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PUBLISHER: The Business Research Company | PRODUCT CODE: 1436156

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PUBLISHER: The Business Research Company | PRODUCT CODE: 1436156

Construction Chemicals Global Market Report 2024

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Construction chemicals aid in binding cement, concrete, and construction components during building creation, speeding up processes and enhancing structure sustainability and strength.

Construction chemicals encompass several key types such as concrete admixtures, waterproofing and roofing materials, repair products, flooring solutions, sealants and adhesives, and additional variants. Concrete admixtures, for instance, are additives incorporated during concrete mixing to improve various properties such as workability, durability, and strength of the fresh or hardened concrete. These chemicals find applications across a range of sectors including commercial, industrial, infrastructure, residential, and public spaces within the construction industry.

The construction chemicals market research report is one of a series of new reports from The Business Research Company that provides construction chemicals market statistics, including construction chemicals industry global market size, regional shares, competitors with a construction chemicals market share, detailed construction chemicals market segments, market trends and opportunities, and any further data you may need to thrive in the construction chemicals industry. This construction chemicals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The construction chemicals market size has grown strongly in recent years. It will grow from $48.96 billion in 2023 to $53.73 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The expansion observed in the historical period can be attributed to infrastructure development demands, the need for durable construction materials, the utilization of concrete admixtures, advancements in waterproofing solutions, a surge in repair and restoration projects, and progress in material science improving construction materials.

The construction chemicals market size is expected to see strong growth in the next few years. It will grow to $77.77 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. Anticipated growth in the upcoming period is expected due to the adoption of sustainable construction practices, the integration of energy-efficient building solutions, an increased focus on safety and resilience in construction, the pursuit of green building certifications, and the expansion of residential construction projects. Key trends projected for this period encompass innovation in self-healing materials, the development of adhesives and sealants for efficient construction practices, the utilization of corrosion inhibitors in infrastructure projects, advancements in flooring solutions, and the application of shotcrete and gunite technologies in construction processes.

The burgeoning demand within the construction sector significantly drives the expansion of the construction chemicals market. Construction encompasses a broad spectrum of activities involving the creation, modification, repair, renovation, enhancement, or dismantling of structures. Construction chemicals play a vital role in mitigating abrasion, enhancing bonding capabilities, and extending the lifespan of buildings. For example, as reported by the FMI Corporation, a U.S.-based management consulting firm, there is a projected 5% increase in engineering and construction investment in 2022 compared to 2021. Notably, key contributors to this growth include prominent nations such as China, India, and the USA. Consequently, the upsurge in construction activities is anticipated to serve as a significant catalyst propelling the growth trajectory of the construction chemicals market.

The escalation in catastrophic events is poised to drive the growth of the construction chemicals market in the foreseeable future. Catastrophic events encompass sudden, widespread, and severe incidents or disasters that cause substantial damage and disruptions to communities and ecosystems. The utilization of construction chemicals plays a crucial role in fortifying structures against such events, bolstering their durability and resilience, minimizing damage, and aiding in effective recovery and reconstruction efforts. For example, as per ReliefWeb, a U.S.-based humanitarian information portal, the recorded instances of catastrophic events in 2022 totaled 387, slightly surpassing the average of 370 from preceding years. Consequently, the mounting concerns surrounding catastrophic events serve as a significant driver propelling the demand for construction chemicals as they play a pivotal role in fortifying structures against such adversities.

Strategic partnerships are emerging as a prominent trend within the construction chemicals market, with major companies actively engaging in collaborations to fortify their market standing. An illustrative example of this trend unfolded in January 2021 when Nippon Paint, a leading paint manufacturer based in Japan, forged a partnership with Choksey Chemicals, an Indian company specializing in construction chemicals. This collaboration saw Choksey Chemicals taking on the manufacturing and supply responsibilities for waterproofing and sealant grades tailored for Nippon Paint's offerings in India. Another noteworthy instance occurred in May 2022 when Pidilite Industries Limited, an Indian adhesive manufacturer, entered into a partnership with GCP Applied Technologies, a U.S.-based provider of construction products. This strategic alliance empowered Pidilite to offer high-performance waterproofing solutions, marketed under the brand Dr.Fixit, designed specifically for challenging sites characterized by extreme temperature variations and high water tables. These partnerships underscore the industry's drive to leverage synergies and expertise, resulting in enhanced product offerings and market presence within the construction chemicals sector.

