Selected research
Industry Research
Polymer PTC Thermister Industry Research Report 2026
Market perspective
The global Polymer PTC Thermister 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 Polymer PTC Thermister 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 Polymer PTC Thermister 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 Polymer PTC Thermister 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 Polymer PTC Thermister include , among others. In 2025, the top three vendors together accounted for approximately % of global revenue.
Report Scope
This report quantifies the global Polymer PTC Thermister market in revenue (US$ million) and, where applicable, sales volume (k 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$/k 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 Polymer PTC Thermister.
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.
Polymer PTC Thermister Market by Company
TE
Littelfuse
CYG Wayon
Bourns Inc.
Nidec Copal Electronics Corp.
TDK Corporation
Murata Manufacturing Co., Ltd.
Fuzetec Technology Co., Ltd.
Shenzhen TianCheng QianHai Tech Development Co.,Ltd.
Zonkas Electronic Co., Ltd.
Calco Electric
Dongguan Wuge Electronic Technology Co., Ltd.
Hwalon Electronic Co., Ltd.
Aolittel Technology Co., Ltd.
Alpha Therm GmbH
Sinochip Electronics Co., Ltd.
Zhaoqing ANR Electronics Co., Ltd.
Thinking Electronic Industrial Co., Ltd.
Polymer PTC Thermister Segment by Type
Surface Mount Type
Radial Leaded Type
Polymer PTC Thermister Segment by Application
Computers/Peripherals
Telecom/Datacom Infrastructure
Consumer Electronics
Medical Electronics
Automotive Electronics
Power Supplies/DC Converters
Home Appliance
Others
Polymer PTC Thermister 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 Polymer PTC Thermister 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 Polymer PTC Thermister 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 Polymer PTC Thermister.
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 Polymer PTC Thermister 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 Polymer PTC Thermister 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 Polymer PTC Thermister 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
- Surface Mount Type
- Radial Leaded Type
Applications
- Computers/Peripherals
- Telecom/Datacom Infrastructure
- Consumer Electronics
- Medical Electronics
- Automotive Electronics
- Power Supplies/DC Converters
- Home Appliance
- Others
Companies covered
- TE
- Littelfuse
- CYG Wayon
- Bourns Inc.
- Nidec Copal Electronics Corp.
- TDK Corporation
- Murata Manufacturing Co., Ltd.
- Fuzetec Technology Co., Ltd.
- Shenzhen TianCheng QianHai Tech Development Co.,Ltd.
- Zonkas Electronic Co., Ltd.
- Calco Electric
- Dongguan Wuge Electronic Technology Co., Ltd.
- Hwalon Electronic Co., Ltd.
- Aolittel Technology Co., Ltd.
- Alpha Therm GmbH
- Sinochip Electronics Co., Ltd.
- Zhaoqing ANR Electronics Co., Ltd.
- Thinking Electronic Industrial Co., Ltd.
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 Polymer PTC Thermister by Type
- 2.2.1 Market Value Comparison by Type (2021 VS 2025 VS 2032) & (US$ Million)
- 2.2.2 Surface Mount Type
- 2.2.3 Radial Leaded Type
- 2.3 Polymer PTC Thermister by Application
- 2.3.1 Market Value Comparison by Application (2021 VS 2025 VS 2032) & (US$ Million)
- 2.3.2 Computers/Peripherals
- 2.3.3 Telecom/Datacom Infrastructure
- 2.3.4 Consumer Electronics
- 2.3.5 Medical Electronics
- 2.3.6 Automotive Electronics
- 2.3.7 Power Supplies/DC Converters
- 2.3.8 Home Appliance
- 2.3.9 Others
- 2.4 Global Market Growth Prospects
- 2.4.1 Global Polymer PTC Thermister Production Value Estimates and Forecasts (2021-2032)
- 2.4.2 Global Polymer PTC Thermister Production Capacity Estimates and Forecasts (2021-2032)
- 2.4.3 Global Polymer PTC Thermister Production Estimates and Forecasts (2021-2032)
- 2.4.4 Global Polymer PTC Thermister Market Average Price (2021-2032)
3 Market Competitive Landscape by Manufacturers
- 3.1 Global Polymer PTC Thermister Production by Manufacturers (2021-2026)
- 3.2 Global Polymer PTC Thermister Production Value by Manufacturers (2021-2026)
- 3.3 Global Polymer PTC Thermister Average Price by Manufacturers (2021-2026)
- 3.4 Global Polymer PTC Thermister Industry Manufacturers Ranking, 2024 VS 2025 VS 2026
- 3.5 Global Polymer PTC Thermister Key Manufacturers, Manufacturing Sites & Headquarters
- 3.6 Global Polymer PTC Thermister Manufacturers, Product Type & Application
- 3.7 Global Polymer PTC Thermister Manufacturers Established Date
- 3.8 Global Polymer PTC Thermister Market CR5 and HHI
- 3.9 Global Manufacturers Mergers & Acquisition
4 Manufacturers Profiled
- 4.1 TE
- 4.1.1 TE Polymer PTC Thermister Company Information
- 4.1.2 TE Polymer PTC Thermister Business Overview
- 4.1.3 TE Polymer PTC Thermister Production, Value and Gross Margin (2021-2026)
- 4.1.4 TE Product Portfolio
- 4.1.5 TE Recent Developments
- 4.2 Littelfuse
- 4.2.1 Littelfuse Polymer PTC Thermister Company Information
- 4.2.2 Littelfuse Polymer PTC Thermister Business Overview
- 4.2.3 Littelfuse Polymer PTC Thermister Production, Value and Gross Margin (2021-2026)
- 4.2.4 Littelfuse Product Portfolio
- 4.2.5 Littelfuse Recent Developments
- 4.3 CYG Wayon
- 4.3.1 CYG Wayon Polymer PTC Thermister Company Information
- 4.3.2 CYG Wayon Polymer PTC Thermister Business Overview
- 4.3.3 CYG Wayon Polymer PTC Thermister Production, Value and Gross Margin (2021-2026)
- 4.3.4 CYG Wayon Product Portfolio
- 4.3.5 CYG Wayon Recent Developments
- 4.4 Bourns Inc.
