세계의 E 유리섬유 원사 및 로빙 시장 : 시장 점유율과 순위, 전체 판매 및 수요 예측(2025-2031년)

The global market for E-Glass Fiber Yarn & Roving was estimated to be worth US$ 7529 million in 2024 and is forecast to a readjusted size of US$ 10591 million by 2031 with a CAGR of 5.0% during the forecast period 2025-2031.

This report provides a comprehensive assessment of recent tariff adjustments and international strategic countermeasures on E-Glass Fiber Yarn & Roving cross-border industrial footprints, capital allocation patterns, regional economic interdependencies, and supply chain reconfigurations.

In 2024, the global production of E-electronic glass fiber yarn and roving will reach 8.88 million tons, with an average selling price of approximately US$850/ton.Glass fibers are the materials consisting of extremely fine glass fibers, used in making various products, such as yarns, fabrics, insulators, and structural objects or parts. It is also called spun glass. Glass fiber yarn is a long continuous length of interlocked glass fiber. E-glass fiber (the "E" comes from its original electrical application) contains no alkali and was the first glass formulation developed for continuous filament formation. Currently, E-glass fiber accounts for the majority of global glass fiber production.

Global e-glass fiber yarn & roving key players include Owens Corning, Jushi Group, Taishan Fiberglass(Sinoma), etc. Global top 2 manufacturers hold a share about 49%. China is the largest market, with a share over 58%, followed by Europe, and North America, both have a share over 25 percent.

The main drivers of the electronic glass fiber yarn and roving market include the following:

1. Diversified downstream demand and technological upgrades

Explosive demand in emerging sectors

Electronic yarn: Benefiting from the demand for high-frequency and high-speed copper-clad laminates in 5G base stations, AI computing power, and automotive electronics, it is driving the application of high-end electronic fabrics (such as low-DK and low-CTE).

Roving: Growing demand in new energy sectors (wind turbine yarn, photovoltaic frames) and thermoplastic materials (automotive lightweighting, home appliance housings) is replacing traditional metal materials.

Consumption upgrades and industrial transformation

The evolution of consumer electronics towards high-end products (such as multi-layer PCBs and ultra-thin fabrics), coupled with the recovery of demand in traditional sectors supported by policies in the construction industry, are jointly driving the penetration rate of glass fiber materials.

2. Technological advancement and improved production efficiency

Material and process innovation

Electronic yarn: Breakthroughs in the development of low-dielectric glass fibers, and pool kiln drawing technology (platinum-rhodium alloy bushings and modified sizing) improve strength and weaving performance. Roving: Automated roving machines (such as the Saurer 5A) enable automatic exchange of empty and full bobbins and CCD optical inspection, resulting in a stable Uster CV value of less than 3.5 and an 18% reduction in the yarn breakage rate.

Strengthening Cost Advantages

Process optimization (such as servo motor control and intelligent doffing) reduces production costs, enhances the competitiveness of high-end products, and promotes the replacement of glass fiber with traditional materials (such as asbestos and aluminum alloy).

3. Policy Support and Industry Chain Synergy

National Strategy and Environmental Protection Drive

Electronic Yarn: The localization of integrated circuits and policies for upgrading electronic materials are driving the development of high-end products.

Roving: Under the goal of carbon neutrality, glass fiber, as a green material, is receiving policy encouragement in the construction and transportation sectors, and environmental regulations are accelerating the replacement of highly polluting materials.

Global Capacity Concentration and Consolidation

China accounts for over 70% of the world's electronic yarn and roving production capacity, creating economies of scale. However, high-end products (such as ultra-thin fabrics and low-CTE) still require overcoming technical bottlenecks. Industry chain collaboration (such as equipment upgrades and standard revisions) is key. The common driving factors of the two are concentrated on the two-way pull of downstream demand and technological upgrading, the continuous optimization of production efficiency and cost advantages, and the synergistic effect of policy guidance and industrial chain integration, which jointly promote market growth and structural upgrading.

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

The E-Glass Fiber Yarn & Roving market size, estimations, and forecasts are provided in terms of sales volume (K MT) 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 E-Glass Fiber Yarn & Roving.

