Selected research
Industry Growth & Trends
Global Fe-Co-V Permanent Magnetic Alloy Industry Growth and Trends Forecast to 2032
Market perspective
The global Fe-Co-V Permanent Magnetic Alloy market was valued at US$ million in 2026 and is projected to reach US$ million by 2032, implying a CAGR of xx% over 2026-2032.
The North America market for Fe-Co-V Permanent Magnetic Alloy is projected to increase from US$ million in 2026 to US$ million by 2032, corresponding to a CAGR of % over 2026-2032.
The Europe market for Fe-Co-V Permanent Magnetic Alloy is projected to increase 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 Fe-Co-V Permanent Magnetic Alloy is projected to increase from US$ million in 2026 to US$ million by 2032, at a CAGR of % over 2026-2032.
Leading global manufacturers of Fe-Co-V Permanent Magnetic Alloy include Hitachi seisakusho, TDK, SsangYong Motor, Xi'an Gangyan Special Alloy, Shanxi Xinlong Metal Electro-Mechanical, DMEGC, Lingyi iTech, Anhui Sinomag Technology and Shanghai Ganghao Nonferrous Metals, among others. In 2025, the top three vendors together accounted for approximately % of global revenue.
Report Scope
This report provides a structured, data-driven view of the global Fe-Co-V Permanent Magnetic Alloy market, combining harmonized quantitative metrics with targeted qualitative insight to support business and growth strategy, market positioning, and capital allocation.
The Fe-Co-V Permanent Magnetic Alloy market size, estimates, and forecasts are presented in terms of sales volume (Tons) and revenue (US$ million), with 2025 as the base year and historical and forecast data for 2021-2032. The report segments the global Fe-Co-V Permanent Magnetic Alloy 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 Fe-Co-V Permanent Magnetic Alloy.
Key Companies & Market Share Insights
This section analyzes the strategies and performance of leading manufacturers in the global Fe-Co-V Permanent Magnetic Alloy 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.
Fe-Co-V Permanent Magnetic Alloy Market by Company
Hitachi seisakusho
TDK
SsangYong Motor
Xi'an Gangyan Special Alloy
Shanxi Xinlong Metal Electro-Mechanical
DMEGC
Lingyi iTech
Anhui Sinomag Technology
Shanghai Ganghao Nonferrous Metals
Shanghai Xinxi Alloy Materials
Dongguan Karich Magnetoelectric Technology
Fe-Co-V Permanent Magnetic Alloy Segment by Type
Rod
Plate
Strip
Fe-Co-V Permanent Magnetic Alloy Segment by Application
Machinery
Electronics
Automotive
Energy
Others
Fe-Co-V Permanent Magnetic Alloy 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 Fe-Co-V Permanent Magnetic Alloy 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 Fe-Co-V Permanent Magnetic Alloy 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 Fe-Co-V Permanent Magnetic Alloy.
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 Fe-Co-V Permanent Magnetic Alloy manufacturers competitive landscape, price, sales, revenue, market share and ranking, latest development plan, merger, and acquisition information, etc.
Chapter 4: Sales, revenue of Fe-Co-V Permanent Magnetic Alloy 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
- Rod
- Plate
- Strip
Applications
- Machinery
- Electronics
- Automotive
- Energy
- Others
Companies covered
- Hitachi seisakusho
- TDK
- SsangYong Motor
- Xi'an Gangyan Special Alloy
- Shanxi Xinlong Metal Electro-Mechanical
- DMEGC
- Lingyi iTech
- Anhui Sinomag Technology
- Shanghai Ganghao Nonferrous Metals
- Shanghai Xinxi Alloy Materials
- Dongguan Karich Magnetoelectric Technology
Inside the report.
