세계의 기계식 댐버 - 시장 점유율과 순위, 전체 판매량 및 수요 예측(2025-2031년)

The global market for Mechanical Damper was estimated to be worth US$ 227 million in 2024 and is forecast to a readjusted size of US$ 371 million by 2031 with a CAGR of 7.1% during the forecast period 2025-2031.

This report provides a comprehensive assessment of recent tariff adjustments and international strategic countermeasures on Mechanical Damper cross-border industrial footprints, capital allocation patterns, regional economic interdependencies, and supply chain reconfigurations.

In 2024, global Mechanical Damper production reached approximately 2.31 million units, with an average global market price of around US$ 89.2 per unit.

A fire damper can be defined as "a device installed in ducts and air transfer opening of an air distribution or smoke control system designed to close automatically upon detection of heat".

Combination Fire/Smoke Dampers are included because it is similar to the fire damper. Fire damper in the report is all mechanical fire dampers, the Intumescent Dampers and PFP/AFP Hybrid Fire Dampers are not included.

TROX is the largest manufacturers of Mechanical Damper in the world, has a share above 10%. Other players include Systemair, Johnson Controls (Ruskin) and FlaktGroup, etc. Europe is the largest production area, has a share nearly 40%, followed by China and North America, with share 22% and 19%, separately. In terms of product types, manual type is the largest market segment, occupying for a share of nearly 70%. In terms of product applications, Mechanical Damper is mainly used in commercial buildings, with a market share of about 40%, followed by industrial buildings and residential buildings.

This report aims to provide a comprehensive presentation of the global market for Mechanical Damper, focusing on the total sales volume, sales revenue, price, key companies market share and ranking, together with an analysis of Mechanical Damper by region & country, by Type, and by Application.

The Mechanical Damper market size, estimations, and forecasts are provided in terms of sales volume (K Units) and sales revenue ($ millions), considering 2024 as the base year, with history and forecast data for the period from 2020 to 2031. With both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Mechanical Damper.

Market Segmentation

By Company

• TROX
• Johnson Controls (Ruskin)
• FlaktGroup
• Greenheck
• Swegon (Actionair)
• Halton
• Rf-Technologies
• Nailor Industries
• MP3 Italia
• Aldes
• Koolair (Safeair)
• BSB Engineering Services
• Klimaoprema
• Lloyd Industries
• Celmec
• Systemair
• ALNOR Systems
• Metal Industries (NCA)
• TANGRA
• Chongqing Eran
• Shandong Zhongda
• Suzhou Foundation
• Dezhou Changxing
• Zhengjiang Yuanhua
• Shandong Jianghan
• Ruidong Group

Segment by Type

• Manual Type
• Motorized Type

Segment by Application

• Residential Buildings
• Commercial Buildings
• Industrial Buildings
• Marine
• Other Applications

By Region

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • South Korea
  • Southeast Asia
  • India
  • Australia
  • Rest of Asia-Pacific
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Netherlands
  • Nordic Countries
  • Rest of Europe
• Latin America
  • Mexico
  • Brazil
  • Rest of Latin America
• Middle East & Africa
  • Turkey
  • Saudi Arabia
  • UAE
  • Rest of MEA

Chapter Outline

Chapter 1: Introduces the report scope of the report, global total market size (value, volume and price). This chapter also provides 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 2: Detailed analysis of Mechanical Damper manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc.

Chapter 3: 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 4: 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 5: Sales, revenue of Mechanical Damper in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the market development, future development prospects, market space, and market size of each country in the world.

Chapter 6: Sales, revenue of Mechanical Damper in country level. It provides sigmate data by Type, and by Application for each country/region.

Chapter 7: 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 8: Analysis of industrial chain, including the upstream and downstream of the industry.

Chapter 9: Conclusion.

Table of Contents

1 Market Overview

• 1.1 Mechanical Damper Product Introduction
• 1.2 Global Mechanical Damper Market Size Forecast
  • 1.2.1 Global Mechanical Damper Sales Value (2020-2031)
  • 1.2.2 Global Mechanical Damper Sales Volume (2020-2031)
  • 1.2.3 Global Mechanical Damper Sales Price (2020-2031)
• 1.3 Mechanical Damper Market Trends & Drivers
  • 1.3.1 Mechanical Damper Industry Trends
  • 1.3.2 Mechanical Damper Market Drivers & Opportunity
  • 1.3.3 Mechanical Damper Market Challenges
  • 1.3.4 Mechanical Damper Market Restraints
• 1.4 Assumptions and Limitations
• 1.5 Study Objectives
• 1.6 Years Considered