Major players in the construction chemicals market are actively pursuing the development of innovative products, including eco-friendly dispersions, in response to the rising demand for sustainable solutions and to gain a competitive advantage. Eco-friendly dispersions represent a sustainable alternative devoid of harmful components, tailored for diverse applications such as paints, aimed at reducing environmental impact. As an illustration, in July 2022, Synthos, a chemicals company based in Poland, introduced Synexil SAB 05, a novel eco-friendly dispersion tailored for the production of construction chemicals, particularly paints suitable for children's rooms and allergy-sensitive applications. This product offers impressive features including UV resistance, a low film formation temperature for solvent-free chemicals, and high scrub resistance. Compliant with stringent low emission standards, it is well-suited for white interior paint, ensuring minimal indoor air pollution. Notably, Synexil SAB 05 is free from harmful elements such as APEO, solvents, ammonia, and formaldehyde donors, aligning with Synthos' commitment to safety, sustainability, and responsible manufacturing practices.

In September 2022, Saint-Gobain, a renowned French manufacturer and distributor of materials and solutions, completed the acquisition of GCP Applied Technologies for an undisclosed sum. This strategic acquisition represents a pivotal milestone for Saint-Gobain, positioning the company as a prominent global entity in the realm of construction chemicals. The move seamlessly aligns with Saint-Gobain's overarching strategy to solidify its position as a global leader in lightweight and sustainable construction solutions. Notably, GCP Applied Technologies, a U.S.-based company specializing in construction chemicals, now stands as a valuable addition to Saint-Gobain's portfolio, bolstering its capabilities and presence within the industry.

Major companies operating in the construction chemicals market report are Koch Industries Inc., BASF SE, The Dow Chemical Company, Saint-Gobain, Master Builders Solutions, Imperial Brands PLC, 3M Company, HOLCIM, Henkel AG & Co. KGaA, Densified Inc., Cemex S.A.B. de C.V., Arkema S.A., AkzoNobel N.V., Wacker Chemie AG, RPM International Inc., Etex Group, Chembond Chemicals Limited, Bostik S.A., Ashland Global Specialty Chemicals Inc., MBCC Group, W. R. Grace and Company, Sika AG, Pidilite Industries Limited, CICO Group, Fosroc International Limited, Mapei S.p.A., ACC Limited, Cera-Chem Pvt. Ltd., Flowcrete Group Ltd., SWC Brother Company Limited

Asia-Pacific was the largest region in the construction chemicals market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the construction chemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the construction chemicals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The construction chemicals market consists of sales of water repellants and concrete curing compound. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Construction Chemicals Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on construction chemicals market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

  • Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
  • Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
  • Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
  • Measure the impact of high global inflation on market growth.
  • Create regional and country strategies on the basis of local data and analysis.
  • Identify growth segments for investment.
  • Outperform competitors using forecast data and the drivers and trends shaping the market.
  • Understand customers based on the latest market shares.
  • Benchmark performance against key competitors.
  • Suitable for supporting your internal and external presentations with reliable high quality data and analysis
  • Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
  • All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for construction chemicals ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The construction chemicals market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

  • The market characteristics section of the report defines and explains the market.
  • The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
  • The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

  • Market segmentations break down the market into sub markets.
  • The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
  • The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
  • The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