1 Market Overview
- 1.1 Product Definition
- 1.2 Global Market Growth Prospects
- 1.2.1 Global Fe-Co-V Permanent Magnetic Alloy Market Size Estimates and Forecasts (2021-2032)
- 1.2.2 Global Fe-Co-V Permanent Magnetic Alloy Sales Estimates and Forecasts (2021-2032)
- 1.3 Fe-Co-V Permanent Magnetic Alloy Market by Type
- 1.3.1 Rod
- 1.3.2 Plate
- 1.3.3 Strip
- 1.4 Global Fe-Co-V Permanent Magnetic Alloy Market Size by Type
- 1.4.1 Global Fe-Co-V Permanent Magnetic Alloy Market Size Overview by Type (2021-2032)
- 1.4.2 Global Fe-Co-V Permanent Magnetic Alloy Historic Market Size Review by Type (2021-2026)
- 1.4.3 Global Fe-Co-V Permanent Magnetic Alloy Forecasted Market Size by Type (2027-2032)
- 1.5 Key Regions Market Size by Type
- 1.5.1 North America Fe-Co-V Permanent Magnetic Alloy Sales Breakdown by Type (2021-2026)
- 1.5.2 Europe Fe-Co-V Permanent Magnetic Alloy Sales Breakdown by Type (2021-2026)
- 1.5.3 Asia-Pacific Fe-Co-V Permanent Magnetic Alloy Sales Breakdown by Type (2021-2026)
- 1.5.4 South America Fe-Co-V Permanent Magnetic Alloy Sales Breakdown by Type (2021-2026)
- 1.5.5 Middle East and Africa Fe-Co-V Permanent Magnetic Alloy Sales Breakdown by Type (2021-2026)
2 Global Market Dynamics
- 2.1 Fe-Co-V Permanent Magnetic Alloy Industry Trends
- 2.2 Fe-Co-V Permanent Magnetic Alloy Industry Drivers
- 2.3 Fe-Co-V Permanent Magnetic Alloy Industry Opportunities and Challenges
- 2.4 Fe-Co-V Permanent Magnetic Alloy Industry Restraints
3 Market Competitive Landscape by Company
- 3.1 Global Top Players by Fe-Co-V Permanent Magnetic Alloy Revenue (2021-2026)
- 3.2 Global Top Players by Fe-Co-V Permanent Magnetic Alloy Sales (2021-2026)
- 3.3 Global Top Players by Fe-Co-V Permanent Magnetic Alloy Price (2021-2026)
- 3.4 Global Fe-Co-V Permanent Magnetic Alloy Industry Company Ranking, 2024 VS 2025 VS 2026
- 3.5 Global Fe-Co-V Permanent Magnetic Alloy Major Company Production Sites & Headquarters
- 3.6 Global Fe-Co-V Permanent Magnetic Alloy Company, Product Type & Application
- 3.7 Global Fe-Co-V Permanent Magnetic Alloy Company Establishment Date
- 3.8 Market Competitive Analysis
- 3.8.1 Global Fe-Co-V Permanent Magnetic Alloy Market CR5 and HHI
- 3.8.2 Global Top 5 and 10 Fe-Co-V Permanent Magnetic Alloy Players Market Share by Revenue in 2025
- 3.8.3 2025 Fe-Co-V Permanent Magnetic Alloy Tier 1, Tier 2, and Tier 3
4 Fe-Co-V Permanent Magnetic Alloy Regional Status and Outlook
- 4.1 Global Fe-Co-V Permanent Magnetic Alloy Market Size and CAGR by Region: 2021 VS 2025 VS 2032
- 4.2 Global Fe-Co-V Permanent Magnetic Alloy Historic Market Size by Region
- 4.2.1 Global Fe-Co-V Permanent Magnetic Alloy Sales in Volume by Region (2021-2026)
- 4.2.2 Global Fe-Co-V Permanent Magnetic Alloy Sales in Value by Region (2021-2026)
- 4.2.3 Global Fe-Co-V Permanent Magnetic Alloy Sales (Volume & Value), Price and Gross Margin (2021-2026)
- 4.3 Global Fe-Co-V Permanent Magnetic Alloy Forecasted Market Size by Region
- 4.3.1 Global Fe-Co-V Permanent Magnetic Alloy Sales in Volume by Region (2027-2032)
- 4.3.2 Global Fe-Co-V Permanent Magnetic Alloy Sales in Value by Region (2027-2032)
- 4.3.3 Global Fe-Co-V Permanent Magnetic Alloy Sales (Volume & Value), Price and Gross Margin (2027-2032)
