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レポート概要
| 新型コロナウイルス感染症とロシア・ウクライナ戦争の影響により、戦車用弾薬のグローバル市場は 2022にxxxドルと推定され、2028年までにxxxドルの規模に達し、2022年から2028年の予測期間中にxxx%のCAGRで成長すると予測されています。 戦車用弾薬のアメリカ市場は、2023年から2028年の予測期間中にxxx%のCAGRで、2022年xxxドルから2028年xxxドルに達すると推定されています。 戦車用弾薬の中国市場は、2023年から2028年の予測期間中にxxx%のCAGRで、2022年xxxドルから2028年xxxドルに達すると推定されています。 戦車用弾薬のヨーロッパ市場は、2023年から2028年の予測期間中にxxx%のCAGRで、2022年xxxドルから2028年xxxドルに達すると推定されています。 生産面において、本レポートは2017年から2022年までの戦車用弾薬の生産、成長率、メーカー別市場シェア、地域別市場シェア、および2028年までの予測を調査しています。販売面において、本レポートは2017年から2022年までの地域別、企業別、タイプ別、アプリケーション別の戦車用弾薬の売上および2028年までの予測に焦点を当てています。 戦車用弾薬のグローバル主要企業には、Northrop Grumman、General Dynamics、Nammo、Nexter、BAE Systems、Poongsan Corporation、Elbit Systems、Day & Zimmermann、Rheinmetall、Rostec、National Presto、NORINCO、CSGCなどがあります。2021年、世界のトップ5プレイヤーは売上ベースで約xxx％の市場シェアを占めています。 戦車用弾薬市場は、タイプとアプリケーションによって区分されます。世界の戦車用弾薬市場のプレーヤー、利害関係者、およびその他の参加者は、当レポートを有益なリソースとして使用することで優位に立つことができます。セグメント分析は、2017年～2028年期間のタイプ別およびアプリケーション別の販売量、売上、予測に焦点を当てています。 【タイプ別セグメント】 120mm、105mm、125mm、100mm、その他 【アプリケーション別セグメント】 爆発物(HE)、煙、照明、訓練ラウンド 【掲載地域】 北米：アメリカ、カナダ ヨーロッパ：ドイツ、フランス、イギリス、イタリア、ロシア アジア太平洋：日本、中国、韓国、インド、オーストラリア、台湾、インドネシア、タイ、マレーシア 中南米：メキシコ、ブラジル、アルゼンチン 中東・アフリカ：トルコ、サウジアラビア、UAE 【目次（一部）】 ・調査の範囲 - 戦車用弾薬製品概要 - タイプ別市場（120mm、105mm、125mm、100mm、その他） - アプリケーション別市場（爆発物(HE)、煙、照明、訓練ラウンド） - 調査の目的 ・エグゼクティブサマリー - 世界の戦車用弾薬販売量予測2017-2028 - 世界の戦車用弾薬売上予測2017-2028 - 戦車用弾薬の地域別販売量 - 戦車用弾薬の地域別売上 - 北米市場 - ヨーロッパ市場 - アジア太平洋市場 - 中南米市場 - 中東・アフリカ市場 ・メーカーの競争状況 - 主要メーカー別戦車用弾薬販売量 - 主要メーカー別戦車用弾薬売上 - 主要メーカー別戦車用弾薬価格 - 競争状況の分析 - 企業M&A動向 ・タイプ別市場規模（120mm、105mm、125mm、100mm、その他） - 戦車用弾薬のタイプ別販売量 - 戦車用弾薬のタイプ別売上 - 戦車用弾薬のタイプ別価格 ・アプリケーション別市場規模（爆発物(HE)、煙、照明、訓練ラウンド） - 戦車用弾薬のアプリケーション別販売量 - 戦車用弾薬のアプリケーション別売上 - 戦車用弾薬のアプリケーション別価格 ・北米市場 - 北米の戦車用弾薬市場規模（タイプ別、アプリケーション別） - 主要国別の戦車用弾薬市場規模（アメリカ、カナダ） ・ヨーロッパ市場 - ヨーロッパの戦車用弾薬市場規模（タイプ別、アプリケーション別） - 主要国別の戦車用弾薬市場規模（ドイツ、フランス、イギリス、イタリア、ロシア） ・アジア太平洋市場 - アジア太平洋の戦車用弾薬市場規模（タイプ別、アプリケーション別） - 主要国別の戦車用弾薬市場規模（日本、中国、韓国、インド、オーストラリア、台湾、インドネシア、タイ、マレーシア） ・中南米市場 - 中南米の戦車用弾薬市場規模（タイプ別、アプリケーション別） - 主要国別の戦車用弾薬市場規模（メキシコ、ブラジル、アルゼンチン） ・中東・アフリカ市場 - 中東・アフリカの戦車用弾薬市場規模（タイプ別、アプリケーション別） - 主要国別の戦車用弾薬市場規模（トルコ、サウジアラビア） ・企業情報 Northrop Grumman、General Dynamics、Nammo、Nexter、BAE Systems、Poongsan Corporation、Elbit Systems、Day & Zimmermann、Rheinmetall、Rostec、National Presto、NORINCO、CSGC ・産業チェーン及び販売チャネル分析 - 戦車用弾薬の産業チェーン分析 - 戦車用弾薬の原材料 - 戦車用弾薬の生産プロセス - 戦車用弾薬の販売及びマーケティング - 戦車用弾薬の主要顧客 ・マーケットドライバー、機会、課題、リスク要因分析 - 戦車用弾薬の産業動向 - 戦車用弾薬のマーケットドライバー - 戦車用弾薬の課題 - 戦車用弾薬の阻害要因 ・主な調査結果 |
In modern warfare, the tanks have to deal with a wide variety of threats and targets. These include other enemy tanks, man-portable anti-tank missiles, armoured personnel carriers capable of firing anti-tank missiles, airborne threats and much more. Modern tanks are equipped with a wide variety of rounds that can be fired from their main guns.
Market Analysis and Insights: Global Tactical Tank Ammunition Market
