APO RESEARCH · REPORT
Ceramic Capacitor
Ceramic Capacitor refers to capacitors storing electric energy across a ceramic dielectric. Electrode and ceramic-dielectric construction establish capacitance, loss and parasitics; voltage, temperature and mounting change the installed response.

Product & engineering
Understand the product.
A ceramic capacitor is a fixed value capacitor in which ceramic material acts as the dielectric. Ceramics were one of the first materials to be used in the producing of capacitors, as it was a known insulator. It is constructed of two or more alternating layers of ceramic and a metal layer acting as the electrodes. The composition of the ceramic material defines the electrical behavior and therefore applications.
Much geometry were used in ceramic capacitors, of which some, like ceramic tubular capacitors and barrier layer capacitors are obsolete today due to their size, parasitic effects or electrical characteristics. Ceramic capacitors are usually made with very small capacitance values, typically between 1nF and 1µF, although values up to 100µF are possible. Ceramic capacitors are also very small in size and have a low maximum rated voltage. They are not polarized, which means that they may be safely connected to an AC source. Ceramic capacitors have a great frequency response due to low parasitic effects such as resistance or inductance.
For this subject, the supplied object is capacitors storing electric energy across a ceramic dielectric. Compare effective capacitance under the actual DC bias, temperature and ageing regime, then include ESR and mounting inductance over the relevant frequency band. A trimmer or feedthrough part has a different circuit function from an MLCC. Safety-class requirements must be verified for the exact component and connection, not inferred from a ceramic dielectric.
What turns activity into demand
Demand follows qualified circuit designs, component count per assembly and production volumes. Effective capacitance, mounting reliability and supply qualification determine which nominally similar ceramic parts enter the bill of materials.
The commercial boundary
Count the specified ceramic component, not the complete electronic assembly. Voltage, dielectric and qualification segments can overlap; their catalogue topics should not be summed as independent markets without reconciling scope.
Why is the nominal capacitance not enough for selection?
For this subject, the supplied object is capacitors storing electric energy across a ceramic dielectric. Compare effective capacitance under the actual DC bias, temperature and ageing regime, then include ESR and mounting inductance over the relevant frequency band. A trimmer or feedthrough part has a different circuit function from an MLCC. Safety-class requirements must be verified for the exact component and connection, not inferred from a ceramic dielectric.
Technical reading
Selected research
Industry Growth & Trends
Global Ceramic Capacitor Industry Growth and Trends Forecast to 2032
Market perspective
A ceramic capacitor is a fixed value capacitor in which ceramic material acts as the dielectric. Ceramics were one of the first materials to be used in the producing of capacitors, as it was a known insulator. It is constructed of two or more alternating layers of ceramic and a metal layer acting as the electrodes. The composition of the ceramic material defines the electrical behavior and therefore applications.
Much geometry were used in ceramic capacitors, of which some, like ceramic tubular capacitors and barrier layer capacitors are obsolete today due to their size, parasitic effects or electrical characteristics. Ceramic capacitors are usually made with very small capacitance values, typically between 1nF and 1µF, although values up to 100µF are possible. Ceramic capacitors are also very small in size and have a low maximum rated voltage. They are not polarized, which means that they may be safely connected to an AC source. Ceramic capacitors have a great frequency response due to low parasitic effects such as resistance or inductance.
China is the largest Ceramic Capacitor market with about 36% market share. Japan is follower, accounting for about 13% market share.
Read the full market overview
The key players are Murata, Samsung Electro, TDK Corporation, Kyocera, Vishay, Samwha, Kemet, JDI, NIC Components, Yageo, Walsin, Darfon, Holy Stone, Fenghua Advanced Technology, EYANG, Torch, Three-Circle etc. Top 3 companies occupied about 61% market share.
Report Scope
This report provides a structured, data-driven view of the global Ceramic Capacitor market, combining harmonized quantitative metrics with targeted qualitative insight to support business and growth strategy, market positioning, and capital allocation.
The Ceramic Capacitor market size, estimates, and forecasts are presented in terms of sales volume (Billion Units) and revenue (US$ million), with 2025 as the base year and historical and forecast data for 2021-2032. The report segments the global Ceramic Capacitor market by Type, Application, region/country, and company, provides regional market sizes at the segment level, profiles the competitive landscape and key players and their market ranks, and reviews technology trends and new product developments relevant to Ceramic Capacitor.