Market Segmentation

By Company

• Owens Corning
• Jushi Group
• Taishan Fiberglass(Sinoma)
• Chongqing Polycomp International Corp. (CPIC)
• Saint-Gobain Vetrotex
• Nittobo
• Johns Mansville
• Taiwan Glass Group
• Nippon Electric Glass
• AGY Holding Corp
• Binani-3B
• Sichuan Weibo New Material Group
• Valmiera Glass Group

Segment by Type

• Fiber Yarn
• Fiber Roving

Segment by Application

• Electro and Electronics
• Transport
• Construction
• Industrial
• 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 E-Glass Fiber Yarn & Roving 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 E-Glass Fiber Yarn & Roving 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 E-Glass Fiber Yarn & Roving 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 E-Glass Fiber Yarn & Roving Product Introduction
• 1.2 Global E-Glass Fiber Yarn & Roving Market Size Forecast
  • 1.2.1 Global E-Glass Fiber Yarn & Roving Sales Value (2020-2031)
  • 1.2.2 Global E-Glass Fiber Yarn & Roving Sales Volume (2020-2031)
  • 1.2.3 Global E-Glass Fiber Yarn & Roving Sales Price (2020-2031)
• 1.3 E-Glass Fiber Yarn & Roving Market Trends & Drivers
  • 1.3.1 E-Glass Fiber Yarn & Roving Industry Trends
  • 1.3.2 E-Glass Fiber Yarn & Roving Market Drivers & Opportunity
  • 1.3.3 E-Glass Fiber Yarn & Roving Market Challenges
  • 1.3.4 E-Glass Fiber Yarn & Roving Market Restraints
• 1.4 Assumptions and Limitations
• 1.5 Study Objectives
• 1.6 Years Considered

2 Competitive Analysis by Company

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

3 Segmentation by Type

• 3.1 Introduction by Type
  • 3.1.1 Fiber Yarn
  • 3.1.2 Fiber Roving
• 3.2 Global E-Glass Fiber Yarn & Roving Sales Value by Type
  • 3.2.1 Global E-Glass Fiber Yarn & Roving Sales Value by Type (2020 VS 2024 VS 2031)
  • 3.2.2 Global E-Glass Fiber Yarn & Roving Sales Value, by Type (2020-2031)
  • 3.2.3 Global E-Glass Fiber Yarn & Roving Sales Value, by Type (%) (2020-2031)
• 3.3 Global E-Glass Fiber Yarn & Roving Sales Volume by Type
  • 3.3.1 Global E-Glass Fiber Yarn & Roving Sales Volume by Type (2020 VS 2024 VS 2031)
  • 3.3.2 Global E-Glass Fiber Yarn & Roving Sales Volume, by Type (2020-2031)
  • 3.3.3 Global E-Glass Fiber Yarn & Roving Sales Volume, by Type (%) (2020-2031)
• 3.4 Global E-Glass Fiber Yarn & Roving Average Price by Type (2020-2031)

4 Segmentation by Application

• 4.1 Introduction by Application
  • 4.1.1 Electro and Electronics
  • 4.1.2 Transport
  • 4.1.3 Construction
  • 4.1.4 Industrial
  • 4.1.5 Others
• 4.2 Global E-Glass Fiber Yarn & Roving Sales Value by Application
  • 4.2.1 Global E-Glass Fiber Yarn & Roving Sales Value by Application (2020 VS 2024 VS 2031)
  • 4.2.2 Global E-Glass Fiber Yarn & Roving Sales Value, by Application (2020-2031)
  • 4.2.3 Global E-Glass Fiber Yarn & Roving Sales Value, by Application (%) (2020-2031)
• 4.3 Global E-Glass Fiber Yarn & Roving Sales Volume by Application
  • 4.3.1 Global E-Glass Fiber Yarn & Roving Sales Volume by Application (2020 VS 2024 VS 2031)
  • 4.3.2 Global E-Glass Fiber Yarn & Roving Sales Volume, by Application (2020-2031)
  • 4.3.3 Global E-Glass Fiber Yarn & Roving Sales Volume, by Application (%) (2020-2031)
• 4.4 Global E-Glass Fiber Yarn & Roving Average Price by Application (2020-2031)

