liquid Optical Clear Adhesive Production Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 5.2 Global Liquid Optical Clear Adhesive Production by Region: 2021-2032
- 5.2.1 Global Liquid Optical Clear Adhesive Production by Region: 2021-2026
- 5.2.2 Global Liquid Optical Clear Adhesive Production Forecast by Region (2027-2032)
- 5.3 Global Liquid Optical Clear Adhesive Production Value Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 5.4 Global Liquid Optical Clear Adhesive Production Value by Region: 2021-2032
- 5.4.1 Global Liquid Optical Clear Adhesive Production Value by Region: 2021-2026
- 5.4.2 Global Liquid Optical Clear Adhesive Production Value Forecast by Region (2027-2032)
- 5.5 Global Liquid Optical Clear Adhesive Market Price Analysis by Region (2021-2026)
- 5.6 Global Liquid Optical Clear Adhesive Production and Value, YOY Growth
- 5.6.1 North America Liquid Optical Clear Adhesive Production Value Estimates and Forecasts (2021-2032)
- 5.6.2 Europe Liquid Optical Clear Adhesive Production Value Estimates and Forecasts (2021-2032)
- 5.6.3 China Liquid Optical Clear Adhesive Production Value Estimates and Forecasts (2021-2032)
- 5.6.4 Japan Liquid Optical Clear Adhesive Production Value Estimates and Forecasts (2021-2032)
6 Global Liquid Optical Clear Adhesive Consumption by Region
- 6.1 Global Liquid Optical Clear Adhesive Consumption Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 6.2 Global Liquid Optical Clear Adhesive Consumption by Region (2021-2032)
- 6.2.1 Global Liquid Optical Clear Adhesive Consumption by Region: 2021-2026
- 6.2.2 Global Liquid Optical Clear Adhesive Forecasted Consumption by Region (2027-2032)
- 6.3 North America
- 6.3.1 North America Liquid Optical Clear Adhesive Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.3.2 North America Liquid Optical Clear Adhesive Consumption by Country (2021-2032)
- 6.3.3 United States
- 6.3.4 Canada
- 6.3.5 Mexico
- 6.4 Europe
- 6.4.1 Europe Liquid Optical Clear Adhesive Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.4.2 Europe Liquid Optical Clear Adhesive Consumption by Country (2021-2032)
- 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 Liquid Optical Clear Adhesive Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.5.2 Asia Pacific Liquid Optical Clear Adhesive Consumption by Country (2021-2032)
- 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 Liquid Optical Clear Adhesive Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.6.2 South America, Middle East & Africa Liquid Optical Clear Adhesive Consumption by Country (2021-2032)
- 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 Liquid Optical Clear Adhesive Production by Type (2021-2032)
- 7.1.1 Global Liquid Optical Clear Adhesive Production by Type (2021-2032) & (t)
- 7.1.2 Global Liquid Optical Clear Adhesive Production Market Share by Type (2021-2032)
- 7.2 Global Liquid Optical Clear Adhesive Production Value by Type (2021-2032)
- 7.2.1 Global Liquid Optical Clear Adhesive Production Value by Type (2021-2032) & (US$ Million)
- 7.2.2 Global Liquid Optical Clear Adhesive Production Value Market Share by Type (2021-2032)
- 7.3 Global Liquid Optical Clear Adhesive Price by Type (2021-2032)
8 Segment by Application
- 8.1 Global Liquid Optical Clear Adhesive Production by Application (2021-2032)
- 8.1.1 Global Liquid Optical Clear Adhesive Production by Application (2021-2032) & (t)
- 8.1.2 Global Liquid Optical Clear Adhesive Production Market Share by Application (2021-2032)
- 8.2 Global Liquid Optical Clear Adhesive Production Value by Application (2021-2032)
- 8.2.1 Global Liquid Optical Clear Adhesive Production Value by Application (2021-2032) & (US$ Million)
- 8.2.2 Global Liquid Optical Clear Adhesive Production Value Market Share by Application (2021-2032)
- 8.3 Global Liquid Optical Clear Adhesive Price by Application (2021-2032)
9 Value Chain and Sales Channels Analysis of the Market
- 9.1 Liquid Optical Clear Adhesive Value Chain Analysis
- 9.1.1 Liquid Optical Clear Adhesive Key Raw Materials
- 9.1.2 Raw Materials Key Suppliers
- 9.1.3 Liquid Optical Clear Adhesive Production Mode & Process
- 9.2 Liquid Optical Clear Adhesive Sales Channels Analysis
- 9.2.1 Direct Comparison with Distribution Share
- 9.2.2 Liquid Optical Clear Adhesive Distributors
- 9.2.3 Liquid Optical Clear Adhesive Customers
10 Global Liquid Optical Clear Adhesive Analyzing Market Dynamics
- 10.1 Liquid Optical Clear Adhesive Industry Trends
- 10.2 Liquid Optical Clear Adhesive Industry Drivers
- 10.3 Liquid Optical Clear Adhesive Industry Opportunities and Challenges
- 10.4 Liquid Optical Clear Adhesive Industry Restraints
11 Report Conclusion
12 Disclaimer
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