Selected research
Industry Growth & Trends
Global Perfluorinated Ion Exchange Resin Industry Growth and Trends Forecast to 2032
Market perspective
The global Perfluorinated Ion Exchange Resin 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 Perfluorinated Ion Exchange Resin 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 Perfluorinated Ion Exchange Resin 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 Perfluorinated Ion Exchange Resin 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 Perfluorinated Ion Exchange Resin include Mitsubishi Chemical, Haiguang Chemical, DuPont, Thermax, Tenax, Samyang, ResinTech, Purolite and LANXESS, 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 Perfluorinated Ion Exchange Resin market, combining harmonized quantitative metrics with targeted qualitative insight to support business and growth strategy, market positioning, and capital allocation.
The Perfluorinated Ion Exchange Resin market size, estimates, and forecasts are presented in terms of sales volume (t) and revenue (US$ million), with 2025 as the base year and historical and forecast data for 2021-2032. The report segments the global Perfluorinated Ion Exchange Resin 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 Perfluorinated Ion Exchange Resin.
Key Companies & Market Share Insights
This section analyzes the strategies and performance of leading manufacturers in the global Perfluorinated Ion Exchange Resin 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.
Perfluorinated Ion Exchange Resin Market by Company
Mitsubishi Chemical
Haiguang Chemical
DuPont
Thermax
Tenax
Samyang
ResinTech
Purolite
LANXESS
Huesker Synthetic GmbH
Hanes Geo Components
Finex
Cetco
Belton Industries Inc
Asahi-Kasei Geotech
Aldex Chemical
Ace Geosynthetics
Perfluorinated Ion Exchange Resin Segment by Type
Gel Type
Others
Perfluorinated Ion Exchange Resin Segment by Application
Food Industry
Water Treatment
Pharmacy
Perfluorinated Ion Exchange Resin 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 Perfluorinated Ion Exchange Resin 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 Perfluorinated Ion Exchange Resin 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 Perfluorinated Ion Exchange Resin.
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 Perfluorinated Ion Exchange Resin manufacturers competitive landscape, price, sales, revenue, market share and ranking, latest development plan, merger, and acquisition information, etc.
Chapter 4: Sales, revenue of Perfluorinated Ion Exchange Resin 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
- Gel Type
- Others
Applications
- Food Industry
- Water Treatment
- Pharmacy
Companies covered
- Mitsubishi Chemical
- Haiguang Chemical
- DuPont
- Thermax
- Tenax
- Samyang
- ResinTech
- Purolite
- LANXESS
- Huesker Synthetic GmbH
- Hanes Geo Components
- Finex
- Cetco
- Belton Industries Inc
- Asahi-Kasei Geotech
- Aldex Chemical
- Ace Geosynthetics
Inside the report.
1 Market Overview
- 1.1 Product Definition
- 1.2 Global Market Growth Prospects
- 1.2.1 Global Perfluorinated Ion Exchange Resin Market Size Estimates and Forecasts (2021-2032)
- 1.2.2 Global Perfluorinated Ion Exchange Resin Sales Estimates and Forecasts (2021-2032)
- 1.3 Perfluorinated Ion Exchange Resin Market by Type
- 1.3.1 Gel Type
- 1.3.2 Others
- 1.4 Global Perfluorinated Ion Exchange Resin Market Size by Type
