Selected research
Industry Research
CNC Tool Grinders Industry Research Report 2026
Market perspective
The global CNC Tool Grinders 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 CNC Tool Grinders 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 CNC Tool Grinders 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 CNC Tool Grinders 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 CNC Tool Grinders include , among others. In 2025, the top three vendors together accounted for approximately % of global revenue.
Report Scope
This report quantifies the global CNC Tool Grinders 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 CNC Tool Grinders.
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.
CNC Tool Grinders Market by Company
ANCA
WALTER
VOLLMER WERKE Maschinenfabrik
Star Cutter
Rollomatic
Alfred H. Schütte
Makino Seiki
Agathon AG
Schneeberger Maschinen
SAACKE GROUP
Ulmer Werkzeugschleiftechnik
Precision Surfacing Solutions
JUNKER Group
Beiping Machine Tools
Utsunomiya Seisakusho
TOP-WORK INDUSTRY
DJTOL Grinding Machine
International Tool Machines
Machine Control Technologies
Kede CNC
HAWEMA
SMP Technik
Zhejiang IVKE Machinery
CNC Tool Grinders Segment by Type
4-Axis CNC Tool Grinders
5-Axis CNC Tool Grinders
Others
CNC Tool Grinders Segment by Application
Automotive
Aerospace & Defense
Electronics
Medical
Others
CNC Tool Grinders 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 CNC Tool Grinders 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 CNC Tool Grinders 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 CNC Tool Grinders.
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 CNC Tool Grinders 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 CNC Tool Grinders 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 CNC Tool Grinders 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
- 4-Axis CNC Tool Grinders
- 5-Axis CNC Tool Grinders
- Others
Applications
- Automotive
- Aerospace & Defense
- Electronics
- Medical
- Others
Companies covered
- ANCA
- WALTER
- VOLLMER WERKE Maschinenfabrik
- Star Cutter
- Rollomatic
- Alfred H. Schütte
- Makino Seiki
- Agathon AG
- Schneeberger Maschinen
- SAACKE GROUP
- Ulmer Werkzeugschleiftechnik
- Precision Surfacing Solutions
- JUNKER Group
- Beiping Machine Tools
- Utsunomiya Seisakusho
- TOP-WORK INDUSTRY
- DJTOL Grinding Machine
- International Tool Machines
- Machine Control Technologies
- Kede CNC
- HAWEMA
- SMP Technik
- Zhejiang IVKE Machinery
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 CNC Tool Grinders by Type
- 2.2.1 Market Value Comparison by Type (2021 VS 2025 VS 2032) & (US$ Million)
- 2.2.2 4-Axis CNC Tool Grinders
- 2.2.3 5-Axis CNC Tool Grinders
- 2.2.4 Others
- 2.3 CNC Tool Grinders by Application
- 2.3.1 Market Value Comparison by Application (2021 VS 2025 VS 2032) & (US$ Million)
- 2.3.2 Automotive
- 2.3.3 Aerospace & Defense
- 2.3.4 Electronics
- 2.3.5 Medical
- 2.3.6 Others
- 2.4 Global Market Growth Prospects
- 2.4.1 Global CNC Tool Grinders Production Value Estimates and Forecasts (2021-2032)
- 2.4.2 Global CNC Tool Grinders Production Capacity Estimates and Forecasts (2021-2032)
- 2.4.3 Global CNC Tool Grinders Production Estimates and Forecasts (2021-2032)
- 2.4.4 Global CNC Tool Grinders Market Average Price (2021-2032)
3 Market Competitive Landscape by Manufacturers
- 3.1 Global CNC Tool Grinders Production by Manufacturers (2021-2026)
- 3.2 Global CNC Tool Grinders Production Value by Manufacturers (2021-2026)
- 3.3 Global CNC Tool Grinders Average Price by Manufacturers (2021-2026)
- 3.4 Global CNC Tool Grinders Industry Manufacturers Ranking, 2024 VS 2025 VS 2026
- 3.5 Global CNC Tool Grinders Key Manufacturers, Manufacturing Sites & Headquarters
- 3.6 Global CNC Tool Grinders Manufacturers, Product Type & Application
- 3.7 Global CNC Tool Grinders Manufacturers Established Date
- 3.8 Global CNC Tool Grinders Market CR5 and HHI