5 Fe-Co-V Permanent Magnetic Alloy by Application
- 5.1 Fe-Co-V Permanent Magnetic Alloy Market by Application
- 5.1.1 Machinery
- 5.1.2 Electronics
- 5.1.3 Automotive
- 5.1.4 Energy
- 5.1.5 Others
- 5.2 Global Fe-Co-V Permanent Magnetic Alloy Market Size by Application
- 5.2.1 Global Fe-Co-V Permanent Magnetic Alloy Market Size Overview by Application (2021-2032)
- 5.2.2 Global Fe-Co-V Permanent Magnetic Alloy Historic Market Size Review by Application (2021-2026)
- 5.2.3 Global Fe-Co-V Permanent Magnetic Alloy Forecasted Market Size by Application (2027-2032)
- 5.3 Key Regions Market Size by Application
- 5.3.1 North America Fe-Co-V Permanent Magnetic Alloy Sales Breakdown by Application (2021-2026)
- 5.3.2 Europe Fe-Co-V Permanent Magnetic Alloy Sales Breakdown by Application (2021-2026)
- 5.3.3 Asia-Pacific Fe-Co-V Permanent Magnetic Alloy Sales Breakdown by Application (2021-2026)
- 5.3.4 South America Fe-Co-V Permanent Magnetic Alloy Sales Breakdown by Application (2021-2026)
- 5.3.5 Middle East and Africa Fe-Co-V Permanent Magnetic Alloy Sales Breakdown by Application (2021-2026)
6 Company Profiles
- 6.1 Hitachi seisakusho
- 6.1.1 Hitachi seisakusho Company Information
- 6.1.2 Hitachi seisakusho Business Overview
- 6.1.3 Hitachi seisakusho Fe-Co-V Permanent Magnetic Alloy Sales, Revenue and Gross Margin (2021-2026)
- 6.1.4 Hitachi seisakusho Fe-Co-V Permanent Magnetic Alloy Product Portfolio
- 6.1.5 Hitachi seisakusho Recent Developments
- 6.2 TDK
- 6.2.1 TDK Company Information
- 6.2.2 TDK Business Overview
- 6.2.3 TDK Fe-Co-V Permanent Magnetic Alloy Sales, Revenue and Gross Margin (2021-2026)
- 6.2.4 TDK Fe-Co-V Permanent Magnetic Alloy Product Portfolio
- 6.2.5 TDK Recent Developments
- 6.3 SsangYong Motor
- 6.3.1 SsangYong Motor Company Information
- 6.3.2 SsangYong Motor Business Overview
- 6.3.3 SsangYong Motor Fe-Co-V Permanent Magnetic Alloy Sales, Revenue and Gross Margin (2021-2026)
- 6.3.4 SsangYong Motor Fe-Co-V Permanent Magnetic Alloy Product Portfolio
- 6.3.5 SsangYong Motor Recent Developments
- 6.4 Xi'an Gangyan Special Alloy
- 6.4.1 Xi'an Gangyan Special Alloy Company Information
- 6.4.2 Xi'an Gangyan Special Alloy Business Overview
- 6.4.3 Xi'an Gangyan Special Alloy Fe-Co-V Permanent Magnetic Alloy Sales, Revenue and Gross Margin (2021-2026)
- 6.4.4 Xi'an Gangyan Special Alloy Fe-Co-V Permanent Magnetic Alloy Product Portfolio
- 6.4.5 Xi'an Gangyan Special Alloy Recent Developments
- 6.5 Shanxi Xinlong Metal Electro-Mechanical
- 6.5.1 Shanxi Xinlong Metal Electro-Mechanical Company Information
- 6.5.2 Shanxi Xinlong Metal Electro-Mechanical Business Overview
- 6.5.3 Shanxi Xinlong Metal Electro-Mechanical Fe-Co-V Permanent Magnetic Alloy Sales, Revenue and Gross Margin (2021-2026)
- 6.5.4 Shanxi Xinlong Metal Electro-Mechanical Fe-Co-V Permanent Magnetic Alloy Product Portfolio
- 6.5.5 Shanxi Xinlong Metal Electro-Mechanical Recent Developments
- 6.6 DMEGC
- 6.6.1 DMEGC Company Information
- 6.6.2 DMEGC Business Overview
- 6.6.3 DMEGC Fe-Co-V Permanent Magnetic Alloy Sales, Revenue and Gross Margin (2021-2026)
- 6.6.4 DMEGC Fe-Co-V Permanent Magnetic Alloy Product Portfolio
- 6.6.5 DMEGC Recent Developments
