세계의 콘 크러셔 시장 : 시장 점유율과 순위, 전체 판매 및 수요 예측(2025-2031년)

The global market for Cone Crusher was estimated to be worth US$ 1402 million in 2024 and is forecast to a readjusted size of US$ 1730 million by 2031 with a CAGR of 3.1% during the forecast period 2025-2031.

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

A cone crusher is similar in operation to a gyratory crusher, with less steepness in the crushing chamber and more of a parallel zone between crushing zones. A cone crusher breaks rock by squeezing the rock between an eccentrically gyrating spindle, which is covered by a wear-resistant mantle, and the enclosing concave hopper, covered by a manganese concave or a bowl liner. As rock enters the top of the cone crusher, it becomes wedged and squeezed between the mantle and the bowl liner or concave. Large pieces of ore are broken once, and then fall to a lower position (because they are now smaller) where they are broken again. This process continues until the pieces are small enough to fall through the narrow opening at the bottom of the crusher.

In 2024, global cone crusher production reached approximately 7,000 units, with an average global market price of around US$ 205,000 per unit.

The cone crusher market holds substantial global growth potential, as these machines play a vital role in secondary, tertiary, and fine crushing processes across mining, aggregates, construction, and recycling industries, where their ability to efficiently reduce hard and abrasive materials such as granite, basalt, and ores into uniform, high-quality end products is indispensable for modern infrastructure and mineral processing projects; the surge in urbanization, industrialization, and government-backed infrastructure development-especially in Asia-Pacific, Africa, and Latin America-continues to boost demand for aggregates and construction materials, directly driving the adoption of cone crushers in quarries and large-scale construction projects; in mining, the rising exploration and extraction of metals and minerals to meet global demands for steel, copper, lithium, and rare earths is fueling investments in high-capacity cone crushers, while technological innovations such as hydraulic adjustment, real-time automation, wear monitoring, and energy-efficient hybrid or electric-powered units are enhancing productivity, reliability, and safety, further increasing their appeal to operators; additionally, the recycling sector is contributing to market expansion, as mobile and portable cone crushers enable efficient processing of construction and demolition (C&D) waste and asphalt, supporting sustainability and circular economy goals; aftermarket opportunities, including spare parts, wear-resistant liners, and maintenance services, represent recurring revenue streams and strengthen OEM-customer relationships, while stricter environmental regulations are encouraging operators to upgrade to more energy-efficient and low-emission machines; although competition is intense with numerous global and regional players, the demand pipeline is sustained by both greenfield investments in mining and infrastructure as well as replacement of aging fleets, making cone crushers an essential component of material processing solutions; collectively, the convergence of resource extraction growth, infrastructure expansion, recycling initiatives, and technology-driven efficiency strongly positions the global cone crusher market for steady expansion and long-term resilience.

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

The Cone Crusher market size, estimations, and forecasts are provided in terms of sales volume (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 Cone Crusher.

Market Segmentation

By Company

• Sandvik
• Terex
• Metso
• Astec Industries
• WIRTGEN GROUP
• Liming Heavy Industry
• FLSmidth
• ThyssenKrupp
• Hongxing Group
• McCloskey International
• Weir
• Puzzolana
• Shuangjin Machinery
• Chengdu Dahongli
• Shanghai Shibang Machinery
• Shunda Mining Machinery
• Propel Industries
• Northern Heavy Industries
• Zhejiang MP Mining Equipment
• Tesab
• XCMG
• Sany
• Kreat Heavy Industry
• MESDA

Segment by Type

• Less than 300tph
• 300tph-600tph
• More than 600tph

Segment by Application

• Mining
• Aggregate
• Others

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

2 Competitive Analysis by Company

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

3 Segmentation by Type

• 3.1 Introduction by Type
  • 3.1.1 Less than 300tph
  • 3.1.2 300tph-600tph
  • 3.1.3 More than 600tph
• 3.2 Global Cone Crusher Sales Value by Type
  • 3.2.1 Global Cone Crusher Sales Value by Type (2020 VS 2024 VS 2031)
  • 3.2.2 Global Cone Crusher Sales Value, by Type (2020-2031)
  • 3.2.3 Global Cone Crusher Sales Value, by Type (%) (2020-2031)
• 3.3 Global Cone Crusher Sales Volume by Type
  • 3.3.1 Global Cone Crusher Sales Volume by Type (2020 VS 2024 VS 2031)
  • 3.3.2 Global Cone Crusher Sales Volume, by Type (2020-2031)
  • 3.3.3 Global Cone Crusher Sales Volume, by Type (%) (2020-2031)
• 3.4 Global Cone Crusher Average Price by Type (2020-2031)