- 4.4.1 Bourns Inc. Polymer PTC Thermister Company Information
- 4.4.2 Bourns Inc. Polymer PTC Thermister Business Overview
- 4.4.3 Bourns Inc. Polymer PTC Thermister Production, Value and Gross Margin (2021-2026)
- 4.4.4 Bourns Inc. Product Portfolio
- 4.4.5 Bourns Inc. Recent Developments
- 4.5 Nidec Copal Electronics Corp.
- 4.5.1 Nidec Copal Electronics Corp. Polymer PTC Thermister Company Information
- 4.5.2 Nidec Copal Electronics Corp. Polymer PTC Thermister Business Overview
- 4.5.3 Nidec Copal Electronics Corp. Polymer PTC Thermister Production, Value and Gross Margin (2021-2026)
- 4.5.4 Nidec Copal Electronics Corp. Product Portfolio
- 4.5.5 Nidec Copal Electronics Corp. Recent Developments
- 4.6 TDK Corporation
- 4.6.1 TDK Corporation Polymer PTC Thermister Company Information
- 4.6.2 TDK Corporation Polymer PTC Thermister Business Overview
- 4.6.3 TDK Corporation Polymer PTC Thermister Production, Value and Gross Margin (2021-2026)
- 4.6.4 TDK Corporation Product Portfolio
- 4.6.5 TDK Corporation Recent Developments
- 4.7 Murata Manufacturing Co., Ltd.
- 4.7.1 Murata Manufacturing Co., Ltd. Polymer PTC Thermister Company Information
- 4.7.2 Murata Manufacturing Co., Ltd. Polymer PTC Thermister Business Overview
- 4.7.3 Murata Manufacturing Co., Ltd. Polymer PTC Thermister Production, Value and Gross Margin (2021-2026)
- 4.7.4 Murata Manufacturing Co., Ltd. Product Portfolio
- 4.7.5 Murata Manufacturing Co., Ltd. Recent Developments
- 4.8 Fuzetec Technology Co., Ltd.
- 4.8.1 Fuzetec Technology Co., Ltd. Polymer PTC Thermister Company Information
- 4.8.2 Fuzetec Technology Co., Ltd. Polymer PTC Thermister Business Overview
- 4.8.3 Fuzetec Technology Co., Ltd. Polymer PTC Thermister Production, Value and Gross Margin (2021-2026)
- 4.8.4 Fuzetec Technology Co., Ltd. Product Portfolio
- 4.8.5 Fuzetec Technology Co., Ltd. Recent Developments
- 4.9 Shenzhen TianCheng QianHai Tech Development Co.,Ltd.
- 4.9.1 Shenzhen TianCheng QianHai Tech Development Co.,Ltd. Polymer PTC Thermister Company Information
- 4.9.2 Shenzhen TianCheng QianHai Tech Development Co.,Ltd. Polymer PTC Thermister Business Overview
- 4.9.3 Shenzhen TianCheng QianHai Tech Development Co.,Ltd. Polymer PTC Thermister Production, Value and Gross Margin (2021-2026)
- 4.9.4 Shenzhen TianCheng QianHai Tech Development Co.,Ltd. Product Portfolio
- 4.9.5 Shenzhen TianCheng QianHai Tech Development Co.,Ltd. Recent Developments
- 4.10 Zonkas Electronic Co., Ltd.