2 Competitive Analysis by Company

• 2.1 Global Mechanical Damper Players Revenue Ranking (2024)
• 2.2 Global Mechanical Damper Revenue by Company (2020-2025)
• 2.3 Global Mechanical Damper Players Sales Volume Ranking (2024)
• 2.4 Global Mechanical Damper Sales Volume by Company Players (2020-2025)
• 2.5 Global Mechanical Damper Average Price by Company (2020-2025)
• 2.6 Key Manufacturers Mechanical Damper Manufacturing Base and Headquarters
• 2.7 Key Manufacturers Mechanical Damper Product Offered
• 2.8 Key Manufacturers Time to Begin Mass Production of Mechanical Damper
• 2.9 Mechanical Damper Market Competitive Analysis
  • 2.9.1 Mechanical Damper Market Concentration Rate (2020-2025)
  • 2.9.2 Global 5 and 10 Largest Manufacturers by Mechanical Damper Revenue in 2024
  • 2.9.3 Global Top Manufacturers by Company Type (Tier 1, Tier 2, and Tier 3) & (based on the Revenue in Mechanical Damper as of 2024)
• 2.10 Mergers & Acquisitions, Expansion

3 Segmentation by Type

• 3.1 Introduction by Type
  • 3.1.1 Manual Type
  • 3.1.2 Motorized Type
• 3.2 Global Mechanical Damper Sales Value by Type
  • 3.2.1 Global Mechanical Damper Sales Value by Type (2020 VS 2024 VS 2031)
  • 3.2.2 Global Mechanical Damper Sales Value, by Type (2020-2031)
  • 3.2.3 Global Mechanical Damper Sales Value, by Type (%) (2020-2031)
• 3.3 Global Mechanical Damper Sales Volume by Type
  • 3.3.1 Global Mechanical Damper Sales Volume by Type (2020 VS 2024 VS 2031)
  • 3.3.2 Global Mechanical Damper Sales Volume, by Type (2020-2031)
  • 3.3.3 Global Mechanical Damper Sales Volume, by Type (%) (2020-2031)
• 3.4 Global Mechanical Damper Average Price by Type (2020-2031)

4 Segmentation by Application

• 4.1 Introduction by Application
  • 4.1.1 Residential Buildings
  • 4.1.2 Commercial Buildings
  • 4.1.3 Industrial Buildings
  • 4.1.4 Marine
  • 4.1.5 Other Applications
• 4.2 Global Mechanical Damper Sales Value by Application
  • 4.2.1 Global Mechanical Damper Sales Value by Application (2020 VS 2024 VS 2031)
  • 4.2.2 Global Mechanical Damper Sales Value, by Application (2020-2031)
  • 4.2.3 Global Mechanical Damper Sales Value, by Application (%) (2020-2031)
• 4.3 Global Mechanical Damper Sales Volume by Application
  • 4.3.1 Global Mechanical Damper Sales Volume by Application (2020 VS 2024 VS 2031)
  • 4.3.2 Global Mechanical Damper Sales Volume, by Application (2020-2031)
  • 4.3.3 Global Mechanical Damper Sales Volume, by Application (%) (2020-2031)
• 4.4 Global Mechanical Damper Average Price by Application (2020-2031)

5 Segmentation by Region

• 5.1 Global Mechanical Damper Sales Value by Region
  • 5.1.1 Global Mechanical Damper Sales Value by Region: 2020 VS 2024 VS 2031
  • 5.1.2 Global Mechanical Damper Sales Value by Region (2020-2025)
  • 5.1.3 Global Mechanical Damper Sales Value by Region (2026-2031)
  • 5.1.4 Global Mechanical Damper Sales Value by Region (%), (2020-2031)
• 5.2 Global Mechanical Damper Sales Volume by Region
  • 5.2.1 Global Mechanical Damper Sales Volume by Region: 2020 VS 2024 VS 2031
  • 5.2.2 Global Mechanical Damper Sales Volume by Region (2020-2025)
  • 5.2.3 Global Mechanical Damper Sales Volume by Region (2026-2031)
  • 5.2.4 Global Mechanical Damper Sales Volume by Region (%), (2020-2031)
• 5.3 Global Mechanical Damper Average Price by Region (2020-2031)
• 5.4 North America
  • 5.4.1 North America Mechanical Damper Sales Value, 2020-2031
  • 5.4.2 North America Mechanical Damper Sales Value by Country (%), 2024 VS 2031
• 5.5 Europe
  • 5.5.1 Europe Mechanical Damper Sales Value, 2020-2031
  • 5.5.2 Europe Mechanical Damper Sales Value by Country (%), 2024 VS 2031
• 5.6 Asia Pacific
  • 5.6.1 Asia Pacific Mechanical Damper Sales Value, 2020-2031
  • 5.6.2 Asia Pacific Mechanical Damper Sales Value by Region (%), 2024 VS 2031
• 5.7 South America
  • 5.7.1 South America Mechanical Damper Sales Value, 2020-2031
  • 5.7.2 South America Mechanical Damper Sales Value by Country (%), 2024 VS 2031
• 5.8 Middle East & Africa
  • 5.8.1 Middle East & Africa Mechanical Damper Sales Value, 2020-2031
  • 5.8.2 Middle East & Africa Mechanical Damper Sales Value by Country (%), 2024 VS 2031

