導電性接着剤（ECA）市場 - 世界の産業規模、シェア、動向、機会、予測：化学別、アプリケーション別、地域別、競合、2020年～2030年

導電性接着剤（ECA）の世界市場規模は2024年に183億7,000万米ドルとなり、2030年には234億8,000万米ドルに達し、CAGRで4.31%の成長が予測されています。

導電性接着剤（ECA）は、構造的結合と導電性のユニークな組み合わせを提供する、現代のエレクトロニクスに不可欠な材料です。一般に電気絶縁体として機能するエポキシ、シアノアクリレート、アクリル、嫌気性樹脂などの従来の接着剤とは異なり、ECAは接着部品間の電気的流れを促進するように設計されています。この機能は、導電性の維持が重要な電子部品アセンブリーでは特に重要です。電気伝導に加えて、これらの接着剤はまた、デバイスの信頼性を向上させ、ヒートシンクに向かって敏感なコンポーネントから熱を移動させることにより、効率的な熱管理を提供します。

ECAの主な利点のひとつは、熱に敏感な用途ではんだ付けを代替できることです。はんだ付け工程では部品が高温にさらされることが多く、デリケートな電子機器を損傷する恐れがあります。ECAは低温で代替できるため、両面に部品を配置するプリント回路基板（PCB）に最適です。ECAは、組み立て時の部品ずれを防ぎ、リフローはんだ付けの必要性をなくすため、製造の合理化と製造コストの削減を実現します。

導電性接着剤（ECA）の需要は、コンシューマーエレクトロニクス、ウェアラブル機器、小型化部品の急速な進歩に伴い、力強い伸びを示しています。これらの接着剤は、堅牢な電気接続と長期的な性能信頼性を確保するために不可欠です。電気自動車（EV）の台頭が市場拡大に大きく寄与しています。ECAは、バッテリー、ソーラーパネル、発電機を動力源とするEVに広く使用されています。世界の環境規制が強化され、各国がより環境に優しいモビリティソリューションを推進する中、従来の内燃エンジンから電気自動車へのシフトが加速しています。中国、ノルウェー、フランスのような国々は、公共充電インフラに多額の投資を行い、EV普及のためのインセンティブを提供しており、ECAsのような先端電子材料の需要を煽っています。

こうした機会にもかかわらず、原材料価格の変動はメーカーにとって依然として課題です。銀やその他の導電性フィラーの高騰は、生産費用や価格戦略に影響を与える可能性があります。とはいえ、高性能エレクトロニクスにおける軽量でフレキシブルかつ効率的な接合ソリューションに対するニーズの高まりは、導電性接着剤（ECA）市場における技術革新と投資を引き続き促進しています。ECAは、次世代のスマートで持続可能な技術を実現する上で極めて重要な役割を果たしており、見通しは依然として楽観的です。

市場促進要因

自動車産業からの導電性接着剤（ECA）需要の拡大

主な市場課題

長期信頼性と価格に関する複雑さ

主な市場動向

フレキシブルエレクトロニクスの成長

目次

第1章 概要

第2章 調査手法

第3章 エグゼクティブサマリー

第4章 世界の導電性接着剤（ECA）市場展望

• 市場規模・予測
  • 金額別
• 市場シェア・予測
  • 化学別（エポキシ、シリコーン、アクリル、ポリウレタン、その他）
  • アプリケーション別（自動車、コンシューマーエレクトロニクス、航空宇宙、バイオサイエンス、その他）
  • 地域別
  • 企業別（2024）
• 市場マップ
  • 化学別
  • アプリケーション別
  • 地域別

第5章 アジア太平洋地域の導電性接着剤（ECA）市場展望

• 市場規模・予測
  • 金額別
• 市場シェア・予測
  • 化学別
  • アプリケーション別
  • 国別
• アジア太平洋地域：国別分析
  • 中国
  • インド
  • オーストラリア
  • 日本
  • 韓国