5 Segmentation by Region

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

6 Segmentation by Key Countries/Regions

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

7 Company Profiles

• 7.1 Owens Corning
  • 7.1.1 Owens Corning Company Information
  • 7.1.2 Owens Corning Introduction and Business Overview
  • 7.1.3 Owens Corning E-Glass Fiber Yarn & Roving Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.1.4 Owens Corning E-Glass Fiber Yarn & Roving Product Offerings
  • 7.1.5 Owens Corning Recent Development
• 7.2 Jushi Group
  • 7.2.1 Jushi Group Company Information
  • 7.2.2 Jushi Group Introduction and Business Overview
  • 7.2.3 Jushi Group E-Glass Fiber Yarn & Roving Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.2.4 Jushi Group E-Glass Fiber Yarn & Roving Product Offerings
  • 7.2.5 Jushi Group Recent Development
• 7.3 Taishan Fiberglass(Sinoma)
  • 7.3.1 Taishan Fiberglass(Sinoma) Company Information
  • 7.3.2 Taishan Fiberglass(Sinoma) Introduction and Business Overview
  • 7.3.3 Taishan Fiberglass(Sinoma) E-Glass Fiber Yarn & Roving Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.3.4 Taishan Fiberglass(Sinoma) E-Glass Fiber Yarn & Roving Product Offerings
  • 7.3.5 Taishan Fiberglass(Sinoma) Recent Development
• 7.4 Chongqing Polycomp International Corp. (CPIC)
  • 7.4.1 Chongqing Polycomp International Corp. (CPIC) Company Information
  • 7.4.2 Chongqing Polycomp International Corp. (CPIC) Introduction and Business Overview
  • 7.4.3 Chongqing Polycomp International Corp. (CPIC) E-Glass Fiber Yarn & Roving Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.4.4 Chongqing Polycomp International Corp. (CPIC) E-Glass Fiber Yarn & Roving Product Offerings
  • 7.4.5 Chongqing Polycomp International Corp. (CPIC) Recent Development
• 7.5 Saint-Gobain Vetrotex
  • 7.5.1 Saint-Gobain Vetrotex Company Information
  • 7.5.2 Saint-Gobain Vetrotex Introduction and Business Overview
  • 7.5.3 Saint-Gobain Vetrotex E-Glass Fiber Yarn & Roving Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.5.4 Saint-Gobain Vetrotex E-Glass Fiber Yarn & Roving Product Offerings
  • 7.5.5 Saint-Gobain Vetrotex Recent Development
• 7.6 Nittobo
  • 7.6.1 Nittobo Company Information
  • 7.6.2 Nittobo Introduction and Business Overview
  • 7.6.3 Nittobo E-Glass Fiber Yarn & Roving Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.6.4 Nittobo E-Glass Fiber Yarn & Roving Product Offerings
  • 7.6.5 Nittobo Recent Development
• 7.7 Johns Mansville
  • 7.7.1 Johns Mansville Company Information
  • 7.7.2 Johns Mansville Introduction and Business Overview
  • 7.7.3 Johns Mansville E-Glass Fiber Yarn & Roving Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.7.4 Johns Mansville E-Glass Fiber Yarn & Roving Product Offerings
  • 7.7.5 Johns Mansville Recent Development
• 7.8 Taiwan Glass Group
  • 7.8.1 Taiwan Glass Group Company Information
  • 7.8.2 Taiwan Glass Group Introduction and Business Overview
  • 7.8.3 Taiwan Glass Group E-Glass Fiber Yarn & Roving Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.8.4 Taiwan Glass Group E-Glass Fiber Yarn & Roving Product Offerings
  • 7.8.5 Taiwan Glass Group Recent Development
• 7.9 Nippon Electric Glass
  • 7.9.1 Nippon Electric Glass Company Information
  • 7.9.2 Nippon Electric Glass Introduction and Business Overview
  • 7.9.3 Nippon Electric Glass E-Glass Fiber Yarn & Roving Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.9.4 Nippon Electric Glass E-Glass Fiber Yarn & Roving Product Offerings
  • 7.9.5 Nippon Electric Glass Recent Development
• 7.10 AGY Holding Corp
  • 7.10.1 AGY Holding Corp Company Information
  • 7.10.2 AGY Holding Corp Introduction and Business Overview
  • 7.10.3 AGY Holding Corp E-Glass Fiber Yarn & Roving Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.10.4 AGY Holding Corp E-Glass Fiber Yarn & Roving Product Offerings
  • 7.10.5 AGY Holding Corp Recent Development
• 7.11 Binani-3B
  • 7.11.1 Binani-3B Company Information
  • 7.11.2 Binani-3B Introduction and Business Overview
  • 7.11.3 Binani-3B E-Glass Fiber Yarn & Roving Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.11.4 Binani-3B E-Glass Fiber Yarn & Roving Product Offerings
  • 7.11.5 Binani-3B Recent Development
• 7.12 Sichuan Weibo New Material Group
  • 7.12.1 Sichuan Weibo New Material Group Company Information
  • 7.12.2 Sichuan Weibo New Material Group Introduction and Business Overview
  • 7.12.3 Sichuan Weibo New Material Group E-Glass Fiber Yarn & Roving Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.12.4 Sichuan Weibo New Material Group E-Glass Fiber Yarn & Roving Product Offerings
  • 7.12.5 Sichuan Weibo New Material Group Recent Development
• 7.13 Valmiera Glass Group
  • 7.13.1 Valmiera Glass Group Company Information
  • 7.13.2 Valmiera Glass Group Introduction and Business Overview
  • 7.13.3 Valmiera Glass Group E-Glass Fiber Yarn & Roving Sales, Revenue, Price and Gross Margin (2020-2025)
  • 7.13.4 Valmiera Glass Group E-Glass Fiber Yarn & Roving Product Offerings
  • 7.13.5 Valmiera Glass Group Recent Development

8 Industry Chain Analysis

• 8.1 E-Glass Fiber Yarn & Roving Industrial Chain
• 8.2 E-Glass Fiber Yarn & Roving 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 E-Glass Fiber Yarn & Roving Sales Model
  • 8.5.2 Sales Channel
  • 8.5.3 E-Glass Fiber Yarn & Roving 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