6 Segmentation by Key Countries/Regions

• 6.1 Key Countries/Regions Mechanical Damper Sales Value Growth Trends, 2020 VS 2024 VS 2031
• 6.2 Key Countries/Regions Mechanical Damper Sales Value and Sales Volume
  • 6.2.1 Key Countries/Regions Mechanical Damper Sales Value, 2020-2031
  • 6.2.2 Key Countries/Regions Mechanical Damper Sales Volume, 2020-2031
• 6.3 United States
  • 6.3.1 United States Mechanical Damper Sales Value, 2020-2031
  • 6.3.2 United States Mechanical Damper Sales Value by Type (%), 2024 VS 2031
  • 6.3.3 United States Mechanical Damper Sales Value by Application, 2024 VS 2031
• 6.4 Europe
  • 6.4.1 Europe Mechanical Damper Sales Value, 2020-2031
  • 6.4.2 Europe Mechanical Damper Sales Value by Type (%), 2024 VS 2031
  • 6.4.3 Europe Mechanical Damper Sales Value by Application, 2024 VS 2031
• 6.5 China
  • 6.5.1 China Mechanical Damper Sales Value, 2020-2031
  • 6.5.2 China Mechanical Damper Sales Value by Type (%), 2024 VS 2031
  • 6.5.3 China Mechanical Damper Sales Value by Application, 2024 VS 2031
• 6.6 Japan
  • 6.6.1 Japan Mechanical Damper Sales Value, 2020-2031
  • 6.6.2 Japan Mechanical Damper Sales Value by Type (%), 2024 VS 2031
  • 6.6.3 Japan Mechanical Damper Sales Value by Application, 2024 VS 2031
• 6.7 South Korea
  • 6.7.1 South Korea Mechanical Damper Sales Value, 2020-2031
  • 6.7.2 South Korea Mechanical Damper Sales Value by Type (%), 2024 VS 2031
  • 6.7.3 South Korea Mechanical Damper Sales Value by Application, 2024 VS 2031
• 6.8 Southeast Asia
  • 6.8.1 Southeast Asia Mechanical Damper Sales Value, 2020-2031
  • 6.8.2 Southeast Asia Mechanical Damper Sales Value by Type (%), 2024 VS 2031
  • 6.8.3 Southeast Asia Mechanical Damper Sales Value by Application, 2024 VS 2031
• 6.9 India
  • 6.9.1 India Mechanical Damper Sales Value, 2020-2031
  • 6.9.2 India Mechanical Damper Sales Value by Type (%), 2024 VS 2031
  • 6.9.3 India Mechanical Damper Sales Value by Application, 2024 VS 2031