Key Companies & Market Share Insights
This section analyzes the strategies and performance of leading manufacturers in the global Ceramic Capacitor market, including portfolio focus, innovation and product development, mergers and acquisitions, collaborations, and geographic expansion used to sustain or enhance competitive positions. It also summarizes recent corporate developments and key financial indicators and provides global revenue, price, and sales volume data by manufacturer for 2020-2025, enabling benchmarking of scale, pricing, and market share and supporting assessment of market concentration through indicators such as CR5 and CR10.
Ceramic Capacitor Market by Company
Murata
Samsung Electro
TDK Corporation
Kyocera
Vishay
Samwha
Kemet
JDI
NIC Components
Yageo
Walsin
Darfon
Holy Stone
Fenghua Advanced Technology
EYANG
Torch
Three-Circle
Ceramic Capacitor Segment by Type
Multilayer Ceramic Chip Capacitor (Mlcc)
Ceramic Disc Capacitor
Feedthrough Ceramic Capacitor
Ceramic Power Capacitors
Ceramic Capacitor Segment by Application
Automotive
Communications Equipment
Consumer Electronics Products
Others
Ceramic Capacitor 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 Ceramic Capacitor 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 Ceramic Capacitor 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 Ceramic Capacitor.
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 study scope of this report, executive summary of market segments by type, market size segments for North America, Europe, Asia Pacific, South America, Middle East & Africa.
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: Detailed analysis of Ceramic Capacitor manufacturers competitive landscape, price, sales, revenue, market share and ranking, latest development plan, merger, and acquisition information, etc.
Chapter 4: Sales, revenue of Ceramic Capacitor in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the future development prospects, and market space in the world.
Chapter 5: Introduces market segments by application, market size segment for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter 6: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 7, 8, 9, 10 and 11: North America, Europe, Asia Pacific, South America, Middle East & Africa, sales and revenue by country.
Chapter 12: Analysis of industrial chain, key raw materials, manufacturing cost, and market dynamics.
Chapter 13: Concluding Insights of the report.
More report detail
Tables and figures
Scope & coverage.
Types
- Multilayer Ceramic Chip Capacitor (Mlcc)
- Ceramic Disc Capacitor
- Feedthrough Ceramic Capacitor
- Ceramic Power Capacitors
Applications
- Automotive
- Communications Equipment
- Consumer Electronics Products
- Others
Companies covered
- Murata
- Samsung Electro
- TDK Corporation
- Kyocera
- Vishay
- Samwha
- Kemet
- JDI
- NIC Components
- Yageo
- Walsin
- Darfon
- Holy Stone
- Fenghua Advanced Technology
- EYANG
- Torch
- Three-Circle
Inside the report.
1 Market Overview
- 1.1 Product Definition
- 1.2 Global Market Growth Prospects
- 1.2.1 Global Ceramic Capacitor Market Size Estimates and Forecasts (2021-2032)
- 1.2.2 Global Ceramic Capacitor Sales Estimates and Forecasts (2021-2032)
- 1.3 Ceramic Capacitor Market by Type
- 1.3.1 Multilayer Ceramic Chip Capacitor (Mlcc)
- 1.3.2 Ceramic Disc Capacitor
- 1.3.3 Feedthrough Ceramic Capacitor
- 1.3.4 Ceramic Power Capacitors
- 1.4 Global Ceramic Capacitor Market Size by Type
- 1.4.1 Global Ceramic Capacitor Market Size Overview by Type (2021-2032)
- 1.4.2 Global Ceramic Capacitor Historic Market Size Review by Type (2021-2026)
- 1.4.3 Global Ceramic Capacitor Forecasted Market Size by Type (2027-2032)
- 1.5 Key Regions Market Size by Type
- 1.5.1 North America Ceramic Capacitor Sales Breakdown by Type (2021-2026)