4 Segmentation by Application

• 4.1 Introduction by Application
  • 4.1.1 Mining
  • 4.1.2 Aggregate
  • 4.1.3 Others
• 4.2 Global Cone Crusher Sales Value by Application
  • 4.2.1 Global Cone Crusher Sales Value by Application (2020 VS 2024 VS 2031)
  • 4.2.2 Global Cone Crusher Sales Value, by Application (2020-2031)
  • 4.2.3 Global Cone Crusher Sales Value, by Application (%) (2020-2031)
• 4.3 Global Cone Crusher Sales Volume by Application
  • 4.3.1 Global Cone Crusher Sales Volume by Application (2020 VS 2024 VS 2031)
  • 4.3.2 Global Cone Crusher Sales Volume, by Application (2020-2031)
  • 4.3.3 Global Cone Crusher Sales Volume, by Application (%) (2020-2031)
• 4.4 Global Cone Crusher Average Price by Application (2020-2031)

5 Segmentation by Region

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

6 Segmentation by Key Countries/Regions

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

7 Company Profiles

• 7.1 Sandvik
  • 7.1.1 Sandvik Company Information
  • 7.1.2 Sandvik Introduction and Business Overview
  • 7.1.3 Sandvik Cone Crusher Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.1.4 Sandvik Cone Crusher Product Offerings
  • 7.1.5 Sandvik Recent Development
• 7.2 Terex
  • 7.2.1 Terex Company Information
  • 7.2.2 Terex Introduction and Business Overview
  • 7.2.3 Terex Cone Crusher Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.2.4 Terex Cone Crusher Product Offerings
  • 7.2.5 Terex Recent Development
• 7.3 Metso
  • 7.3.1 Metso Company Information
  • 7.3.2 Metso Introduction and Business Overview
  • 7.3.3 Metso Cone Crusher Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.3.4 Metso Cone Crusher Product Offerings
  • 7.3.5 Metso Recent Development
• 7.4 Astec Industries
  • 7.4.1 Astec Industries Company Information
  • 7.4.2 Astec Industries Introduction and Business Overview
  • 7.4.3 Astec Industries Cone Crusher Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.4.4 Astec Industries Cone Crusher Product Offerings
  • 7.4.5 Astec Industries Recent Development
• 7.5 WIRTGEN GROUP
  • 7.5.1 WIRTGEN GROUP Company Information
  • 7.5.2 WIRTGEN GROUP Introduction and Business Overview
  • 7.5.3 WIRTGEN GROUP Cone Crusher Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.5.4 WIRTGEN GROUP Cone Crusher Product Offerings
  • 7.5.5 WIRTGEN GROUP Recent Development
• 7.6 Liming Heavy Industry
  • 7.6.1 Liming Heavy Industry Company Information
  • 7.6.2 Liming Heavy Industry Introduction and Business Overview
  • 7.6.3 Liming Heavy Industry Cone Crusher Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.6.4 Liming Heavy Industry Cone Crusher Product Offerings
  • 7.6.5 Liming Heavy Industry Recent Development
• 7.7 FLSmidth
  • 7.7.1 FLSmidth Company Information
  • 7.7.2 FLSmidth Introduction and Business Overview
  • 7.7.3 FLSmidth Cone Crusher Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.7.4 FLSmidth Cone Crusher Product Offerings
  • 7.7.5 FLSmidth Recent Development
• 7.8 ThyssenKrupp
  • 7.8.1 ThyssenKrupp Company Information
  • 7.8.2 ThyssenKrupp Introduction and Business Overview
  • 7.8.3 ThyssenKrupp Cone Crusher Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.8.4 ThyssenKrupp Cone Crusher Product Offerings
  • 7.8.5 ThyssenKrupp Recent Development
• 7.9 Hongxing Group
  • 7.9.1 Hongxing Group Company Information
  • 7.9.2 Hongxing Group Introduction and Business Overview
  • 7.9.3 Hongxing Group Cone Crusher Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.9.4 Hongxing Group Cone Crusher Product Offerings
  • 7.9.5 Hongxing Group Recent Development
• 7.10 McCloskey International
  • 7.10.1 McCloskey International Company Information
  • 7.10.2 McCloskey International Introduction and Business Overview
  • 7.10.3 McCloskey International Cone Crusher Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.10.4 McCloskey International Cone Crusher Product Offerings
  • 7.10.5 McCloskey International Recent Development
• 7.11 Weir
  • 7.11.1 Weir Company Information
  • 7.11.2 Weir Introduction and Business Overview
  • 7.11.3 Weir Cone Crusher Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.11.4 Weir Cone Crusher Product Offerings
  • 7.11.5 Weir Recent Development
• 7.12 Puzzolana
  • 7.12.1 Puzzolana Company Information
  • 7.12.2 Puzzolana Introduction and Business Overview