第6章 欧州の導電性接着剤（ECA）市場展望

• 市場規模・予測
• 市場シェア・予測
• 欧州：国別分析
  • フランス
  • ドイツ
  • スペイン
  • イタリア
  • 英国

第7章 北米の導電性接着剤（ECA）市場展望

• 市場規模・予測
• 市場シェア・予測
• 北米：国別分析
  • 米国
  • メキシコ
  • カナダ

第8章 南米の導電性接着剤（ECA）市場展望

• 市場規模・予測
• 市場シェア・予測
• 南米：国別分析
  • ブラジル
  • アルゼンチン
  • コロンビア

第9章 中東・アフリカの導電性接着剤（ECA）市場展望

• 市場規模・予測
• 市場シェア・予測
• 中東・アフリカ：国別分析
  • 南アフリカ
  • サウジアラビア
  • アラブ首長国連邦
  • エジプト

第10章 市場力学

• 促進要因
• 課題

第11章 市場動向と発展

• 最近の動向
• 製品上市
• 合併と買収

第12章 世界の導電性接着剤（ECA）市場：SWOT分析

第13章 ポーターのファイブフォース分析

• 業界内の競合
• 新規参入の可能性
• サプライヤーの力
• 顧客の力
• 代替品の脅威

第14章 競合情勢

• 3M Company
• Aremco LLC
• Creative Materials Inc.
• The Dow Chemical Company
• HB Fuller Company
• Henkel AG & Co. KGaA
• HITEK Electronic Materials Ltd
• Master Bond Inc.
• Panacol-Elosol GmbH
• Parker Hannifin Corp.

第15章 戦略的提言

第16章 調査会社について・免責事項

Global Electrically Conductive Adhesives Market was valued at USD 18.37 Billion in 2024 and is expected to reach USD 23.48 Billion by 2030 with a CAGR of 4.31%. Electrically conductive adhesives (ECAs) are essential materials in modern electronics, offering a unique combination of structural bonding and electrical conductivity. Unlike conventional adhesives such as epoxies, cyanoacrylates, acrylics, and anaerobics-which generally act as electrical insulators-ECAs are engineered to facilitate electrical flow between bonded components. This functionality is especially critical in electronic assemblies where maintaining conductivity is vital. In addition to electrical conduction, these adhesives also provide efficient thermal management by transferring heat away from sensitive components toward heat sinks, enhancing device reliability.

One of the key advantages of ECAs is their ability to replace soldering in heat-sensitive applications. Soldering processes often expose components to high temperatures, which can damage delicate electronics. ECAs offer a low-temperature alternative, making them ideal for printed circuit boards (PCBs) with dual-sided component placement. They prevent component displacement during assembly and eliminate the need for reflow soldering, streamlining manufacturing and reducing production costs.

The demand for electrically conductive adhesives is witnessing strong growth in tandem with the rapid advancement of consumer electronics, wearable devices, and miniaturized components. These adhesives are integral in ensuring robust electrical connections and long-term performance reliability. The rise of electric vehicles (EVs) is significantly contributing to market expansion. ECAs are widely used in EVs powered by batteries, solar panels, or electric generators. As global environmental regulations tighten and nations push toward greener mobility solutions, the shift from traditional combustion engines to electric vehicles is accelerating. Countries like China, Norway, and France are investing heavily in public charging infrastructure and offering incentives for EV adoption, fueling demand for advanced electronic materials like ECAs.

Despite these opportunities, fluctuating raw material prices remain a challenge for manufacturers. The high cost of silver and other conductive fillers can impact production expenses and pricing strategies. Nonetheless, the growing need for lightweight, flexible, and efficient bonding solutions in high-performance electronics continues to drive innovation and investment in the electrically conductive adhesives market. The outlook remains optimistic, with ECAs playing a pivotal role in enabling the next generation of smart and sustainable technologies.

Key Market Drivers

Growing Demand of Electrically Conductive Adhesives from Automotive Industry

Electrically conductive adhesives (ECAs) are highly specialized materials that serve dual functions, mechanically bonding components and enabling electrical conductivity. These adhesives, typically composed of epoxy resins embedded with conductive metallic particles such as silver or copper, provide strong adhesion and excellent electrical performance. In 2023, global automobile production reached approximately 94 million units, while the global automotive components market was valued at USD 2 trillion, with exports accounting for around USD 700 billion. India emerged as the fourth-largest vehicle producer globally, following China, the United States, and Japan, with an annual output of nearly 6 million vehicles. Their unique combination of properties makes them increasingly indispensable in various industrial applications, particularly in the automotive sector. The rapid adoption of electric and hybrid vehicles has significantly increased the integration of electronic components in modern automobiles. ECAs play a critical role in securing these components while maintaining stable and efficient electrical connections, which are vital for the proper functioning of systems such as battery management, sensors, infotainment, and advanced driver assistance systems (ADAS).

