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Industry Research
Biomass Fuel Dryer Industry Research Report 2026
Market perspective
The global Biomass Fuel Dryer 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 Biomass Fuel Dryer 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 Biomass Fuel Dryer 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 Biomass Fuel Dryer 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 Biomass Fuel Dryer include , among others. In 2025, the top three vendors together accounted for approximately % of global revenue.
Report Scope
This report quantifies the global Biomass Fuel Dryer market in revenue (US$ million) and, where applicable, sales volume (units), 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$/units) 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 Biomass Fuel Dryer.
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.
Biomass Fuel Dryer Market by Company
FEECO International
The Onix Corporation
Andritz AG
Glatt Process Technology
Anivi Ingenieria
The Fitzpatrick Company
Hazemag & EPR
Thyssenkrupp KH Mineral SAS
Buhler
Carrier
Comspain XXI
FAVA
GEA Process Engineering
GMF-GOUDA
R.Simon
TAIKI Techno
Zhengzhou Dingli-Dehydration Drying Equipment
Henan Yuhui Mining Limited
Zhengzhou Dingli New Energy Technology
Zhangqiu Dade Machinery
Jingjiang Wantai Machinery Manufacturing
Biomass Fuel Dryer Segment by Type
Wood Chips
Dregs of Medicine
Petroleum Coke
Others
Biomass Fuel Dryer Segment by Application
Industrial
Agriculture
Energy
Others
Biomass Fuel Dryer 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
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 Biomass Fuel Dryer 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 Biomass Fuel Dryer 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 Biomass Fuel Dryer.
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 Biomass Fuel Dryer 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 Biomass Fuel Dryer 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 Biomass Fuel Dryer 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
- Wood Chips
- Dregs of Medicine
- Petroleum Coke
- Others
Applications
- Industrial
- Agriculture
- Energy
- Others
Companies covered
- FEECO International
- The Onix Corporation
- Andritz AG
- Glatt Process Technology
- Anivi Ingenieria
- The Fitzpatrick Company
- Hazemag & EPR
- Thyssenkrupp KH Mineral SAS
- Buhler
- Carrier
- Comspain XXI
- FAVA
- GEA Process Engineering
- GMF-GOUDA
- R.Simon
- TAIKI Techno
- Zhengzhou Dingli-Dehydration Drying Equipment
- Henan Yuhui Mining Limited
- Zhengzhou Dingli New Energy Technology
- Zhangqiu Dade Machinery
- Jingjiang Wantai Machinery Manufacturing
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 Biomass Fuel Dryer by Type
- 2.2.1 Market Value Comparison by Type (2021 VS 2025 VS 2032) & (US$ Million)
- 2.2.2 Wood Chips
- 2.2.3 Dregs of Medicine
- 2.2.4 Petroleum Coke
- 2.2.5 Others
- 2.3 Biomass Fuel Dryer by Application
- 2.3.1 Market Value Comparison by Application (2021 VS 2025 VS 2032) & (US$ Million)
- 2.3.2 Industrial
- 2.3.3 Agriculture
- 2.3.4 Energy
- 2.3.5 Others
- 2.4 Global Market Growth Prospects
- 2.4.1 Global Biomass Fuel Dryer Production Value Estimates and Forecasts (2021-2032)
- 2.4.2 Global Biomass Fuel Dryer Production Capacity Estimates and Forecasts (2021-2032)
- 2.4.3 Global Biomass Fuel Dryer Production Estimates and Forecasts (2021-2032)
- 2.4.4 Global Biomass Fuel Dryer Market Average Price (2021-2032)
3 Market Competitive Landscape by Manufacturers
- 3.1 Global Biomass Fuel Dryer Production by Manufacturers (2021-2026)
- 3.2 Global Biomass Fuel Dryer Production Value by Manufacturers (2021-2026)
- 3.3 Global Biomass Fuel Dryer Average Price by Manufacturers (2021-2026)
- 3.4 Global Biomass Fuel Dryer Industry Manufacturers Ranking, 2024 VS 2025 VS 2026
- 3.5 Global Biomass Fuel Dryer Key Manufacturers, Manufacturing Sites & Headquarters