- 1.5.2 Europe Ceramic Capacitor Sales Breakdown by Type (2021-2026)
- 1.5.3 Asia-Pacific Ceramic Capacitor Sales Breakdown by Type (2021-2026)
- 1.5.4 South America Ceramic Capacitor Sales Breakdown by Type (2021-2026)
- 1.5.5 Middle East and Africa Ceramic Capacitor Sales Breakdown by Type (2021-2026)
2 Global Market Dynamics
- 2.1 Ceramic Capacitor Industry Trends
- 2.2 Ceramic Capacitor Industry Drivers
- 2.3 Ceramic Capacitor Industry Opportunities and Challenges
- 2.4 Ceramic Capacitor Industry Restraints
3 Market Competitive Landscape by Company
- 3.1 Global Top Players by Ceramic Capacitor Revenue (2021-2026)
- 3.2 Global Top Players by Ceramic Capacitor Sales (2021-2026)
- 3.3 Global Top Players by Ceramic Capacitor Price (2021-2026)
- 3.4 Global Ceramic Capacitor Industry Company Ranking, 2024 VS 2025 VS 2026
- 3.5 Global Ceramic Capacitor Major Company Production Sites & Headquarters
- 3.6 Global Ceramic Capacitor Company, Product Type & Application
- 3.7 Global Ceramic Capacitor Company Establishment Date
- 3.8 Market Competitive Analysis
- 3.8.1 Global Ceramic Capacitor Market CR5 and HHI
- 3.8.2 Global Top 5 and 10 Ceramic Capacitor Players Market Share by Revenue in 2025
- 3.8.3 2025 Ceramic Capacitor Tier 1, Tier 2, and Tier 3
4 Ceramic Capacitor Regional Status and Outlook
- 4.1 Global Ceramic Capacitor Market Size and CAGR by Region: 2021 VS 2025 VS 2032
- 4.2 Global Ceramic Capacitor Historic Market Size by Region
- 4.2.1 Global Ceramic Capacitor Sales in Volume by Region (2021-2026)
- 4.2.2 Global Ceramic Capacitor Sales in Value by Region (2021-2026)
- 4.2.3 Global Ceramic Capacitor Sales (Volume & Value), Price and Gross Margin (2021-2026)
- 4.3 Global Ceramic Capacitor Forecasted Market Size by Region
- 4.3.1 Global Ceramic Capacitor Sales in Volume by Region (2027-2032)
- 4.3.2 Global Ceramic Capacitor Sales in Value by Region (2027-2032)
- 4.3.3 Global Ceramic Capacitor Sales (Volume & Value), Price and Gross Margin (2027-2032)
5 Ceramic Capacitor by Application
- 5.1 Ceramic Capacitor Market by Application
- 5.1.1 Automotive
- 5.1.2 Communications Equipment
- 5.1.3 Consumer Electronics Products
- 5.1.4 Others
- 5.2 Global Ceramic Capacitor Market Size by Application
- 5.2.1 Global Ceramic Capacitor Market Size Overview by Application (2021-2032)
- 5.2.2 Global Ceramic Capacitor Historic Market Size Review by Application (2021-2026)
- 5.2.3 Global Ceramic Capacitor Forecasted Market Size by Application (2027-2032)
- 5.3 Key Regions Market Size by Application
- 5.3.1 North America Ceramic Capacitor Sales Breakdown by Application (2021-2026)
- 5.3.2 Europe Ceramic Capacitor Sales Breakdown by Application (2021-2026)
- 5.3.3 Asia-Pacific Ceramic Capacitor Sales Breakdown by Application (2021-2026)
- 5.3.4 South America Ceramic Capacitor Sales Breakdown by Application (2021-2026)
- 5.3.5 Middle East and Africa Ceramic Capacitor Sales Breakdown by Application (2021-2026)
6 Company Profiles
- 6.1 Murata
- 6.1.1 Murata Company Information
- 6.1.2 Murata Business Overview
- 6.1.3 Murata Ceramic Capacitor Sales, Revenue and Gross Margin (2021-2026)
- 6.1.4 Murata Ceramic Capacitor Product Portfolio
- 6.1.5 Murata Recent Developments
- 6.2 Samsung Electro
- 6.2.1 Samsung Electro Company Information
- 6.2.2 Samsung Electro Business Overview
- 6.2.3 Samsung Electro Ceramic Capacitor Sales, Revenue and Gross Margin (2021-2026)
- 6.2.4 Samsung Electro Ceramic Capacitor Product Portfolio
- 6.2.5 Samsung Electro Recent Developments
- 6.3 TDK Corporation
- 6.3.1 TDK Corporation Company Information
- 6.3.2 TDK Corporation Business Overview
- 6.3.3 TDK Corporation Ceramic Capacitor Sales, Revenue and Gross Margin (2021-2026)
- 6.3.4 TDK Corporation Ceramic Capacitor Product Portfolio
- 6.3.5 TDK Corporation Recent Developments