- 6.7 Lingyi iTech
- 6.7.1 Lingyi iTech Company Information
- 6.7.2 Lingyi iTech Business Overview
- 6.7.3 Lingyi iTech Fe-Co-V Permanent Magnetic Alloy Sales, Revenue and Gross Margin (2021-2026)
- 6.7.4 Lingyi iTech Fe-Co-V Permanent Magnetic Alloy Product Portfolio
- 6.7.5 Lingyi iTech Recent Developments
- 6.8 Anhui Sinomag Technology
- 6.8.1 Anhui Sinomag Technology Company Information
- 6.8.2 Anhui Sinomag Technology Business Overview
- 6.8.3 Anhui Sinomag Technology Fe-Co-V Permanent Magnetic Alloy Sales, Revenue and Gross Margin (2021-2026)
- 6.8.4 Anhui Sinomag Technology Fe-Co-V Permanent Magnetic Alloy Product Portfolio
- 6.8.5 Anhui Sinomag Technology Recent Developments
- 6.9 Shanghai Ganghao Nonferrous Metals
- 6.9.1 Shanghai Ganghao Nonferrous Metals Company Information
- 6.9.2 Shanghai Ganghao Nonferrous Metals Business Overview
- 6.9.3 Shanghai Ganghao Nonferrous Metals Fe-Co-V Permanent Magnetic Alloy Sales, Revenue and Gross Margin (2021-2026)
- 6.9.4 Shanghai Ganghao Nonferrous Metals Fe-Co-V Permanent Magnetic Alloy Product Portfolio
- 6.9.5 Shanghai Ganghao Nonferrous Metals Recent Developments
- 6.10 Shanghai Xinxi Alloy Materials
- 6.10.1 Shanghai Xinxi Alloy Materials Company Information
- 6.10.2 Shanghai Xinxi Alloy Materials Business Overview
- 6.10.3 Shanghai Xinxi Alloy Materials Fe-Co-V Permanent Magnetic Alloy Sales, Revenue and Gross Margin (2021-2026)
- 6.10.4 Shanghai Xinxi Alloy Materials Fe-Co-V Permanent Magnetic Alloy Product Portfolio
- 6.10.5 Shanghai Xinxi Alloy Materials Recent Developments
- 6.11 Dongguan Karich Magnetoelectric Technology
- 6.11.1 Dongguan Karich Magnetoelectric Technology Company Information
- 6.11.2 Dongguan Karich Magnetoelectric Technology Business Overview
- 6.11.3 Dongguan Karich Magnetoelectric Technology Fe-Co-V Permanent Magnetic Alloy Sales, Revenue and Gross Margin (2021-2026)
- 6.11.4 Dongguan Karich Magnetoelectric Technology Fe-Co-V Permanent Magnetic Alloy Product Portfolio
- 6.11.5 Dongguan Karich Magnetoelectric Technology Recent Developments
7 North America by Country
- 7.1 North America Fe-Co-V Permanent Magnetic Alloy Sales by Country
- 7.1.1 North America Fe-Co-V Permanent Magnetic Alloy Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 7.1.2 North America Fe-Co-V Permanent Magnetic Alloy Sales by Country (2021-2026)
- 7.1.3 North America Fe-Co-V Permanent Magnetic Alloy Sales Forecast by Country (2027-2032)
- 7.2 North America Fe-Co-V Permanent Magnetic Alloy Market Size by Country
- 7.2.1 North America Fe-Co-V Permanent Magnetic Alloy Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 7.2.2 North America Fe-Co-V Permanent Magnetic Alloy Market Size by Country (2021-2026)
- 7.2.3 North America Fe-Co-V Permanent Magnetic Alloy Market Size Forecast by Country (2027-2032)
8 Europe by Country
- 8.1 Europe Fe-Co-V Permanent Magnetic Alloy Sales by Country
- 8.1.1 Europe Fe-Co-V Permanent Magnetic Alloy Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 8.1.2 Europe Fe-Co-V Permanent Magnetic Alloy Sales by Country (2021-2026)
- 8.1.3 Europe Fe-Co-V Permanent Magnetic Alloy Sales Forecast by Country (2027-2032)
- 8.2 Europe Fe-Co-V Permanent Magnetic Alloy Market Size by Country