- 1.4.1 Global Perfluorinated Ion Exchange Resin Market Size Overview by Type (2021-2032)
- 1.4.2 Global Perfluorinated Ion Exchange Resin Historic Market Size Review by Type (2021-2026)
- 1.4.3 Global Perfluorinated Ion Exchange Resin Forecasted Market Size by Type (2027-2032)
- 1.5 Key Regions Market Size by Type
- 1.5.1 North America Perfluorinated Ion Exchange Resin Sales Breakdown by Type (2021-2026)
- 1.5.2 Europe Perfluorinated Ion Exchange Resin Sales Breakdown by Type (2021-2026)
- 1.5.3 Asia-Pacific Perfluorinated Ion Exchange Resin Sales Breakdown by Type (2021-2026)
- 1.5.4 South America Perfluorinated Ion Exchange Resin Sales Breakdown by Type (2021-2026)
- 1.5.5 Middle East and Africa Perfluorinated Ion Exchange Resin Sales Breakdown by Type (2021-2026)
2 Global Market Dynamics
- 2.1 Perfluorinated Ion Exchange Resin Industry Trends
- 2.2 Perfluorinated Ion Exchange Resin Industry Drivers
- 2.3 Perfluorinated Ion Exchange Resin Industry Opportunities and Challenges
- 2.4 Perfluorinated Ion Exchange Resin Industry Restraints
3 Market Competitive Landscape by Company
- 3.1 Global Top Players by Perfluorinated Ion Exchange Resin Revenue (2021-2026)
- 3.2 Global Top Players by Perfluorinated Ion Exchange Resin Sales (2021-2026)
- 3.3 Global Top Players by Perfluorinated Ion Exchange Resin Price (2021-2026)
- 3.4 Global Perfluorinated Ion Exchange Resin Industry Company Ranking, 2024 VS 2025 VS 2026
- 3.5 Global Perfluorinated Ion Exchange Resin Major Company Production Sites & Headquarters
- 3.6 Global Perfluorinated Ion Exchange Resin Company, Product Type & Application
- 3.7 Global Perfluorinated Ion Exchange Resin Company Establishment Date
- 3.8 Market Competitive Analysis
- 3.8.1 Global Perfluorinated Ion Exchange Resin Market CR5 and HHI
- 3.8.2 Global Top 5 and 10 Perfluorinated Ion Exchange Resin Players Market Share by Revenue in 2025
- 3.8.3 2025 Perfluorinated Ion Exchange Resin Tier 1, Tier 2, and Tier 3
4 Perfluorinated Ion Exchange Resin Regional Status and Outlook
- 4.1 Global Perfluorinated Ion Exchange Resin Market Size and CAGR by Region: 2021 VS 2025 VS 2032
- 4.2 Global Perfluorinated Ion Exchange Resin Historic Market Size by Region
- 4.2.1 Global Perfluorinated Ion Exchange Resin Sales in Volume by Region (2021-2026)
- 4.2.2 Global Perfluorinated Ion Exchange Resin Sales in Value by Region (2021-2026)
- 4.2.3 Global Perfluorinated Ion Exchange Resin Sales (Volume & Value), Price and Gross Margin (2021-2026)
- 4.3 Global Perfluorinated Ion Exchange Resin Forecasted Market Size by Region
- 4.3.1 Global Perfluorinated Ion Exchange Resin Sales in Volume by Region (2027-2032)
- 4.3.2 Global Perfluorinated Ion Exchange Resin Sales in Value by Region (2027-2032)
- 4.3.3 Global Perfluorinated Ion Exchange Resin Sales (Volume & Value), Price and Gross Margin (2027-2032)
5 Perfluorinated Ion Exchange Resin by Application
- 5.1 Perfluorinated Ion Exchange Resin Market by Application
- 5.1.1 Food Industry
- 5.1.2 Water Treatment
- 5.1.3 Pharmacy
- 5.2 Global Perfluorinated Ion Exchange Resin Market Size by Application
- 5.2.1 Global Perfluorinated Ion Exchange Resin Market Size Overview by Application (2021-2032)
- 5.2.2 Global Perfluorinated Ion Exchange Resin Historic Market Size Review by Application (2021-2026)
- 5.2.3 Global Perfluorinated Ion Exchange Resin Forecasted Market Size by Application (2027-2032)
- 5.3 Key Regions Market Size by Application