- 6.4 Kyocera
- 6.4.1 Kyocera Company Information
- 6.4.2 Kyocera Business Overview
- 6.4.3 Kyocera Ceramic Capacitor Sales, Revenue and Gross Margin (2021-2026)
- 6.4.4 Kyocera Ceramic Capacitor Product Portfolio
- 6.4.5 Kyocera Recent Developments
- 6.5 Vishay
- 6.5.1 Vishay Company Information
- 6.5.2 Vishay Business Overview
- 6.5.3 Vishay Ceramic Capacitor Sales, Revenue and Gross Margin (2021-2026)
- 6.5.4 Vishay Ceramic Capacitor Product Portfolio
- 6.5.5 Vishay Recent Developments
- 6.6 Samwha
- 6.6.1 Samwha Company Information
- 6.6.2 Samwha Business Overview
- 6.6.3 Samwha Ceramic Capacitor Sales, Revenue and Gross Margin (2021-2026)
- 6.6.4 Samwha Ceramic Capacitor Product Portfolio
- 6.6.5 Samwha Recent Developments
- 6.7 Kemet
- 6.7.1 Kemet Company Information
- 6.7.2 Kemet Business Overview
- 6.7.3 Kemet Ceramic Capacitor Sales, Revenue and Gross Margin (2021-2026)
- 6.7.4 Kemet Ceramic Capacitor Product Portfolio
- 6.7.5 Kemet Recent Developments
- 6.8 JDI
- 6.8.1 JDI Company Information
- 6.8.2 JDI Business Overview
- 6.8.3 JDI Ceramic Capacitor Sales, Revenue and Gross Margin (2021-2026)
- 6.8.4 JDI Ceramic Capacitor Product Portfolio
- 6.8.5 JDI Recent Developments
- 6.9 NIC Components
- 6.9.1 NIC Components Company Information
- 6.9.2 NIC Components Business Overview
- 6.9.3 NIC Components Ceramic Capacitor Sales, Revenue and Gross Margin (2021-2026)
- 6.9.4 NIC Components Ceramic Capacitor Product Portfolio
- 6.9.5 NIC Components Recent Developments
- 6.10 Yageo
- 6.10.1 Yageo Company Information
- 6.10.2 Yageo Business Overview
- 6.10.3 Yageo Ceramic Capacitor Sales, Revenue and Gross Margin (2021-2026)
- 6.10.4 Yageo Ceramic Capacitor Product Portfolio
- 6.10.5 Yageo Recent Developments
- 6.11 Walsin
- 6.11.1 Walsin Company Information
- 6.11.2 Walsin Business Overview
- 6.11.3 Walsin Ceramic Capacitor Sales, Revenue and Gross Margin (2021-2026)
- 6.11.4 Walsin Ceramic Capacitor Product Portfolio
- 6.11.5 Walsin Recent Developments
- 6.12 Darfon
- 6.12.1 Darfon Company Information
- 6.12.2 Darfon Business Overview
- 6.12.3 Darfon Ceramic Capacitor Sales, Revenue and Gross Margin (2021-2026)
- 6.12.4 Darfon Ceramic Capacitor Product Portfolio
- 6.12.5 Darfon Recent Developments
- 6.13 Holy Stone
- 6.13.1 Holy Stone Company Information
- 6.13.2 Holy Stone Business Overview
- 6.13.3 Holy Stone Ceramic Capacitor Sales, Revenue and Gross Margin (2021-2026)
- 6.13.4 Holy Stone Ceramic Capacitor Product Portfolio
- 6.13.5 Holy Stone Recent Developments
- 6.14 Fenghua Advanced Technology
- 6.14.1 Fenghua Advanced Technology Company Information
- 6.14.2 Fenghua Advanced Technology Business Overview
- 6.14.3 Fenghua Advanced Technology Ceramic Capacitor Sales, Revenue and Gross Margin (2021-2026)
- 6.14.4 Fenghua Advanced Technology Ceramic Capacitor Product Portfolio
- 6.14.5 Fenghua Advanced Technology Recent Developments
- 6.15 EYANG
- 6.15.1 EYANG Company Information
- 6.15.2 EYANG Business Overview
- 6.15.3 EYANG Ceramic Capacitor Sales, Revenue and Gross Margin (2021-2026)
- 6.15.4 EYANG Ceramic Capacitor Product Portfolio
- 6.15.5 EYANG Recent Developments
- 6.16 Torch
- 6.16.1 Torch Company Information
- 6.16.2 Torch Business Overview
- 6.16.3 Torch Ceramic Capacitor Sales, Revenue and Gross Margin (2021-2026)
- 6.16.4 Torch Ceramic Capacitor Product Portfolio
- 6.16.5 Torch Recent Developments
- 6.17 Three-Circle
- 6.17.1 Three-Circle Company Information
- 6.17.2 Three-Circle Business Overview
- 6.17.3 Three-Circle Ceramic Capacitor Sales, Revenue and Gross Margin (2021-2026)
- 6.17.4 Three-Circle Ceramic Capacitor Product Portfolio
- 6.17.5 Three-Circle Recent Developments
7 North America by Country
- 7.1 North America Ceramic Capacitor Sales by Country