In addition to performance, the automotive industry is under continuous pressure to reduce vehicle weight to improve fuel efficiency and comply with stringent emission regulations. Electrically conductive adhesives offer a strategic advantage in this context by replacing traditional mechanical fasteners like screws and rivets. This not only reduces weight but also streamlines assembly processes and enhances design flexibility without compromising structural integrity or safety. Another key benefit of ECAs is their ability to dissipate heat effectively. With the increasing power density of automotive electronics, thermal management has become a critical consideration. ECAs facilitate heat transfer away from sensitive components, enhancing their longevity and operational stability.

The growing focus on electric vehicles (EVs) and the emergence of autonomous driving technologies are expected to further drive the demand for ECAs. These vehicles rely heavily on sophisticated electronic systems, increasing the need for reliable, lightweight, and conductive bonding solutions. Electrically conductive adhesives are becoming a core enabler of innovation and efficiency in the automotive industry. As automakers continue to adopt advanced electronics and move toward electrification and autonomy, the demand for ECAs is poised to grow substantially. The global market for electrically conductive adhesives is set for robust expansion, fueled by their essential role in supporting next-generation automotive technologies.

Key Market Challenges

Complexities Related with Long-Term Reliability and Pricing

Electrically conductive adhesives (ECAs) are materials that offer both adhesive bonding and electrical conductivity. These adhesives have become essential components in various industries, including electronics, automotive, and aerospace. They provide a reliable and efficient solution for joining electrical components, ensuring optimal performance and functionality.

Despite their increasing demand, concerns over their long-term reliability and high cost may hinder their wider adoption. One of the main challenges faced by the ECAs market is the question of long-term reliability. Factors such as thermal aging, moisture exposure, and mechanical stress can affect the total electrical conductivity of adhesives, leading to potential performance degradation over time. Non-linear behavior under varying conditions can also impact the mechanical properties of adhesive joints, compromising the overall structural integrity. Certain applications like RFID tags often have a shorter lifetime than their etched counterparts, which can limit their use in long-term applications like passports. The need for long-term reliability and durability in industries such as aerospace and automotive further emphasizes the importance of addressing these challenges.

These reliability issues pose a significant challenge for the ECAs market. Ensuring the long-term reliability of these adhesives is crucial for their wider acceptance, especially in industries where durability and longevity are paramount. Extensive research and development efforts are underway to enhance the reliability and performance of ECAs, focusing on improving their resistance to environmental factors and optimizing their electrical and mechanical properties.

Another major challenge in the ECAs market is the high cost of these adhesives. While they offer numerous benefits, their price can be a barrier to adoption in some applications. The cost factor becomes even more critical when considering the competitive landscape of the adhesives market, where cheaper alternatives are readily available. To address this challenge, manufacturers are exploring cost-effective production methods, optimizing the formulation of ECAs, and seeking alternative raw materials without compromising their performance. The cost of ECAs can be influenced by various factors, including the price of raw materials and production costs. Any fluctuations in these factors can further increase the price of ECAs, making them less attractive to potential end-users. Collaborative efforts between manufacturers, suppliers, and end-users are necessary to streamline the supply chain, reduce costs, and make ECAs more accessible to a wider range of applications.

Key Market Trends

Growth in Flexible Electronics

Flexible electronics, also known as flex circuits, are revolutionizing the electronic industry with their unique characteristics. These electronic devices are built on flexible plastic substrates, allowing them to bend and conform to various shapes and surfaces. This flexibility opens up a world of possibilities, making them ideal for applications such as wearable devices, smartphones, and IoT devices.

The increasing popularity of flexible electronics has fueled the demand for Electrically Conductive Adhesives (ECAs), which play a crucial role in their manufacture. ECAs, including film adhesives, are widely used in flexible electronics due to their exceptional bonding properties. These adhesives provide strong and reliable connections, ensuring the durability and performance of the devices, even under harsh operating conditions.