- 3.9 Global Manufacturers Mergers & Acquisition
4 Manufacturers Profiled
- 4.1 ANCA
- 4.1.1 ANCA CNC Tool Grinders Company Information
- 4.1.2 ANCA CNC Tool Grinders Business Overview
- 4.1.3 ANCA CNC Tool Grinders Production, Value and Gross Margin (2021-2026)
- 4.1.4 ANCA Product Portfolio
- 4.1.5 ANCA Recent Developments
- 4.2 WALTER
- 4.2.1 WALTER CNC Tool Grinders Company Information
- 4.2.2 WALTER CNC Tool Grinders Business Overview
- 4.2.3 WALTER CNC Tool Grinders Production, Value and Gross Margin (2021-2026)
- 4.2.4 WALTER Product Portfolio
- 4.2.5 WALTER Recent Developments
- 4.3 VOLLMER WERKE Maschinenfabrik
- 4.3.1 VOLLMER WERKE Maschinenfabrik CNC Tool Grinders Company Information
- 4.3.2 VOLLMER WERKE Maschinenfabrik CNC Tool Grinders Business Overview
- 4.3.3 VOLLMER WERKE Maschinenfabrik CNC Tool Grinders Production, Value and Gross Margin (2021-2026)
- 4.3.4 VOLLMER WERKE Maschinenfabrik Product Portfolio
- 4.3.5 VOLLMER WERKE Maschinenfabrik Recent Developments
- 4.4 Star Cutter
- 4.4.1 Star Cutter CNC Tool Grinders Company Information
- 4.4.2 Star Cutter CNC Tool Grinders Business Overview
- 4.4.3 Star Cutter CNC Tool Grinders Production, Value and Gross Margin (2021-2026)
- 4.4.4 Star Cutter Product Portfolio
- 4.4.5 Star Cutter Recent Developments
- 4.5 Rollomatic
- 4.5.1 Rollomatic CNC Tool Grinders Company Information
- 4.5.2 Rollomatic CNC Tool Grinders Business Overview
- 4.5.3 Rollomatic CNC Tool Grinders Production, Value and Gross Margin (2021-2026)
- 4.5.4 Rollomatic Product Portfolio
- 4.5.5 Rollomatic Recent Developments
- 4.6 Alfred H. Schütte
- 4.6.1 Alfred H. Schütte CNC Tool Grinders Company Information
- 4.6.2 Alfred H. Schütte CNC Tool Grinders Business Overview
- 4.6.3 Alfred H. Schütte CNC Tool Grinders Production, Value and Gross Margin (2021-2026)
- 4.6.4 Alfred H. Schütte Product Portfolio
- 4.6.5 Alfred H. Schütte Recent Developments
- 4.7 Makino Seiki
- 4.7.1 Makino Seiki CNC Tool Grinders Company Information
- 4.7.2 Makino Seiki CNC Tool Grinders Business Overview
- 4.7.3 Makino Seiki CNC Tool Grinders Production, Value and Gross Margin (2021-2026)
- 4.7.4 Makino Seiki Product Portfolio
- 4.7.5 Makino Seiki Recent Developments
- 4.8 Agathon AG
- 4.8.1 Agathon AG CNC Tool Grinders Company Information
- 4.8.2 Agathon AG CNC Tool Grinders Business Overview
- 4.8.3 Agathon AG CNC Tool Grinders Production, Value and Gross Margin (2021-2026)
- 4.8.4 Agathon AG Product Portfolio
- 4.8.5 Agathon AG Recent Developments
- 4.9 Schneeberger Maschinen
- 4.9.1 Schneeberger Maschinen CNC Tool Grinders Company Information
- 4.9.2 Schneeberger Maschinen CNC Tool Grinders Business Overview
- 4.9.3 Schneeberger Maschinen CNC Tool Grinders Production, Value and Gross Margin (2021-2026)
- 4.9.4 Schneeberger Maschinen Product Portfolio
- 4.9.5 Schneeberger Maschinen Recent Developments
- 4.10 SAACKE GROUP
- 4.10.1 SAACKE GROUP CNC Tool Grinders Company Information
- 4.10.2 SAACKE GROUP CNC Tool Grinders Business Overview
- 4.10.3 SAACKE GROUP CNC Tool Grinders Production, Value and Gross Margin (2021-2026)
- 4.10.4 SAACKE GROUP Product Portfolio
- 4.10.5 SAACKE GROUP Recent Developments
- 4.11 Ulmer Werkzeugschleiftechnik
- 4.11.1 Ulmer Werkzeugschleiftechnik CNC Tool Grinders Company Information
- 4.11.2 Ulmer Werkzeugschleiftechnik CNC Tool Grinders Business Overview
- 4.11.3 Ulmer Werkzeugschleiftechnik CNC Tool Grinders Production, Value and Gross Margin (2021-2026)
- 4.11.4 Ulmer Werkzeugschleiftechnik Product Portfolio
- 4.11.5 Ulmer Werkzeugschleiftechnik Recent Developments
- 4.12 Precision Surfacing Solutions
- 4.12.1 Precision Surfacing Solutions CNC Tool Grinders Company Information
- 4.12.2 Precision Surfacing Solutions CNC Tool Grinders Business Overview
- 4.12.3 Precision Surfacing Solutions CNC Tool Grinders Production, Value and Gross Margin (2021-2026)
- 4.12.4 Precision Surfacing Solutions Product Portfolio