  • 1) By Type: Concrete Admixtures; Waterproofing and Roofing; Repair; Flooring; Sealants and Adhesives; Other Types
  • 2) By End-User: Commercial; Industrial; Infrastructure and Public Places; Residential; Public Space
  • Companies Mentioned: Koch Industries Inc.; BASF SE; The Dow Chemical Company; Saint-Gobain; Master Builders Solutions
  • Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
  • Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
  • Time series: Five years historic and ten years forecast.
  • Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
  • Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
  • Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
  • Delivery format: PDF, Word and Excel Data Dashboard.
Product Code: r15480

Table of Contents

1. Executive Summary

2. Construction Chemicals Market Characteristics

3. Construction Chemicals Market Trends And Strategies

4. Construction Chemicals Market - Macro Economic Scenario

  • 4.1. Impact Of High Inflation On The Market
  • 4.2. Ukraine-Russia War Impact On The Market
  • 4.3. COVID-19 Impact On The Market

5. Global Construction Chemicals Market Size and Growth

  • 5.1. Global Construction Chemicals Market Drivers and Restraints
    • 5.1.1. Drivers Of The Market
    • 5.1.2. Restraints Of The Market
  • 5.2. Global Construction Chemicals Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
  • 5.3. Global Construction Chemicals Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Construction Chemicals Market Segmentation

  • 6.1. Global Construction Chemicals Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Concrete Admixtures
  • Waterproofing and Roofing
  • Repair
  • Flooring
  • Sealants and Adhesives
  • Other Types
  • 6.2. Global Construction Chemicals Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Commercial
  • Industrial
  • Infrastructure and Public Places
  • Residential
  • Public Space

7. Construction Chemicals Market Regional And Country Analysis

  • 7.1. Global Construction Chemicals Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • 7.2. Global Construction Chemicals Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Construction Chemicals Market

  • 8.1. Asia-Pacific Construction Chemicals Market Overview
  • Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
  • 8.2. Asia-Pacific Construction Chemicals Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • 8.3. Asia-Pacific Construction Chemicals Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Construction Chemicals Market

  • 9.1. China Construction Chemicals Market Overview
  • 9.2. China Construction Chemicals Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
  • 9.3. China Construction Chemicals Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Construction Chemicals Market

  • 10.1. India Construction Chemicals Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • 10.2. India Construction Chemicals Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Construction Chemicals Market

  • 11.1. Japan Construction Chemicals Market Overview
  • 11.2. Japan Construction Chemicals Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • 11.3. Japan Construction Chemicals Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Construction Chemicals Market

  • 12.1. Australia Construction Chemicals Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • 12.2. Australia Construction Chemicals Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Construction Chemicals Market

  • 13.1. Indonesia Construction Chemicals Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • 13.2. Indonesia Construction Chemicals Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Construction Chemicals Market

  • 14.1. South Korea Construction Chemicals Market Overview
  • 14.2. South Korea Construction Chemicals Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • 14.3. South Korea Construction Chemicals Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Construction Chemicals Market

  • 15.1. Western Europe Construction Chemicals Market Overview
  • 15.2. Western Europe Construction Chemicals Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • 15.3. Western Europe Construction Chemicals Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Construction Chemicals Market

  • 16.1. UK Construction Chemicals Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • 16.2. UK Construction Chemicals Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Construction Chemicals Market

  • 17.1. Germany Construction Chemicals Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • 17.2. Germany Construction Chemicals Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Construction Chemicals Market

  • 18.1. France Construction Chemicals Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • 18.2. France Construction Chemicals Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Construction Chemicals Market

  • 19.1. Italy Construction Chemicals Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • 19.2. Italy Construction Chemicals Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Construction Chemicals Market

  • 20.1. Spain Construction Chemicals Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • 20.2. Spain Construction Chemicals Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Construction Chemicals Market

  • 21.1. Eastern Europe Construction Chemicals Market Overview
  • 21.2. Eastern Europe Construction Chemicals Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • 21.3. Eastern Europe Construction Chemicals Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Construction Chemicals Market

  • 22.1. Russia Construction Chemicals Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • 22.2. Russia Construction Chemicals Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Construction Chemicals Market