The growth of flexible electronics is driving significant changes in the global ECAs market. As the demand for flexible electronics continues to rise, the need for ECAs is expected to grow in parallel. Moreover, the trend towards miniaturization in electronics further fuels this demand. As electronic devices become smaller and more complex, the role of efficient and reliable adhesives like ECAs becomes increasingly critical. The growth of flexible electronics represents a pivotal trend in the global electrically conductive adhesives market. With continuous advancements in the electronics sector and the surging popularity of flexible and wearable electronics, this trend is poised to persist. As a result, the global electrically conductive adhesives market is projected to experience robust growth, driven by its indispensable role in the flourishing field of flexible electronics.

Key Market Players

• 3M Company
• Aremco LLC
• Creative Materials Inc.
• The Dow Chemical Company
• HB Fuller Company
• Henkel AG & Co. KGaA
• HITEK Electronic Materials Ltd
• Master Bond Inc.
• Panacol-Elosol GmbH
• Parker Hannifin Corp.

Report Scope:

In this report, the Global Electrically Conductive Adhesives Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Electrically Conductive Adhesives Market, By Chemistry:

• Epoxy
• Silicone
• Acrylic
• Polyurethane
• Others

Electrically Conductive Adhesives Market, By Application:

• Automotive
• Consumer Electronics
• Aerospace
• Biosciences
• Others

Electrically Conductive Adhesives Market, By Region:

• North America
  • United States
  • Canada
  • Mexico
• Europe
  • France
  • United Kingdom
  • Italy
  • Germany
  • Spain
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• South America
  • Brazil
  • Argentina
  • Colombia
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Egypt

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Electrically Conductive Adhesives Market.

Available Customizations:

Global Electrically Conductive Adhesives Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

Table of Contents

1. Product Overview

• 1.1. Market Definition
• 1.2. Scope of the Market
  • 1.2.1. Markets Covered
  • 1.2.2. Years Considered for Study
  • 1.2.3. Key Market Segmentations

2. Research Methodology

• 2.1. Objective of the Study
• 2.2. Baseline Methodology
• 2.3. Key Industry Partners
• 2.4. Major Association and Secondary Sources
• 2.5. Forecasting Methodology
• 2.6. Data Triangulation & Validation
• 2.7. Assumptions and Limitations

3. Executive Summary

• 3.1. Overview of the Market
• 3.2. Overview of Key Market Segmentations
• 3.3. Overview of Key Market Players
• 3.4. Overview of Key Regions/Countries
• 3.5. Overview of Market Drivers, Challenges, Trends

4. Global Electrically Conductive Adhesives Market Outlook

• 4.1. Market Size & Forecast
  • 4.1.1. By Value
• 4.2. Market Share & Forecast
  • 4.2.1. By Chemistry (Epoxy, Silicone, Acrylic, Polyurethane, Others)
  • 4.2.2. By Application (Automotive, Consumer Electronics, Aerospace, Biosciences, Others)
  • 4.2.3. By Region
  • 4.2.4. By Company (2024)
• 4.3. Market Map
  • 4.3.1. By Chemistry
  • 4.3.2. By Application
  • 4.3.3. By Region

5. Asia Pacific Electrically Conductive Adhesives Market Outlook

• 5.1. Market Size & Forecast
  • 5.1.1. By Value
• 5.2. Market Share & Forecast
  • 5.2.1. By Chemistry
  • 5.2.2. By Application
  • 5.2.3. By Country
• 5.3. Asia Pacific: Country Analysis
  • 5.3.1. China Electrically Conductive Adhesives Market Outlook
    • 5.3.1.1. Market Size & Forecast
      • 5.3.1.1.1. By Value
    • 5.3.1.2. Market Share & Forecast
      • 5.3.1.2.1. By Chemistry
      • 5.3.1.2.2. By Application
  • 5.3.2. India Electrically Conductive Adhesives Market Outlook
    • 5.3.2.1. Market Size & Forecast
      • 5.3.2.1.1. By Value
    • 5.3.2.2. Market Share & Forecast
      • 5.3.2.2.1. By Chemistry
      • 5.3.2.2.2. By Application
  • 5.3.3. Australia Electrically Conductive Adhesives Market Outlook
    • 5.3.3.1. Market Size & Forecast
      • 5.3.3.1.1. By Value
    • 5.3.3.2. Market Share & Forecast
      • 5.3.3.2.1. By Chemistry
      • 5.3.3.2.2. By Application
  • 5.3.4. Japan Electrically Conductive Adhesives Market Outlook
    • 5.3.4.1. Market Size & Forecast
      • 5.3.4.1.1. By Value
    • 5.3.4.2. Market Share & Forecast
      • 5.3.4.2.1. By Chemistry
      • 5.3.4.2.2. By Application
  • 5.3.5. South Korea Electrically Conductive Adhesives Market Outlook
    • 5.3.5.1. Market Size & Forecast
      • 5.3.5.1.1. By Value
    • 5.3.5.2. Market Share & Forecast
      • 5.3.5.2.1. By Chemistry
      • 5.3.5.2.2. By Application