- 3.6 Global Biomass Fuel Dryer Manufacturers, Product Type & Application
- 3.7 Global Biomass Fuel Dryer Manufacturers Established Date
- 3.8 Global Biomass Fuel Dryer Market CR5 and HHI
- 3.9 Global Manufacturers Mergers & Acquisition
4 Manufacturers Profiled
- 4.1 FEECO International
- 4.1.1 FEECO International Biomass Fuel Dryer Company Information
- 4.1.2 FEECO International Biomass Fuel Dryer Business Overview
- 4.1.3 FEECO International Biomass Fuel Dryer Production, Value and Gross Margin (2021-2026)
- 4.1.4 FEECO International Product Portfolio
- 4.1.5 FEECO International Recent Developments
- 4.2 The Onix Corporation
- 4.2.1 The Onix Corporation Biomass Fuel Dryer Company Information
- 4.2.2 The Onix Corporation Biomass Fuel Dryer Business Overview
- 4.2.3 The Onix Corporation Biomass Fuel Dryer Production, Value and Gross Margin (2021-2026)
- 4.2.4 The Onix Corporation Product Portfolio
- 4.2.5 The Onix Corporation Recent Developments
- 4.3 Andritz AG
- 4.3.1 Andritz AG Biomass Fuel Dryer Company Information
- 4.3.2 Andritz AG Biomass Fuel Dryer Business Overview
- 4.3.3 Andritz AG Biomass Fuel Dryer Production, Value and Gross Margin (2021-2026)
- 4.3.4 Andritz AG Product Portfolio
- 4.3.5 Andritz AG Recent Developments
- 4.4 Glatt Process Technology
- 4.4.1 Glatt Process Technology Biomass Fuel Dryer Company Information
- 4.4.2 Glatt Process Technology Biomass Fuel Dryer Business Overview
- 4.4.3 Glatt Process Technology Biomass Fuel Dryer Production, Value and Gross Margin (2021-2026)
- 4.4.4 Glatt Process Technology Product Portfolio
- 4.4.5 Glatt Process Technology Recent Developments
- 4.5 Anivi Ingenieria
- 4.5.1 Anivi Ingenieria Biomass Fuel Dryer Company Information
- 4.5.2 Anivi Ingenieria Biomass Fuel Dryer Business Overview
- 4.5.3 Anivi Ingenieria Biomass Fuel Dryer Production, Value and Gross Margin (2021-2026)
- 4.5.4 Anivi Ingenieria Product Portfolio
- 4.5.5 Anivi Ingenieria Recent Developments
- 4.6 The Fitzpatrick Company
- 4.6.1 The Fitzpatrick Company Biomass Fuel Dryer Company Information
- 4.6.2 The Fitzpatrick Company Biomass Fuel Dryer Business Overview
- 4.6.3 The Fitzpatrick Company Biomass Fuel Dryer Production, Value and Gross Margin (2021-2026)
- 4.6.4 The Fitzpatrick Company Product Portfolio
- 4.6.5 The Fitzpatrick Company Recent Developments
- 4.7 Hazemag & EPR
- 4.7.1 Hazemag & EPR Biomass Fuel Dryer Company Information
- 4.7.2 Hazemag & EPR Biomass Fuel Dryer Business Overview
- 4.7.3 Hazemag & EPR Biomass Fuel Dryer Production, Value and Gross Margin (2021-2026)
- 4.7.4 Hazemag & EPR Product Portfolio
- 4.7.5 Hazemag & EPR Recent Developments
- 4.8 Thyssenkrupp KH Mineral SAS
- 4.8.1 Thyssenkrupp KH Mineral SAS Biomass Fuel Dryer Company Information
- 4.8.2 Thyssenkrupp KH Mineral SAS Biomass Fuel Dryer Business Overview
- 4.8.3 Thyssenkrupp KH Mineral SAS Biomass Fuel Dryer Production, Value and Gross Margin (2021-2026)
- 4.8.4 Thyssenkrupp KH Mineral SAS Product Portfolio
- 4.8.5 Thyssenkrupp KH Mineral SAS Recent Developments
- 4.9 Buhler
- 4.9.1 Buhler Biomass Fuel Dryer Company Information
- 4.9.2 Buhler Biomass Fuel Dryer Business Overview
- 4.9.3 Buhler Biomass Fuel Dryer Production, Value and Gross Margin (2021-2026)
- 4.9.4 Buhler Product Portfolio
- 4.9.5 Buhler Recent Developments
- 4.10 Carrier
- 4.10.1 Carrier Biomass Fuel Dryer Company Information
- 4.10.2 Carrier Biomass Fuel Dryer Business Overview
- 4.10.3 Carrier Biomass Fuel Dryer Production, Value and Gross Margin (2021-2026)
- 4.10.4 Carrier Product Portfolio
- 4.10.5 Carrier Recent Developments
- 4.11 Comspain XXI
- 4.11.1 Comspain XXI Biomass Fuel Dryer Company Information
- 4.11.2 Comspain XXI Biomass Fuel Dryer Business Overview
- 4.11.3 Comspain XXI Biomass Fuel Dryer Production, Value and Gross Margin (2021-2026)
- 4.11.4 Comspain XXI Product Portfolio
- 4.11.5 Comspain XXI Recent Developments