- 5.3.1 North America Perfluorinated Ion Exchange Resin Sales Breakdown by Application (2021-2026)
- 5.3.2 Europe Perfluorinated Ion Exchange Resin Sales Breakdown by Application (2021-2026)
- 5.3.3 Asia-Pacific Perfluorinated Ion Exchange Resin Sales Breakdown by Application (2021-2026)
- 5.3.4 South America Perfluorinated Ion Exchange Resin Sales Breakdown by Application (2021-2026)
- 5.3.5 Middle East and Africa Perfluorinated Ion Exchange Resin Sales Breakdown by Application (2021-2026)
6 Company Profiles
- 6.1 Mitsubishi Chemical
- 6.1.1 Mitsubishi Chemical Company Information
- 6.1.2 Mitsubishi Chemical Business Overview
- 6.1.3 Mitsubishi Chemical Perfluorinated Ion Exchange Resin Sales, Revenue and Gross Margin (2021-2026)
- 6.1.4 Mitsubishi Chemical Perfluorinated Ion Exchange Resin Product Portfolio
- 6.1.5 Mitsubishi Chemical Recent Developments
- 6.2 Haiguang Chemical
- 6.2.1 Haiguang Chemical Company Information
- 6.2.2 Haiguang Chemical Business Overview
- 6.2.3 Haiguang Chemical Perfluorinated Ion Exchange Resin Sales, Revenue and Gross Margin (2021-2026)
- 6.2.4 Haiguang Chemical Perfluorinated Ion Exchange Resin Product Portfolio
- 6.2.5 Haiguang Chemical Recent Developments
- 6.3 DuPont
- 6.3.1 DuPont Company Information
- 6.3.2 DuPont Business Overview
- 6.3.3 DuPont Perfluorinated Ion Exchange Resin Sales, Revenue and Gross Margin (2021-2026)
- 6.3.4 DuPont Perfluorinated Ion Exchange Resin Product Portfolio
- 6.3.5 DuPont Recent Developments
- 6.4 Thermax
- 6.4.1 Thermax Company Information
- 6.4.2 Thermax Business Overview
- 6.4.3 Thermax Perfluorinated Ion Exchange Resin Sales, Revenue and Gross Margin (2021-2026)
- 6.4.4 Thermax Perfluorinated Ion Exchange Resin Product Portfolio
- 6.4.5 Thermax Recent Developments
- 6.5 Tenax
- 6.5.1 Tenax Company Information
- 6.5.2 Tenax Business Overview
- 6.5.3 Tenax Perfluorinated Ion Exchange Resin Sales, Revenue and Gross Margin (2021-2026)
- 6.5.4 Tenax Perfluorinated Ion Exchange Resin Product Portfolio
- 6.5.5 Tenax Recent Developments
- 6.6 Samyang
- 6.6.1 Samyang Company Information
- 6.6.2 Samyang Business Overview
- 6.6.3 Samyang Perfluorinated Ion Exchange Resin Sales, Revenue and Gross Margin (2021-2026)
- 6.6.4 Samyang Perfluorinated Ion Exchange Resin Product Portfolio
- 6.6.5 Samyang Recent Developments
- 6.7 ResinTech
- 6.7.1 ResinTech Company Information
- 6.7.2 ResinTech Business Overview
- 6.7.3 ResinTech Perfluorinated Ion Exchange Resin Sales, Revenue and Gross Margin (2021-2026)
- 6.7.4 ResinTech Perfluorinated Ion Exchange Resin Product Portfolio
- 6.7.5 ResinTech Recent Developments
- 6.8 Purolite
- 6.8.1 Purolite Company Information
- 6.8.2 Purolite Business Overview
- 6.8.3 Purolite Perfluorinated Ion Exchange Resin Sales, Revenue and Gross Margin (2021-2026)
- 6.8.4 Purolite Perfluorinated Ion Exchange Resin Product Portfolio
- 6.8.5 Purolite Recent Developments
- 6.9 LANXESS
- 6.9.1 LANXESS Company Information
- 6.9.2 LANXESS Business Overview
- 6.9.3 LANXESS Perfluorinated Ion Exchange Resin Sales, Revenue and Gross Margin (2021-2026)
- 6.9.4 LANXESS Perfluorinated Ion Exchange Resin Product Portfolio
- 6.9.5 LANXESS Recent Developments
- 6.10 Huesker Synthetic GmbH
- 6.10.1 Huesker Synthetic GmbH Company Information
- 6.10.2 Huesker Synthetic GmbH Business Overview
- 6.10.3 Huesker Synthetic GmbH Perfluorinated Ion Exchange Resin Sales, Revenue and Gross Margin (2021-2026)