  • 7.12.3 Puzzolana Cone Crusher Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.12.4 Puzzolana Cone Crusher Product Offerings
  • 7.12.5 Puzzolana Recent Development
• 7.13 Shuangjin Machinery
  • 7.13.1 Shuangjin Machinery Company Information
  • 7.13.2 Shuangjin Machinery Introduction and Business Overview
  • 7.13.3 Shuangjin Machinery Cone Crusher Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.13.4 Shuangjin Machinery Cone Crusher Product Offerings
  • 7.13.5 Shuangjin Machinery Recent Development
• 7.14 Chengdu Dahongli
  • 7.14.1 Chengdu Dahongli Company Information
  • 7.14.2 Chengdu Dahongli Introduction and Business Overview
  • 7.14.3 Chengdu Dahongli Cone Crusher Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.14.4 Chengdu Dahongli Cone Crusher Product Offerings
  • 7.14.5 Chengdu Dahongli Recent Development
• 7.15 Shanghai Shibang Machinery
  • 7.15.1 Shanghai Shibang Machinery Company Information
  • 7.15.2 Shanghai Shibang Machinery Introduction and Business Overview
  • 7.15.3 Shanghai Shibang Machinery Cone Crusher Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.15.4 Shanghai Shibang Machinery Cone Crusher Product Offerings
  • 7.15.5 Shanghai Shibang Machinery Recent Development
• 7.16 Shunda Mining Machinery
  • 7.16.1 Shunda Mining Machinery Company Information
  • 7.16.2 Shunda Mining Machinery Introduction and Business Overview
  • 7.16.3 Shunda Mining Machinery Cone Crusher Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.16.4 Shunda Mining Machinery Cone Crusher Product Offerings
  • 7.16.5 Shunda Mining Machinery Recent Development
• 7.17 Propel Industries
  • 7.17.1 Propel Industries Company Information
  • 7.17.2 Propel Industries Introduction and Business Overview
  • 7.17.3 Propel Industries Cone Crusher Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.17.4 Propel Industries Cone Crusher Product Offerings
  • 7.17.5 Propel Industries Recent Development
• 7.18 Northern Heavy Industries
  • 7.18.1 Northern Heavy Industries Company Information
  • 7.18.2 Northern Heavy Industries Introduction and Business Overview
  • 7.18.3 Northern Heavy Industries Cone Crusher Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.18.4 Northern Heavy Industries Cone Crusher Product Offerings
  • 7.18.5 Northern Heavy Industries Recent Development
• 7.19 Zhejiang MP Mining Equipment
  • 7.19.1 Zhejiang MP Mining Equipment Company Information
  • 7.19.2 Zhejiang MP Mining Equipment Introduction and Business Overview
  • 7.19.3 Zhejiang MP Mining Equipment Cone Crusher Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.19.4 Zhejiang MP Mining Equipment Cone Crusher Product Offerings
  • 7.19.5 Zhejiang MP Mining Equipment Recent Development
• 7.20 Tesab
  • 7.20.1 Tesab Company Information
  • 7.20.2 Tesab Introduction and Business Overview
  • 7.20.3 Tesab Cone Crusher Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.20.4 Tesab Cone Crusher Product Offerings
  • 7.20.5 Tesab Recent Development
• 7.21 XCMG
  • 7.21.1 XCMG Company Information
  • 7.21.2 XCMG Introduction and Business Overview
  • 7.21.3 XCMG Cone Crusher Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.21.4 XCMG Cone Crusher Product Offerings
  • 7.21.5 XCMG Recent Development
• 7.22 Sany
  • 7.22.1 Sany Company Information
  • 7.22.2 Sany Introduction and Business Overview
  • 7.22.3 Sany Cone Crusher Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.22.4 Sany Cone Crusher Product Offerings
  • 7.22.5 Sany Recent Development
• 7.23 Kreat Heavy Industry
  • 7.23.1 Kreat Heavy Industry Company Information
  • 7.23.2 Kreat Heavy Industry Introduction and Business Overview
  • 7.23.3 Kreat Heavy Industry Cone Crusher Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.23.4 Kreat Heavy Industry Cone Crusher Product Offerings
  • 7.23.5 Kreat Heavy Industry Recent Development
• 7.24 MESDA
  • 7.24.1 MESDA Company Information
  • 7.24.2 MESDA Introduction and Business Overview
  • 7.24.3 MESDA Cone Crusher Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.24.4 MESDA Cone Crusher Product Offerings
  • 7.24.5 MESDA Recent Development

8 Industry Chain Analysis

• 8.1 Cone Crusher Industrial Chain
• 8.2 Cone Crusher 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 Cone Crusher Sales Model
  • 8.5.2 Sales Channel
  • 8.5.3 Cone Crusher 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