  • 23.1. North America Construction Chemicals Market Overview
  • 23.2. North America Construction Chemicals Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • 23.3. North America Construction Chemicals Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Construction Chemicals Market

  • 24.1. USA Construction Chemicals Market Overview
  • 24.2. USA Construction Chemicals Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • 24.3. USA Construction Chemicals Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Construction Chemicals Market

  • 25.1. Canada Construction Chemicals Market Overview
  • 25.2. Canada Construction Chemicals Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • 25.3. Canada Construction Chemicals Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Construction Chemicals Market

  • 26.1. South America Construction Chemicals Market Overview
  • 26.2. South America Construction Chemicals Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • 26.3. South America Construction Chemicals Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Construction Chemicals Market

  • 27.1. Brazil Construction Chemicals Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • 27.2. Brazil Construction Chemicals Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Construction Chemicals Market

  • 28.1. Middle East Construction Chemicals Market Overview
  • 28.2. Middle East Construction Chemicals Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • 28.3. Middle East Construction Chemicals Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Construction Chemicals Market

  • 29.1. Africa Construction Chemicals Market Overview
  • 29.2. Africa Construction Chemicals Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • 29.3. Africa Construction Chemicals Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Construction Chemicals Market Competitive Landscape And Company Profiles

  • 30.1. Construction Chemicals Market Competitive Landscape
  • 30.2. Construction Chemicals Market Company Profiles
    • 30.2.1. Koch Industries Inc.
      • 30.2.1.1. Overview
      • 30.2.1.2. Products and Services
      • 30.2.1.3. Strategy
      • 30.2.1.4. Financial Performance
    • 30.2.2. BASF SE
      • 30.2.2.1. Overview
      • 30.2.2.2. Products and Services
      • 30.2.2.3. Strategy
      • 30.2.2.4. Financial Performance
    • 30.2.3. The Dow Chemical Company
      • 30.2.3.1. Overview
      • 30.2.3.2. Products and Services
      • 30.2.3.3. Strategy
      • 30.2.3.4. Financial Performance
    • 30.2.4. Saint-Gobain
      • 30.2.4.1. Overview
      • 30.2.4.2. Products and Services
      • 30.2.4.3. Strategy
      • 30.2.4.4. Financial Performance
    • 30.2.5. Master Builders Solutions
      • 30.2.5.1. Overview
      • 30.2.5.2. Products and Services
      • 30.2.5.3. Strategy
      • 30.2.5.4. Financial Performance

31. Construction Chemicals Market Other Major And Innovative Companies

  • 31.1. Imperial Brands PLC
  • 31.2. 3M Company
  • 31.3. HOLCIM
  • 31.4. Henkel AG & Co. KGaA
  • 31.5. Densified Inc.
  • 31.6. Cemex S.A.B. de C.V.
  • 31.7. Arkema S.A.
  • 31.8. AkzoNobel N.V.
  • 31.9. Wacker Chemie AG
  • 31.10. RPM International Inc.
  • 31.11. Etex Group
  • 31.12. Chembond Chemicals Limited
  • 31.13. Bostik S.A.
  • 31.14. Ashland Global Specialty Chemicals Inc.
  • 31.15. MBCC Group

32. Global Construction Chemicals Market Competitive Benchmarking

33. Global Construction Chemicals Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Construction Chemicals Market

35. Construction Chemicals Market Future Outlook and Potential Analysis

  • 35.1 Construction Chemicals Market In 2028 - Countries Offering Most New Opportunities
  • 35.2 Construction Chemicals Market In 2028 - Segments Offering Most New Opportunities
  • 35.3 Construction Chemicals Market In 2028 - Growth Strategies
    • 35.3.1 Market Trend Based Strategies
    • 35.3.2 Competitor Strategies

36. Appendix

  • 36.1. Abbreviations
  • 36.2. Currencies
  • 36.3. Historic And Forecast Inflation Rates
  • 36.4. Research Inquiries
  • 36.5. The Business Research Company
  • 36.6. Copyright And Disclaimer
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