- 4.12.5 Precision Surfacing Solutions Recent Developments
- 4.13 JUNKER Group
- 4.13.1 JUNKER Group CNC Tool Grinders Company Information
- 4.13.2 JUNKER Group CNC Tool Grinders Business Overview
- 4.13.3 JUNKER Group CNC Tool Grinders Production, Value and Gross Margin (2021-2026)
- 4.13.4 JUNKER Group Product Portfolio
- 4.13.5 JUNKER Group Recent Developments
- 4.14 Beiping Machine Tools
- 4.14.1 Beiping Machine Tools CNC Tool Grinders Company Information
- 4.14.2 Beiping Machine Tools CNC Tool Grinders Business Overview
- 4.14.3 Beiping Machine Tools CNC Tool Grinders Production, Value and Gross Margin (2021-2026)
- 4.14.4 Beiping Machine Tools Product Portfolio
- 4.14.5 Beiping Machine Tools Recent Developments
- 4.15 Utsunomiya Seisakusho
- 4.15.1 Utsunomiya Seisakusho CNC Tool Grinders Company Information
- 4.15.2 Utsunomiya Seisakusho CNC Tool Grinders Business Overview
- 4.15.3 Utsunomiya Seisakusho CNC Tool Grinders Production, Value and Gross Margin (2021-2026)
- 4.15.4 Utsunomiya Seisakusho Product Portfolio
- 4.15.5 Utsunomiya Seisakusho Recent Developments
- 4.16 TOP-WORK INDUSTRY
- 4.16.1 TOP-WORK INDUSTRY CNC Tool Grinders Company Information
- 4.16.2 TOP-WORK INDUSTRY CNC Tool Grinders Business Overview
- 4.16.3 TOP-WORK INDUSTRY CNC Tool Grinders Production, Value and Gross Margin (2021-2026)
- 4.16.4 TOP-WORK INDUSTRY Product Portfolio
- 4.16.5 TOP-WORK INDUSTRY Recent Developments
- 4.17 DJTOL Grinding Machine
- 4.17.1 DJTOL Grinding Machine CNC Tool Grinders Company Information
- 4.17.2 DJTOL Grinding Machine CNC Tool Grinders Business Overview
- 4.17.3 DJTOL Grinding Machine CNC Tool Grinders Production, Value and Gross Margin (2021-2026)
- 4.17.4 DJTOL Grinding Machine Product Portfolio
- 4.17.5 DJTOL Grinding Machine Recent Developments
- 4.18 International Tool Machines
- 4.18.1 International Tool Machines CNC Tool Grinders Company Information
- 4.18.2 International Tool Machines CNC Tool Grinders Business Overview
- 4.18.3 International Tool Machines CNC Tool Grinders Production, Value and Gross Margin (2021-2026)
- 4.18.4 International Tool Machines Product Portfolio
- 4.18.5 International Tool Machines Recent Developments
- 4.19 Machine Control Technologies
- 4.19.1 Machine Control Technologies CNC Tool Grinders Company Information
- 4.19.2 Machine Control Technologies CNC Tool Grinders Business Overview
- 4.19.3 Machine Control Technologies CNC Tool Grinders Production, Value and Gross Margin (2021-2026)
- 4.19.4 Machine Control Technologies Product Portfolio
- 4.19.5 Machine Control Technologies Recent Developments
- 4.20 Kede CNC
- 4.20.1 Kede CNC CNC Tool Grinders Company Information
- 4.20.2 Kede CNC CNC Tool Grinders Business Overview
- 4.20.3 Kede CNC CNC Tool Grinders Production, Value and Gross Margin (2021-2026)
- 4.20.4 Kede CNC Product Portfolio
- 4.20.5 Kede CNC Recent Developments
- 4.21 HAWEMA
- 4.21.1 HAWEMA CNC Tool Grinders Company Information
- 4.21.2 HAWEMA CNC Tool Grinders Business Overview
- 4.21.3 HAWEMA CNC Tool Grinders Production, Value and Gross Margin (2021-2026)
- 4.21.4 HAWEMA Product Portfolio
- 4.21.5 HAWEMA Recent Developments
- 4.22 SMP Technik
- 4.22.1 SMP Technik CNC Tool Grinders Company Information
- 4.22.2 SMP Technik CNC Tool Grinders Business Overview
- 4.22.3 SMP Technik CNC Tool Grinders Production, Value and Gross Margin (2021-2026)
- 4.22.4 SMP Technik Product Portfolio
- 4.22.5 SMP Technik Recent Developments
- 4.23 Zhejiang IVKE Machinery
- 4.23.1 Zhejiang IVKE Machinery CNC Tool Grinders Company Information
- 4.23.2 Zhejiang IVKE Machinery CNC Tool Grinders Business Overview
- 4.23.3 Zhejiang IVKE Machinery CNC Tool Grinders Production, Value and Gross Margin (2021-2026)
- 4.23.4 Zhejiang IVKE Machinery Product Portfolio
- 4.23.5 Zhejiang IVKE Machinery Recent Developments
5 Global CNC Tool Grinders Production by Region