- 7.1.1 North America Ceramic Capacitor Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 7.1.2 North America Ceramic Capacitor Sales by Country (2021-2026)
- 7.1.3 North America Ceramic Capacitor Sales Forecast by Country (2027-2032)
- 7.2 North America Ceramic Capacitor Market Size by Country
- 7.2.1 North America Ceramic Capacitor Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 7.2.2 North America Ceramic Capacitor Market Size by Country (2021-2026)
- 7.2.3 North America Ceramic Capacitor Market Size Forecast by Country (2027-2032)
8 Europe by Country
- 8.1 Europe Ceramic Capacitor Sales by Country
- 8.1.1 Europe Ceramic Capacitor Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 8.1.2 Europe Ceramic Capacitor Sales by Country (2021-2026)
- 8.1.3 Europe Ceramic Capacitor Sales Forecast by Country (2027-2032)
- 8.2 Europe Ceramic Capacitor Market Size by Country
- 8.2.1 Europe Ceramic Capacitor Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 8.2.2 Europe Ceramic Capacitor Market Size by Country (2021-2026)
- 8.2.3 Europe Ceramic Capacitor Market Size Forecast by Country (2027-2032)
9 Asia-Pacific by Country
- 9.1 Asia-Pacific Ceramic Capacitor Sales by Country
- 9.1.1 Asia-Pacific Ceramic Capacitor Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 9.1.2 Asia-Pacific Ceramic Capacitor Sales by Country (2021-2026)
- 9.1.3 Asia-Pacific Ceramic Capacitor Sales Forecast by Country (2027-2032)
- 9.2 Asia-Pacific Ceramic Capacitor Market Size by Country
- 9.2.1 Asia-Pacific Ceramic Capacitor Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 9.2.2 Asia-Pacific Ceramic Capacitor Market Size by Country (2021-2026)
- 9.2.3 Asia-Pacific Ceramic Capacitor Market Size Forecast by Country (2027-2032)
10 South America by Country
- 10.1 South America Ceramic Capacitor Sales by Country
- 10.1.1 South America Ceramic Capacitor Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 10.1.2 South America Ceramic Capacitor Sales by Country (2021-2026)
- 10.1.3 South America Ceramic Capacitor Sales Forecast by Country (2027-2032)
- 10.2 South America Ceramic Capacitor Market Size by Country
- 10.2.1 South America Ceramic Capacitor Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 10.2.2 South America Ceramic Capacitor Market Size by Country (2021-2026)
- 10.2.3 South America Ceramic Capacitor Market Size Forecast by Country (2027-2032)
11 Middle East and Africa by Country
- 11.1 Middle East and Africa Ceramic Capacitor Sales by Country
- 11.1.1 Middle East and Africa Ceramic Capacitor Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 11.1.2 Middle East and Africa Ceramic Capacitor Sales by Country (2021-2026)
- 11.1.3 Middle East and Africa Ceramic Capacitor Sales Forecast by Country (2027-2032)
- 11.2 Middle East and Africa Ceramic Capacitor Market Size by Country
- 11.2.1 Middle East and Africa Ceramic Capacitor Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 11.2.2 Middle East and Africa Ceramic Capacitor Market Size by Country (2021-2026)
- 11.2.3 Middle East and Africa Ceramic Capacitor Market Size Forecast by Country (2027-2032)
12 Value Chain and Sales Channels Analysis
- 12.1 Ceramic Capacitor Value Chain Analysis
- 12.1.1 Ceramic Capacitor Key Raw Materials
- 12.1.2 Key Raw Materials Price
- 12.1.3 Raw Materials Key Suppliers
- 12.1.4 Manufacturing Cost Structure
- 12.1.5 Ceramic Capacitor Production Mode & Process
- 12.2 Ceramic Capacitor Sales Channels Analysis
- 12.2.1 Direct Comparison with Distribution Share
- 12.2.2 Ceramic Capacitor Distributors
- 12.2.3 Ceramic Capacitor Customers
13 Concluding Insights
14 Appendix
- 14.1 Reasons for Doing This Study
- 14.2 Research Methodology
- 14.3 Research Process
- 14.4 Authors List of This Report
- 14.5 Data Source
- 14.5.1 Secondary Sources
- 14.5.2 Primary Sources
- 14.6 Disclaimer
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