- 4.10.1 Zonkas Electronic Co., Ltd. Polymer PTC Thermister Company Information
- 4.10.2 Zonkas Electronic Co., Ltd. Polymer PTC Thermister Business Overview
- 4.10.3 Zonkas Electronic Co., Ltd. Polymer PTC Thermister Production, Value and Gross Margin (2021-2026)
- 4.10.4 Zonkas Electronic Co., Ltd. Product Portfolio
- 4.10.5 Zonkas Electronic Co., Ltd. Recent Developments
- 4.11 Calco Electric
- 4.11.1 Calco Electric Polymer PTC Thermister Company Information
- 4.11.2 Calco Electric Polymer PTC Thermister Business Overview
- 4.11.3 Calco Electric Polymer PTC Thermister Production, Value and Gross Margin (2021-2026)
- 4.11.4 Calco Electric Product Portfolio
- 4.11.5 Calco Electric Recent Developments
- 4.12 Dongguan Wuge Electronic Technology Co., Ltd.
- 4.12.1 Dongguan Wuge Electronic Technology Co., Ltd. Polymer PTC Thermister Company Information
- 4.12.2 Dongguan Wuge Electronic Technology Co., Ltd. Polymer PTC Thermister Business Overview
- 4.12.3 Dongguan Wuge Electronic Technology Co., Ltd. Polymer PTC Thermister Production, Value and Gross Margin (2021-2026)
- 4.12.4 Dongguan Wuge Electronic Technology Co., Ltd. Product Portfolio
- 4.12.5 Dongguan Wuge Electronic Technology Co., Ltd. Recent Developments
- 4.13 Hwalon Electronic Co., Ltd.
- 4.13.1 Hwalon Electronic Co., Ltd. Polymer PTC Thermister Company Information
- 4.13.2 Hwalon Electronic Co., Ltd. Polymer PTC Thermister Business Overview
- 4.13.3 Hwalon Electronic Co., Ltd. Polymer PTC Thermister Production, Value and Gross Margin (2021-2026)
- 4.13.4 Hwalon Electronic Co., Ltd. Product Portfolio
- 4.13.5 Hwalon Electronic Co., Ltd. Recent Developments
- 4.14 Aolittel Technology Co., Ltd.
- 4.14.1 Aolittel Technology Co., Ltd. Polymer PTC Thermister Company Information
- 4.14.2 Aolittel Technology Co., Ltd. Polymer PTC Thermister Business Overview
- 4.14.3 Aolittel Technology Co., Ltd. Polymer PTC Thermister Production, Value and Gross Margin (2021-2026)
- 4.14.4 Aolittel Technology Co., Ltd. Product Portfolio
- 4.14.5 Aolittel Technology Co., Ltd. Recent Developments
- 4.15 Alpha Therm GmbH
- 4.15.1 Alpha Therm GmbH Polymer PTC Thermister Company Information
- 4.15.2 Alpha Therm GmbH Polymer PTC Thermister Business Overview
- 4.15.3 Alpha Therm GmbH Polymer PTC Thermister Production, Value and Gross Margin (2021-2026)
- 4.15.4 Alpha Therm GmbH Product Portfolio
- 4.15.5 Alpha Therm GmbH Recent Developments
- 4.16 Sinochip Electronics Co., Ltd.
- 4.16.1 Sinochip Electronics Co., Ltd. Polymer PTC Thermister Company Information
- 4.16.2 Sinochip Electronics Co., Ltd. Polymer PTC Thermister Business Overview
- 4.16.3 Sinochip Electronics Co., Ltd. Polymer PTC Thermister Production, Value and Gross Margin (2021-2026)
- 4.16.4 Sinochip Electronics Co., Ltd. Product Portfolio
- 4.16.5 Sinochip Electronics Co., Ltd. Recent Developments
- 4.17 Zhaoqing ANR Electronics Co., Ltd.
- 4.17.1 Zhaoqing ANR Electronics Co., Ltd. Polymer PTC Thermister Company Information
- 4.17.2 Zhaoqing ANR Electronics Co., Ltd. Polymer PTC Thermister Business Overview
- 4.17.3 Zhaoqing ANR Electronics Co., Ltd. Polymer PTC Thermister Production, Value and Gross Margin (2021-2026)
- 4.17.4 Zhaoqing ANR Electronics Co., Ltd. Product Portfolio
- 4.17.5 Zhaoqing ANR Electronics Co., Ltd. Recent Developments
- 4.18 Thinking Electronic Industrial Co., Ltd.