- 4.12 FAVA
- 4.12.1 FAVA Biomass Fuel Dryer Company Information
- 4.12.2 FAVA Biomass Fuel Dryer Business Overview
- 4.12.3 FAVA Biomass Fuel Dryer Production, Value and Gross Margin (2021-2026)
- 4.12.4 FAVA Product Portfolio
- 4.12.5 FAVA Recent Developments
- 4.13 GEA Process Engineering
- 4.13.1 GEA Process Engineering Biomass Fuel Dryer Company Information
- 4.13.2 GEA Process Engineering Biomass Fuel Dryer Business Overview
- 4.13.3 GEA Process Engineering Biomass Fuel Dryer Production, Value and Gross Margin (2021-2026)
- 4.13.4 GEA Process Engineering Product Portfolio
- 4.13.5 GEA Process Engineering Recent Developments
- 4.14 GMF-GOUDA
- 4.14.1 GMF-GOUDA Biomass Fuel Dryer Company Information
- 4.14.2 GMF-GOUDA Biomass Fuel Dryer Business Overview
- 4.14.3 GMF-GOUDA Biomass Fuel Dryer Production, Value and Gross Margin (2021-2026)
- 4.14.4 GMF-GOUDA Product Portfolio
- 4.14.5 GMF-GOUDA Recent Developments
- 4.15 R.Simon
- 4.15.1 R.Simon Biomass Fuel Dryer Company Information
- 4.15.2 R.Simon Biomass Fuel Dryer Business Overview
- 4.15.3 R.Simon Biomass Fuel Dryer Production, Value and Gross Margin (2021-2026)
- 4.15.4 R.Simon Product Portfolio
- 4.15.5 R.Simon Recent Developments
- 4.16 TAIKI Techno
- 4.16.1 TAIKI Techno Biomass Fuel Dryer Company Information
- 4.16.2 TAIKI Techno Biomass Fuel Dryer Business Overview
- 4.16.3 TAIKI Techno Biomass Fuel Dryer Production, Value and Gross Margin (2021-2026)
- 4.16.4 TAIKI Techno Product Portfolio
- 4.16.5 TAIKI Techno Recent Developments
- 4.17 Zhengzhou Dingli-Dehydration Drying Equipment
- 4.17.1 Zhengzhou Dingli-Dehydration Drying Equipment Biomass Fuel Dryer Company Information
- 4.17.2 Zhengzhou Dingli-Dehydration Drying Equipment Biomass Fuel Dryer Business Overview
- 4.17.3 Zhengzhou Dingli-Dehydration Drying Equipment Biomass Fuel Dryer Production, Value and Gross Margin (2021-2026)
- 4.17.4 Zhengzhou Dingli-Dehydration Drying Equipment Product Portfolio
- 4.17.5 Zhengzhou Dingli-Dehydration Drying Equipment Recent Developments
- 4.18 Henan Yuhui Mining Limited
- 4.18.1 Henan Yuhui Mining Limited Biomass Fuel Dryer Company Information
- 4.18.2 Henan Yuhui Mining Limited Biomass Fuel Dryer Business Overview
- 4.18.3 Henan Yuhui Mining Limited Biomass Fuel Dryer Production, Value and Gross Margin (2021-2026)
- 4.18.4 Henan Yuhui Mining Limited Product Portfolio
- 4.18.5 Henan Yuhui Mining Limited Recent Developments
- 4.19 Zhengzhou Dingli New Energy Technology
- 4.19.1 Zhengzhou Dingli New Energy Technology Biomass Fuel Dryer Company Information
- 4.19.2 Zhengzhou Dingli New Energy Technology Biomass Fuel Dryer Business Overview
- 4.19.3 Zhengzhou Dingli New Energy Technology Biomass Fuel Dryer Production, Value and Gross Margin (2021-2026)
- 4.19.4 Zhengzhou Dingli New Energy Technology Product Portfolio
- 4.19.5 Zhengzhou Dingli New Energy Technology Recent Developments
- 4.20 Zhangqiu Dade Machinery
- 4.20.1 Zhangqiu Dade Machinery Biomass Fuel Dryer Company Information
- 4.20.2 Zhangqiu Dade Machinery Biomass Fuel Dryer Business Overview
- 4.20.3 Zhangqiu Dade Machinery Biomass Fuel Dryer Production, Value and Gross Margin (2021-2026)
- 4.20.4 Zhangqiu Dade Machinery Product Portfolio
- 4.20.5 Zhangqiu Dade Machinery Recent Developments
- 4.21 Jingjiang Wantai Machinery Manufacturing
- 4.21.1 Jingjiang Wantai Machinery Manufacturing Biomass Fuel Dryer Company Information
- 4.21.2 Jingjiang Wantai Machinery Manufacturing Biomass Fuel Dryer Business Overview
- 4.21.3 Jingjiang Wantai Machinery Manufacturing Biomass Fuel Dryer Production, Value and Gross Margin (2021-2026)
- 4.21.4 Jingjiang Wantai Machinery Manufacturing Product Portfolio
- 4.21.5 Jingjiang Wantai Machinery Manufacturing Recent Developments
5 Global Biomass Fuel Dryer Production by Region
- 5.1 Global Biomass Fuel Dryer Production Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 5.2 Global Biomass Fuel Dryer Production by Region: 2021-2032