7 Company Profiles

• 7.1 TROX
  • 7.1.1 TROX Company Information
  • 7.1.2 TROX Introduction and Business Overview
  • 7.1.3 TROX Mechanical Damper Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.1.4 TROX Mechanical Damper Product Offerings
  • 7.1.5 TROX Recent Development
• 7.2 Johnson Controls (Ruskin)
  • 7.2.1 Johnson Controls (Ruskin) Company Information
  • 7.2.2 Johnson Controls (Ruskin) Introduction and Business Overview
  • 7.2.3 Johnson Controls (Ruskin) Mechanical Damper Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.2.4 Johnson Controls (Ruskin) Mechanical Damper Product Offerings
  • 7.2.5 Johnson Controls (Ruskin) Recent Development
• 7.3 FlaktGroup
  • 7.3.1 FlaktGroup Company Information
  • 7.3.2 FlaktGroup Introduction and Business Overview
  • 7.3.3 FlaktGroup Mechanical Damper Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.3.4 FlaktGroup Mechanical Damper Product Offerings
  • 7.3.5 FlaktGroup Recent Development
• 7.4 Greenheck
  • 7.4.1 Greenheck Company Information
  • 7.4.2 Greenheck Introduction and Business Overview
  • 7.4.3 Greenheck Mechanical Damper Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.4.4 Greenheck Mechanical Damper Product Offerings
  • 7.4.5 Greenheck Recent Development
• 7.5 Swegon (Actionair)
  • 7.5.1 Swegon (Actionair) Company Information
  • 7.5.2 Swegon (Actionair) Introduction and Business Overview
  • 7.5.3 Swegon (Actionair) Mechanical Damper Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.5.4 Swegon (Actionair) Mechanical Damper Product Offerings
  • 7.5.5 Swegon (Actionair) Recent Development
• 7.6 Halton
  • 7.6.1 Halton Company Information
  • 7.6.2 Halton Introduction and Business Overview
  • 7.6.3 Halton Mechanical Damper Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.6.4 Halton Mechanical Damper Product Offerings
  • 7.6.5 Halton Recent Development
• 7.7 Rf-Technologies
  • 7.7.1 Rf-Technologies Company Information
  • 7.7.2 Rf-Technologies Introduction and Business Overview
  • 7.7.3 Rf-Technologies Mechanical Damper Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.7.4 Rf-Technologies Mechanical Damper Product Offerings
  • 7.7.5 Rf-Technologies Recent Development
• 7.8 Nailor Industries
  • 7.8.1 Nailor Industries Company Information
  • 7.8.2 Nailor Industries Introduction and Business Overview
  • 7.8.3 Nailor Industries Mechanical Damper Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.8.4 Nailor Industries Mechanical Damper Product Offerings
  • 7.8.5 Nailor Industries Recent Development
• 7.9 MP3 Italia
  • 7.9.1 MP3 Italia Company Information
  • 7.9.2 MP3 Italia Introduction and Business Overview
  • 7.9.3 MP3 Italia Mechanical Damper Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.9.4 MP3 Italia Mechanical Damper Product Offerings
  • 7.9.5 MP3 Italia Recent Development
• 7.10 Aldes
  • 7.10.1 Aldes Company Information
  • 7.10.2 Aldes Introduction and Business Overview
  • 7.10.3 Aldes Mechanical Damper Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.10.4 Aldes Mechanical Damper Product Offerings
  • 7.10.5 Aldes Recent Development
• 7.11 Koolair (Safeair)
  • 7.11.1 Koolair (Safeair) Company Information
  • 7.11.2 Koolair (Safeair) Introduction and Business Overview
  • 7.11.3 Koolair (Safeair) Mechanical Damper Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.11.4 Koolair (Safeair) Mechanical Damper Product Offerings
  • 7.11.5 Koolair (Safeair) Recent Development
• 7.12 BSB Engineering Services
  • 7.12.1 BSB Engineering Services Company Information
  • 7.12.2 BSB Engineering Services Introduction and Business Overview
  • 7.12.3 BSB Engineering Services Mechanical Damper Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.12.4 BSB Engineering Services Mechanical Damper Product Offerings
  • 7.12.5 BSB Engineering Services Recent Development
• 7.13 Klimaoprema
  • 7.13.1 Klimaoprema Company Information
  • 7.13.2 Klimaoprema Introduction and Business Overview
  • 7.13.3 Klimaoprema Mechanical Damper Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.13.4 Klimaoprema Mechanical Damper Product Offerings
  • 7.13.5 Klimaoprema Recent Development
• 7.14 Lloyd Industries
  • 7.14.1 Lloyd Industries Company Information
  • 7.14.2 Lloyd Industries Introduction and Business Overview
  • 7.14.3 Lloyd Industries Mechanical Damper Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.14.4 Lloyd Industries Mechanical Damper Product Offerings
  • 7.14.5 Lloyd Industries Recent Development
• 7.15 Celmec
  • 7.15.1 Celmec Company Information
  • 7.15.2 Celmec Introduction and Business Overview