- 6.10.4 Huesker Synthetic GmbH Perfluorinated Ion Exchange Resin Product Portfolio
- 6.10.5 Huesker Synthetic GmbH Recent Developments
- 6.11 Hanes Geo Components
- 6.11.1 Hanes Geo Components Company Information
- 6.11.2 Hanes Geo Components Business Overview
- 6.11.3 Hanes Geo Components Perfluorinated Ion Exchange Resin Sales, Revenue and Gross Margin (2021-2026)
- 6.11.4 Hanes Geo Components Perfluorinated Ion Exchange Resin Product Portfolio
- 6.11.5 Hanes Geo Components Recent Developments
- 6.12 Finex
- 6.12.1 Finex Company Information
- 6.12.2 Finex Business Overview
- 6.12.3 Finex Perfluorinated Ion Exchange Resin Sales, Revenue and Gross Margin (2021-2026)
- 6.12.4 Finex Perfluorinated Ion Exchange Resin Product Portfolio
- 6.12.5 Finex Recent Developments
- 6.13 Cetco
- 6.13.1 Cetco Company Information
- 6.13.2 Cetco Business Overview
- 6.13.3 Cetco Perfluorinated Ion Exchange Resin Sales, Revenue and Gross Margin (2021-2026)
- 6.13.4 Cetco Perfluorinated Ion Exchange Resin Product Portfolio
- 6.13.5 Cetco Recent Developments
- 6.14 Belton Industries Inc
- 6.14.1 Belton Industries Inc Company Information
- 6.14.2 Belton Industries Inc Business Overview
- 6.14.3 Belton Industries Inc Perfluorinated Ion Exchange Resin Sales, Revenue and Gross Margin (2021-2026)
- 6.14.4 Belton Industries Inc Perfluorinated Ion Exchange Resin Product Portfolio
- 6.14.5 Belton Industries Inc Recent Developments
- 6.15 Asahi-Kasei Geotech
- 6.15.1 Asahi-Kasei Geotech Company Information
- 6.15.2 Asahi-Kasei Geotech Business Overview
- 6.15.3 Asahi-Kasei Geotech Perfluorinated Ion Exchange Resin Sales, Revenue and Gross Margin (2021-2026)
- 6.15.4 Asahi-Kasei Geotech Perfluorinated Ion Exchange Resin Product Portfolio
- 6.15.5 Asahi-Kasei Geotech Recent Developments
- 6.16 Aldex Chemical
- 6.16.1 Aldex Chemical Company Information
- 6.16.2 Aldex Chemical Business Overview
- 6.16.3 Aldex Chemical Perfluorinated Ion Exchange Resin Sales, Revenue and Gross Margin (2021-2026)
- 6.16.4 Aldex Chemical Perfluorinated Ion Exchange Resin Product Portfolio
- 6.16.5 Aldex Chemical Recent Developments
- 6.17 Ace Geosynthetics
- 6.17.1 Ace Geosynthetics Company Information
- 6.17.2 Ace Geosynthetics Business Overview
- 6.17.3 Ace Geosynthetics Perfluorinated Ion Exchange Resin Sales, Revenue and Gross Margin (2021-2026)
- 6.17.4 Ace Geosynthetics Perfluorinated Ion Exchange Resin Product Portfolio
- 6.17.5 Ace Geosynthetics Recent Developments
7 North America by Country
- 7.1 North America Perfluorinated Ion Exchange Resin Sales by Country
- 7.1.1 North America Perfluorinated Ion Exchange Resin Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 7.1.2 North America Perfluorinated Ion Exchange Resin Sales by Country (2021-2026)
- 7.1.3 North America Perfluorinated Ion Exchange Resin Sales Forecast by Country (2027-2032)
- 7.2 North America Perfluorinated Ion Exchange Resin Market Size by Country
- 7.2.1 North America Perfluorinated Ion Exchange Resin Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 7.2.2 North America Perfluorinated Ion Exchange Resin Market Size by Country (2021-2026)
- 7.2.3 North America Perfluorinated Ion Exchange Resin Market Size Forecast by Country (2027-2032)
8 Europe by Country
- 8.1 Europe Perfluorinated Ion Exchange Resin Sales by Country
- 8.1.1 Europe Perfluorinated Ion Exchange Resin Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 8.1.2 Europe Perfluorinated Ion Exchange Resin Sales by Country (2021-2026)