- 4.18.1 Thinking Electronic Industrial Co., Ltd. Polymer PTC Thermister Company Information
- 4.18.2 Thinking Electronic Industrial Co., Ltd. Polymer PTC Thermister Business Overview
- 4.18.3 Thinking Electronic Industrial Co., Ltd. Polymer PTC Thermister Production, Value and Gross Margin (2021-2026)
- 4.18.4 Thinking Electronic Industrial Co., Ltd. Product Portfolio
- 4.18.5 Thinking Electronic Industrial Co., Ltd. Recent Developments
5 Global Polymer PTC Thermister Production by Region
- 5.1 Global Polymer PTC Thermister Production Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 5.2 Global Polymer PTC Thermister Production by Region: 2021-2032
- 5.2.1 Global Polymer PTC Thermister Production by Region: 2021-2026
- 5.2.2 Global Polymer PTC Thermister Production Forecast by Region (2027-2032)
- 5.3 Global Polymer PTC Thermister Production Value Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 5.4 Global Polymer PTC Thermister Production Value by Region: 2021-2032
- 5.4.1 Global Polymer PTC Thermister Production Value by Region: 2021-2026
- 5.4.2 Global Polymer PTC Thermister Production Value Forecast by Region (2027-2032)
- 5.5 Global Polymer PTC Thermister Market Price Analysis by Region (2021-2026)
- 5.6 Global Polymer PTC Thermister Production and Value, YOY Growth
- 5.6.1 North America Polymer PTC Thermister Production Value Estimates and Forecasts (2021-2032)
- 5.6.2 Europe Polymer PTC Thermister Production Value Estimates and Forecasts (2021-2032)
- 5.6.3 China Polymer PTC Thermister Production Value Estimates and Forecasts (2021-2032)
- 5.6.4 Japan Polymer PTC Thermister Production Value Estimates and Forecasts (2021-2032)
- 5.6.5 South Korea Polymer PTC Thermister Production Value Estimates and Forecasts (2021-2032)
6 Global Polymer PTC Thermister Consumption by Region
- 6.1 Global Polymer PTC Thermister Consumption Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 6.2 Global Polymer PTC Thermister Consumption by Region (2021-2032)
- 6.2.1 Global Polymer PTC Thermister Consumption by Region: 2021-2026
- 6.2.2 Global Polymer PTC Thermister Forecasted Consumption by Region (2027-2032)
- 6.3 North America
- 6.3.1 North America Polymer PTC Thermister Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.3.2 North America Polymer PTC Thermister 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 Polymer PTC Thermister Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.4.2 Europe Polymer PTC Thermister 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 Polymer PTC Thermister Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.5.2 Asia Pacific Polymer PTC Thermister 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 Polymer PTC Thermister Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.6.2 South America, Middle East & Africa Polymer PTC Thermister 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 Polymer PTC Thermister Production by Type (2021-2032)
- 7.1.1 Global Polymer PTC Thermister Production by Type (2021-2032) & (k units)
- 7.1.2 Global Polymer PTC Thermister Production Market Share by Type (2021-2032)
- 7.2 Global Polymer PTC Thermister Production Value by Type (2021-2032)
- 7.2.1 Global Polymer PTC Thermister Production Value by Type (2021-2032) & (US$ Million)
- 7.2.2 Global Polymer PTC Thermister Production Value Market Share by Type (2021-2032)
- 7.3 Global Polymer PTC Thermister Price by Type (2021-2032)
8 Segment by Application
- 8.1 Global Polymer PTC Thermister Production by Application (2021-2032)
- 8.1.1 Global Polymer PTC Thermister Production by Application (2021-2032) & (k units)
- 8.1.2 Global Polymer PTC Thermister Production Market Share by Application (2021-2032)
- 8.2 Global Polymer PTC Thermister Production Value by Application (2021-2032)
- 8.2.1 Global Polymer PTC Thermister Production Value by Application (2021-2032) & (US$ Million)
- 8.2.2 Global Polymer PTC Thermister Production Value Market Share by Application (2021-2032)
- 8.3 Global Polymer PTC Thermister Price by Application (2021-2032)
9 Value Chain and Sales Channels Analysis of the Market
- 9.1 Polymer PTC Thermister Value Chain Analysis
- 9.1.1 Polymer PTC Thermister Key Raw Materials
- 9.1.2 Raw Materials Key Suppliers
- 9.1.3 Polymer PTC Thermister Production Mode & Process
- 9.2 Polymer PTC Thermister Sales Channels Analysis
- 9.2.1 Direct Comparison with Distribution Share
- 9.2.2 Polymer PTC Thermister Distributors
- 9.2.3 Polymer PTC Thermister Customers
10 Global Polymer PTC Thermister Analyzing Market Dynamics
- 10.1 Polymer PTC Thermister Industry Trends
- 10.2 Polymer PTC Thermister Industry Drivers
- 10.3 Polymer PTC Thermister Industry Opportunities and Challenges
- 10.4 Polymer PTC Thermister Industry Restraints
11 Report Conclusion
12 Disclaimer
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