  • 7.15.3 Celmec Mechanical Damper Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.15.4 Celmec Mechanical Damper Product Offerings
  • 7.15.5 Celmec Recent Development
• 7.16 Systemair
  • 7.16.1 Systemair Company Information
  • 7.16.2 Systemair Introduction and Business Overview
  • 7.16.3 Systemair Mechanical Damper Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.16.4 Systemair Mechanical Damper Product Offerings
  • 7.16.5 Systemair Recent Development
• 7.17 ALNOR Systems
  • 7.17.1 ALNOR Systems Company Information
  • 7.17.2 ALNOR Systems Introduction and Business Overview
  • 7.17.3 ALNOR Systems Mechanical Damper Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.17.4 ALNOR Systems Mechanical Damper Product Offerings
  • 7.17.5 ALNOR Systems Recent Development
• 7.18 Metal Industries (NCA)
  • 7.18.1 Metal Industries (NCA) Company Information
  • 7.18.2 Metal Industries (NCA) Introduction and Business Overview
  • 7.18.3 Metal Industries (NCA) Mechanical Damper Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.18.4 Metal Industries (NCA) Mechanical Damper Product Offerings
  • 7.18.5 Metal Industries (NCA) Recent Development
• 7.19 TANGRA
  • 7.19.1 TANGRA Company Information
  • 7.19.2 TANGRA Introduction and Business Overview
  • 7.19.3 TANGRA Mechanical Damper Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.19.4 TANGRA Mechanical Damper Product Offerings
  • 7.19.5 TANGRA Recent Development
• 7.20 Chongqing Eran
  • 7.20.1 Chongqing Eran Company Information
  • 7.20.2 Chongqing Eran Introduction and Business Overview
  • 7.20.3 Chongqing Eran Mechanical Damper Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.20.4 Chongqing Eran Mechanical Damper Product Offerings
  • 7.20.5 Chongqing Eran Recent Development
• 7.21 Shandong Zhongda
  • 7.21.1 Shandong Zhongda Company Information
  • 7.21.2 Shandong Zhongda Introduction and Business Overview
  • 7.21.3 Shandong Zhongda Mechanical Damper Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.21.4 Shandong Zhongda Mechanical Damper Product Offerings
  • 7.21.5 Shandong Zhongda Recent Development
• 7.22 Suzhou Foundation
  • 7.22.1 Suzhou Foundation Company Information
  • 7.22.2 Suzhou Foundation Introduction and Business Overview
  • 7.22.3 Suzhou Foundation Mechanical Damper Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.22.4 Suzhou Foundation Mechanical Damper Product Offerings
  • 7.22.5 Suzhou Foundation Recent Development
• 7.23 Dezhou Changxing
  • 7.23.1 Dezhou Changxing Company Information
  • 7.23.2 Dezhou Changxing Introduction and Business Overview
  • 7.23.3 Dezhou Changxing Mechanical Damper Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.23.4 Dezhou Changxing Mechanical Damper Product Offerings
  • 7.23.5 Dezhou Changxing Recent Development
• 7.24 Zhengjiang Yuanhua
  • 7.24.1 Zhengjiang Yuanhua Company Information
  • 7.24.2 Zhengjiang Yuanhua Introduction and Business Overview
  • 7.24.3 Zhengjiang Yuanhua Mechanical Damper Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.24.4 Zhengjiang Yuanhua Mechanical Damper Product Offerings
  • 7.24.5 Zhengjiang Yuanhua Recent Development
• 7.25 Shandong Jianghan
  • 7.25.1 Shandong Jianghan Company Information
  • 7.25.2 Shandong Jianghan Introduction and Business Overview
  • 7.25.3 Shandong Jianghan Mechanical Damper Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.25.4 Shandong Jianghan Mechanical Damper Product Offerings
  • 7.25.5 Shandong Jianghan Recent Development
• 7.26 Ruidong Group
  • 7.26.1 Ruidong Group Company Information
  • 7.26.2 Ruidong Group Introduction and Business Overview
  • 7.26.3 Ruidong Group Mechanical Damper Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.26.4 Ruidong Group Mechanical Damper Product Offerings
  • 7.26.5 Ruidong Group Recent Development

8 Industry Chain Analysis

• 8.1 Mechanical Damper Industrial Chain
• 8.2 Mechanical Damper Upstream Analysis
  • 8.2.1 Key Raw Materials
  • 8.2.2 Raw Materials Key Suppliers
  • 8.2.3 Manufacturing Cost Structure
• 8.3 Midstream Analysis
• 8.4 Downstream Analysis (Customers Analysis)
• 8.5 Sales Model and Sales Channels
  • 8.5.1 Mechanical Damper Sales Model
  • 8.5.2 Sales Channel
  • 8.5.3 Mechanical Damper Distributors

9 Research Findings and Conclusion

10 Appendix

• 10.1 Research Methodology
  • 10.1.1 Methodology/Research Approach
    • 10.1.1.1 Research Programs/Design
    • 10.1.1.2 Market Size Estimation
    • 10.1.1.3 Market Breakdown and Data Triangulation
  • 10.1.2 Data Source
    • 10.1.2.1 Secondary Sources
    • 10.1.2.2 Primary Sources
• 10.2 Author Details
• 10.3 Disclaimer