6. Europe Electrically Conductive Adhesives Market Outlook

• 6.1. Market Size & Forecast
  • 6.1.1. By Value
• 6.2. Market Share & Forecast
  • 6.2.1. By Chemistry
  • 6.2.2. By Application
  • 6.2.3. By Country
• 6.3. Europe: Country Analysis
  • 6.3.1. France Electrically Conductive Adhesives Market Outlook
    • 6.3.1.1. Market Size & Forecast
      • 6.3.1.1.1. By Value
    • 6.3.1.2. Market Share & Forecast
      • 6.3.1.2.1. By Chemistry
      • 6.3.1.2.2. By Application
  • 6.3.2. Germany Electrically Conductive Adhesives Market Outlook
    • 6.3.2.1. Market Size & Forecast
      • 6.3.2.1.1. By Value
    • 6.3.2.2. Market Share & Forecast
      • 6.3.2.2.1. By Chemistry
      • 6.3.2.2.2. By Application
  • 6.3.3. Spain Electrically Conductive Adhesives Market Outlook
    • 6.3.3.1. Market Size & Forecast
      • 6.3.3.1.1. By Value
    • 6.3.3.2. Market Share & Forecast
      • 6.3.3.2.1. By Chemistry
      • 6.3.3.2.2. By Application
  • 6.3.4. Italy Electrically Conductive Adhesives Market Outlook
    • 6.3.4.1. Market Size & Forecast
      • 6.3.4.1.1. By Value
    • 6.3.4.2. Market Share & Forecast
      • 6.3.4.2.1. By Chemistry
      • 6.3.4.2.2. By Application
  • 6.3.5. United Kingdom Electrically Conductive Adhesives Market Outlook
    • 6.3.5.1. Market Size & Forecast
      • 6.3.5.1.1. By Value
    • 6.3.5.2. Market Share & Forecast
      • 6.3.5.2.1. By Chemistry
      • 6.3.5.2.2. By Application

7. North America Electrically Conductive Adhesives Market Outlook

• 7.1. Market Size & Forecast
  • 7.1.1. By Value
• 7.2. Market Share & Forecast
  • 7.2.1. By Chemistry
  • 7.2.2. By Application
  • 7.2.3. By Country
• 7.3. North America: Country Analysis
  • 7.3.1. United States Electrically Conductive Adhesives Market Outlook
    • 7.3.1.1. Market Size & Forecast
      • 7.3.1.1.1. By Value
    • 7.3.1.2. Market Share & Forecast
      • 7.3.1.2.1. By Chemistry
      • 7.3.1.2.2. By Application
  • 7.3.2. Mexico Electrically Conductive Adhesives Market Outlook
    • 7.3.2.1. Market Size & Forecast
      • 7.3.2.1.1. By Value
    • 7.3.2.2. Market Share & Forecast
      • 7.3.2.2.1. By Chemistry
      • 7.3.2.2.2. By Application
  • 7.3.3. Canada Electrically Conductive Adhesives Market Outlook
    • 7.3.3.1. Market Size & Forecast
      • 7.3.3.1.1. By Value
    • 7.3.3.2. Market Share & Forecast
      • 7.3.3.2.1. By Chemistry
      • 7.3.3.2.2. By Application