- 5.1 Global CNC Tool Grinders Production Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 5.2 Global CNC Tool Grinders Production by Region: 2021-2032
- 5.2.1 Global CNC Tool Grinders Production by Region: 2021-2026
- 5.2.2 Global CNC Tool Grinders Production Forecast by Region (2027-2032)
- 5.3 Global CNC Tool Grinders Production Value Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 5.4 Global CNC Tool Grinders Production Value by Region: 2021-2032
- 5.4.1 Global CNC Tool Grinders Production Value by Region: 2021-2026
- 5.4.2 Global CNC Tool Grinders Production Value Forecast by Region (2027-2032)
- 5.5 Global CNC Tool Grinders Market Price Analysis by Region (2021-2026)
- 5.6 Global CNC Tool Grinders Production and Value, YOY Growth
- 5.6.1 North America CNC Tool Grinders Production Value Estimates and Forecasts (2021-2032)
- 5.6.2 Europe CNC Tool Grinders Production Value Estimates and Forecasts (2021-2032)
- 5.6.3 China CNC Tool Grinders Production Value Estimates and Forecasts (2021-2032)
- 5.6.4 Japan CNC Tool Grinders Production Value Estimates and Forecasts (2021-2032)
6 Global CNC Tool Grinders Consumption by Region
- 6.1 Global CNC Tool Grinders Consumption Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 6.2 Global CNC Tool Grinders Consumption by Region (2021-2032)
- 6.2.1 Global CNC Tool Grinders Consumption by Region: 2021-2026
- 6.2.2 Global CNC Tool Grinders Forecasted Consumption by Region (2027-2032)
- 6.3 North America
- 6.3.1 North America CNC Tool Grinders Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.3.2 North America CNC Tool Grinders 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 CNC Tool Grinders Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.4.2 Europe CNC Tool Grinders 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 CNC Tool Grinders Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.5.2 Asia Pacific CNC Tool Grinders 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 CNC Tool Grinders Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.6.2 South America, Middle East & Africa CNC Tool Grinders 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 CNC Tool Grinders Production by Type (2021-2032)
- 7.1.1 Global CNC Tool Grinders Production by Type (2021-2032) & (units)
- 7.1.2 Global CNC Tool Grinders Production Market Share by Type (2021-2032)
- 7.2 Global CNC Tool Grinders Production Value by Type (2021-2032)
- 7.2.1 Global CNC Tool Grinders Production Value by Type (2021-2032) & (US$ Million)
- 7.2.2 Global CNC Tool Grinders Production Value Market Share by Type (2021-2032)
- 7.3 Global CNC Tool Grinders Price by Type (2021-2032)
8 Segment by Application
- 8.1 Global CNC Tool Grinders Production by Application (2021-2032)
- 8.1.1 Global CNC Tool Grinders Production by Application (2021-2032) & (units)
- 8.1.2 Global CNC Tool Grinders Production Market Share by Application (2021-2032)
- 8.2 Global CNC Tool Grinders Production Value by Application (2021-2032)
- 8.2.1 Global CNC Tool Grinders Production Value by Application (2021-2032) & (US$ Million)
- 8.2.2 Global CNC Tool Grinders Production Value Market Share by Application (2021-2032)
- 8.3 Global CNC Tool Grinders Price by Application (2021-2032)
9 Value Chain and Sales Channels Analysis of the Market
- 9.1 CNC Tool Grinders Value Chain Analysis
- 9.1.1 CNC Tool Grinders Key Raw Materials
- 9.1.2 Raw Materials Key Suppliers
- 9.1.3 CNC Tool Grinders Production Mode & Process
- 9.2 CNC Tool Grinders Sales Channels Analysis
- 9.2.1 Direct Comparison with Distribution Share
- 9.2.2 CNC Tool Grinders Distributors
- 9.2.3 CNC Tool Grinders Customers
10 Global CNC Tool Grinders Analyzing Market Dynamics
- 10.1 CNC Tool Grinders Industry Trends
- 10.2 CNC Tool Grinders Industry Drivers
- 10.3 CNC Tool Grinders Industry Opportunities and Challenges
- 10.4 CNC Tool Grinders Industry Restraints
11 Report Conclusion
12 Disclaimer
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