- 8.2.1 Europe Fe-Co-V Permanent Magnetic Alloy Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 8.2.2 Europe Fe-Co-V Permanent Magnetic Alloy Market Size by Country (2021-2026)
- 8.2.3 Europe Fe-Co-V Permanent Magnetic Alloy Market Size Forecast by Country (2027-2032)
9 Asia-Pacific by Country
- 9.1 Asia-Pacific Fe-Co-V Permanent Magnetic Alloy Sales by Country
- 9.1.1 Asia-Pacific Fe-Co-V Permanent Magnetic Alloy Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 9.1.2 Asia-Pacific Fe-Co-V Permanent Magnetic Alloy Sales by Country (2021-2026)
- 9.1.3 Asia-Pacific Fe-Co-V Permanent Magnetic Alloy Sales Forecast by Country (2027-2032)
- 9.2 Asia-Pacific Fe-Co-V Permanent Magnetic Alloy Market Size by Country
- 9.2.1 Asia-Pacific Fe-Co-V Permanent Magnetic Alloy Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 9.2.2 Asia-Pacific Fe-Co-V Permanent Magnetic Alloy Market Size by Country (2021-2026)
- 9.2.3 Asia-Pacific Fe-Co-V Permanent Magnetic Alloy Market Size Forecast by Country (2027-2032)
10 South America by Country
- 10.1 South America Fe-Co-V Permanent Magnetic Alloy Sales by Country
- 10.1.1 South America Fe-Co-V Permanent Magnetic Alloy Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 10.1.2 South America Fe-Co-V Permanent Magnetic Alloy Sales by Country (2021-2026)
- 10.1.3 South America Fe-Co-V Permanent Magnetic Alloy Sales Forecast by Country (2027-2032)
- 10.2 South America Fe-Co-V Permanent Magnetic Alloy Market Size by Country
- 10.2.1 South America Fe-Co-V Permanent Magnetic Alloy Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 10.2.2 South America Fe-Co-V Permanent Magnetic Alloy Market Size by Country (2021-2026)
- 10.2.3 South America Fe-Co-V Permanent Magnetic Alloy Market Size Forecast by Country (2027-2032)
11 Middle East and Africa by Country
- 11.1 Middle East and Africa Fe-Co-V Permanent Magnetic Alloy Sales by Country
- 11.1.1 Middle East and Africa Fe-Co-V Permanent Magnetic Alloy Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 11.1.2 Middle East and Africa Fe-Co-V Permanent Magnetic Alloy Sales by Country (2021-2026)
- 11.1.3 Middle East and Africa Fe-Co-V Permanent Magnetic Alloy Sales Forecast by Country (2027-2032)
- 11.2 Middle East and Africa Fe-Co-V Permanent Magnetic Alloy Market Size by Country
- 11.2.1 Middle East and Africa Fe-Co-V Permanent Magnetic Alloy Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 11.2.2 Middle East and Africa Fe-Co-V Permanent Magnetic Alloy Market Size by Country (2021-2026)
- 11.2.3 Middle East and Africa Fe-Co-V Permanent Magnetic Alloy Market Size Forecast by Country (2027-2032)
12 Value Chain and Sales Channels Analysis
- 12.1 Fe-Co-V Permanent Magnetic Alloy Value Chain Analysis
- 12.1.1 Fe-Co-V Permanent Magnetic Alloy 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 Fe-Co-V Permanent Magnetic Alloy Production Mode & Process
- 12.2 Fe-Co-V Permanent Magnetic Alloy Sales Channels Analysis
- 12.2.1 Direct Comparison with Distribution Share
- 12.2.2 Fe-Co-V Permanent Magnetic Alloy Distributors
- 12.2.3 Fe-Co-V Permanent Magnetic Alloy 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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