- 8.1.3 Europe Perfluorinated Ion Exchange Resin Sales Forecast by Country (2027-2032)
- 8.2 Europe Perfluorinated Ion Exchange Resin Market Size by Country
- 8.2.1 Europe Perfluorinated Ion Exchange Resin Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 8.2.2 Europe Perfluorinated Ion Exchange Resin Market Size by Country (2021-2026)
- 8.2.3 Europe Perfluorinated Ion Exchange Resin Market Size Forecast by Country (2027-2032)
9 Asia-Pacific by Country
- 9.1 Asia-Pacific Perfluorinated Ion Exchange Resin Sales by Country
- 9.1.1 Asia-Pacific Perfluorinated Ion Exchange Resin Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 9.1.2 Asia-Pacific Perfluorinated Ion Exchange Resin Sales by Country (2021-2026)
- 9.1.3 Asia-Pacific Perfluorinated Ion Exchange Resin Sales Forecast by Country (2027-2032)
- 9.2 Asia-Pacific Perfluorinated Ion Exchange Resin Market Size by Country
- 9.2.1 Asia-Pacific Perfluorinated Ion Exchange Resin Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 9.2.2 Asia-Pacific Perfluorinated Ion Exchange Resin Market Size by Country (2021-2026)
- 9.2.3 Asia-Pacific Perfluorinated Ion Exchange Resin Market Size Forecast by Country (2027-2032)
10 South America by Country
- 10.1 South America Perfluorinated Ion Exchange Resin Sales by Country
- 10.1.1 South America Perfluorinated Ion Exchange Resin Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 10.1.2 South America Perfluorinated Ion Exchange Resin Sales by Country (2021-2026)
- 10.1.3 South America Perfluorinated Ion Exchange Resin Sales Forecast by Country (2027-2032)
- 10.2 South America Perfluorinated Ion Exchange Resin Market Size by Country
- 10.2.1 South America Perfluorinated Ion Exchange Resin Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 10.2.2 South America Perfluorinated Ion Exchange Resin Market Size by Country (2021-2026)
- 10.2.3 South America Perfluorinated Ion Exchange Resin Market Size Forecast by Country (2027-2032)
11 Middle East and Africa by Country
- 11.1 Middle East and Africa Perfluorinated Ion Exchange Resin Sales by Country
- 11.1.1 Middle East and Africa Perfluorinated Ion Exchange Resin Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 11.1.2 Middle East and Africa Perfluorinated Ion Exchange Resin Sales by Country (2021-2026)
- 11.1.3 Middle East and Africa Perfluorinated Ion Exchange Resin Sales Forecast by Country (2027-2032)
- 11.2 Middle East and Africa Perfluorinated Ion Exchange Resin Market Size by Country
- 11.2.1 Middle East and Africa Perfluorinated Ion Exchange Resin Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 11.2.2 Middle East and Africa Perfluorinated Ion Exchange Resin Market Size by Country (2021-2026)
- 11.2.3 Middle East and Africa Perfluorinated Ion Exchange Resin Market Size Forecast by Country (2027-2032)
12 Value Chain and Sales Channels Analysis
- 12.1 Perfluorinated Ion Exchange Resin Value Chain Analysis
- 12.1.1 Perfluorinated Ion Exchange Resin 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 Perfluorinated Ion Exchange Resin Production Mode & Process
- 12.2 Perfluorinated Ion Exchange Resin Sales Channels Analysis
- 12.2.1 Direct Comparison with Distribution Share
- 12.2.2 Perfluorinated Ion Exchange Resin Distributors
- 12.2.3 Perfluorinated Ion Exchange Resin 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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