8. South America Electrically Conductive Adhesives Market Outlook

• 8.1. Market Size & Forecast
  • 8.1.1. By Value
• 8.2. Market Share & Forecast
  • 8.2.1. By Chemistry
  • 8.2.2. By Application
  • 8.2.3. By Country
• 8.3. South America: Country Analysis
  • 8.3.1. Brazil Electrically Conductive Adhesives Market Outlook
    • 8.3.1.1. Market Size & Forecast
      • 8.3.1.1.1. By Value
    • 8.3.1.2. Market Share & Forecast
      • 8.3.1.2.1. By Chemistry
      • 8.3.1.2.2. By Application
  • 8.3.2. Argentina Electrically Conductive Adhesives Market Outlook
    • 8.3.2.1. Market Size & Forecast
      • 8.3.2.1.1. By Value
    • 8.3.2.2. Market Share & Forecast
      • 8.3.2.2.1. By Chemistry
      • 8.3.2.2.2. By Application
  • 8.3.3. Colombia Electrically Conductive Adhesives Market Outlook
    • 8.3.3.1. Market Size & Forecast
      • 8.3.3.1.1. By Value
    • 8.3.3.2. Market Share & Forecast
      • 8.3.3.2.1. By Chemistry
      • 8.3.3.2.2. By Application

9. Middle East and Africa Electrically Conductive Adhesives Market Outlook

• 9.1. Market Size & Forecast
  • 9.1.1. By Value
• 9.2. Market Share & Forecast
  • 9.2.1. By Chemistry
  • 9.2.2. By Application
  • 9.2.3. By Country
• 9.3. MEA: Country Analysis
  • 9.3.1. South Africa Electrically Conductive Adhesives Market Outlook
    • 9.3.1.1. Market Size & Forecast
      • 9.3.1.1.1. By Value
    • 9.3.1.2. Market Share & Forecast
      • 9.3.1.2.1. By Chemistry
      • 9.3.1.2.2. By Application
  • 9.3.2. Saudi Arabia Electrically Conductive Adhesives Market Outlook
    • 9.3.2.1. Market Size & Forecast
      • 9.3.2.1.1. By Value
    • 9.3.2.2. Market Share & Forecast
      • 9.3.2.2.1. By Chemistry
      • 9.3.2.2.2. By Application
  • 9.3.3. UAE Electrically Conductive Adhesives Market Outlook
    • 9.3.3.1. Market Size & Forecast
      • 9.3.3.1.1. By Value
    • 9.3.3.2. Market Share & Forecast
      • 9.3.3.2.1. By Chemistry
      • 9.3.3.2.2. By Application
  • 9.3.4. Egypt Electrically Conductive Adhesives Market Outlook
    • 9.3.4.1. Market Size & Forecast
      • 9.3.4.1.1. By Value
    • 9.3.4.2. Market Share & Forecast
      • 9.3.4.2.1. By Chemistry
      • 9.3.4.2.2. By Application

10. Market Dynamics

• 10.1. Drivers
• 10.2. Challenges

11. Market Trends & Developments

• 11.1. Recent Developments
• 11.2. Product Launches
• 11.3. Mergers & Acquisitions

12. Global Electrically Conductive Adhesives Market: SWOT Analysis

13. Porter's Five Forces Analysis

• 13.1. Competition in the Industry
• 13.2. Potential of New Entrants
• 13.3. Power of Suppliers
• 13.4. Power of Customers
• 13.5. Threat of Substitute Product

14. Competitive Landscape

• 14.1. 3M Company
  • 14.1.1. Business Overview
  • 14.1.2. Company Snapshot
  • 14.1.3. Products & Services
  • 14.1.4. Current Capacity Analysis
  • 14.1.5. Financials (In case of listed)
  • 14.1.6. Recent Developments
  • 14.1.7. SWOT Analysis
• 14.2. Aremco LLC
• 14.3. Creative Materials Inc.
• 14.4. The Dow Chemical Company
• 14.5. HB Fuller Company
• 14.6. Henkel AG & Co. KGaA
• 14.7. HITEK Electronic Materials Ltd
• 14.8. Master Bond Inc.
• 14.9. Panacol-Elosol GmbH
• 14.10. Parker Hannifin Corp.

15. Strategic Recommendations

16. About Us & Disclaimer