- 5.2.1 Global Biomass Fuel Dryer Production by Region: 2021-2026
- 5.2.2 Global Biomass Fuel Dryer Production Forecast by Region (2027-2032)
- 5.3 Global Biomass Fuel Dryer Production Value Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 5.4 Global Biomass Fuel Dryer Production Value by Region: 2021-2032
- 5.4.1 Global Biomass Fuel Dryer Production Value by Region: 2021-2026
- 5.4.2 Global Biomass Fuel Dryer Production Value Forecast by Region (2027-2032)
- 5.5 Global Biomass Fuel Dryer Market Price Analysis by Region (2021-2026)
- 5.6 Global Biomass Fuel Dryer Production and Value, YOY Growth
- 5.6.1 North America Biomass Fuel Dryer Production Value Estimates and Forecasts (2021-2032)
- 5.6.2 Europe Biomass Fuel Dryer Production Value Estimates and Forecasts (2021-2032)
- 5.6.3 China Biomass Fuel Dryer Production Value Estimates and Forecasts (2021-2032)
- 5.6.4 Japan Biomass Fuel Dryer Production Value Estimates and Forecasts (2021-2032)
6 Global Biomass Fuel Dryer Consumption by Region
- 6.1 Global Biomass Fuel Dryer Consumption Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 6.2 Global Biomass Fuel Dryer Consumption by Region (2021-2032)
- 6.2.1 Global Biomass Fuel Dryer Consumption by Region: 2021-2026
- 6.2.2 Global Biomass Fuel Dryer Forecasted Consumption by Region (2027-2032)
- 6.3 North America
- 6.3.1 North America Biomass Fuel Dryer Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.3.2 North America Biomass Fuel Dryer 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 Biomass Fuel Dryer Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.4.2 Europe Biomass Fuel Dryer 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 Biomass Fuel Dryer Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.5.2 Asia Pacific Biomass Fuel Dryer 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 Biomass Fuel Dryer Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.6.2 South America, Middle East & Africa Biomass Fuel Dryer 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 Biomass Fuel Dryer Production by Type (2021-2032)
- 7.1.1 Global Biomass Fuel Dryer Production by Type (2021-2032) & (units)
- 7.1.2 Global Biomass Fuel Dryer Production Market Share by Type (2021-2032)
- 7.2 Global Biomass Fuel Dryer Production Value by Type (2021-2032)
- 7.2.1 Global Biomass Fuel Dryer Production Value by Type (2021-2032) & (US$ Million)
- 7.2.2 Global Biomass Fuel Dryer Production Value Market Share by Type (2021-2032)
- 7.3 Global Biomass Fuel Dryer Price by Type (2021-2032)
8 Segment by Application
- 8.1 Global Biomass Fuel Dryer Production by Application (2021-2032)
- 8.1.1 Global Biomass Fuel Dryer Production by Application (2021-2032) & (units)
- 8.1.2 Global Biomass Fuel Dryer Production Market Share by Application (2021-2032)
- 8.2 Global Biomass Fuel Dryer Production Value by Application (2021-2032)
- 8.2.1 Global Biomass Fuel Dryer Production Value by Application (2021-2032) & (US$ Million)
- 8.2.2 Global Biomass Fuel Dryer Production Value Market Share by Application (2021-2032)
- 8.3 Global Biomass Fuel Dryer Price by Application (2021-2032)
9 Value Chain and Sales Channels Analysis of the Market
- 9.1 Biomass Fuel Dryer Value Chain Analysis
- 9.1.1 Biomass Fuel Dryer Key Raw Materials
- 9.1.2 Raw Materials Key Suppliers
- 9.1.3 Biomass Fuel Dryer Production Mode & Process
- 9.2 Biomass Fuel Dryer Sales Channels Analysis
- 9.2.1 Direct Comparison with Distribution Share
- 9.2.2 Biomass Fuel Dryer Distributors
- 9.2.3 Biomass Fuel Dryer Customers
10 Global Biomass Fuel Dryer Analyzing Market Dynamics
- 10.1 Biomass Fuel Dryer Industry Trends
- 10.2 Biomass Fuel Dryer Industry Drivers
- 10.3 Biomass Fuel Dryer Industry Opportunities and Challenges
- 10.4 Biomass Fuel Dryer Industry Restraints
11 Report Conclusion
12 Disclaimer
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