Due to the COVID-19 pandemic, the global Tactical Tank Ammunition market size is estimated to be worth US$ million in 2022 and is forecast to a readjusted size of US$ million by 2028 with a CAGR of % during the forecast period 2022-2028. Fully considering the economic change by this health crisis, 120mm accounting for % of the Tactical Tank Ammunition global market in 2021, is projected to value US$ million by 2028, growing at a revised % CAGR from 2022 to 2028. While High-Explosive (HE) segment is altered to an % CAGR throughout this forecast period.
China Tactical Tank Ammunition market size is valued at US$ million in 2021, while the US and Europe Tactical Tank Ammunition are US$ million and US$ million, severally. The proportion of the US is % in 2021, while China and Europe are % and % respectively, and it is predicted that China proportion will reach % in 2028, trailing a CAGR of % through the analysis period 2022-2028. Japan, South Korea, and Southeast Asia are noteworthy markets in Asia, with CAGR %, %, and % respectively for the next 6-year period. As for the Europe Tactical Tank Ammunition landscape, Germany is projected to reach US$ million by 2028 trailing a CAGR of % over the forecast period 2022-2028.
The global key manufacturers of Tactical Tank Ammunition include Northrop Grumman, General Dynamics, Nammo, Nexter, BAE Systems, Poongsan Corporation, Elbit Systems, Day & Zimmermann and Rheinmetall, etc. In 2021, the global top five players have a share approximately % in terms of revenue.
In terms of production side, this report researches the Tactical Tank Ammunition capacity, production, growth rate, market share by manufacturers and by region (region level and country level), from 2017 to 2022, and forecast to 2028.
In terms of sales side, this report focuses on the sales of Tactical Tank Ammunition by region (region level and country level), by company, by Diameter and by Application. from 2017 to 2022 and forecast to 2028.
Global Tactical Tank Ammunition Scope and Segment
Tactical Tank Ammunition market is segmented by Diameter and by Application. Players, stakeholders, and other participants in the global Tactical Tank Ammunition market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on production capacity, revenue and forecast by Diameter and by Application for the period 2017-2028.
Segment by Diameter
120mm
105mm
125mm
100mm
Other
Segment by Application
High-Explosive (HE)
Smoke
Illumination
Training Rounds
By Company
Northrop Grumman
General Dynamics
Nammo
Nexter
BAE Systems
Poongsan Corporation
Elbit Systems
Day & Zimmermann
Rheinmetall
Rostec
National Presto
NORINCO
CSGC
Production by Region
North America
Europe
China
Japan
Consumption by Region
North America
United States
Canada
Europe
Germany
France
U.K.
Italy
Russia
Asia-Pacific
China
Japan
South Korea
India
Australia
China Taiwan
Indonesia
Thailand
Malaysia
Latin America
Mexico
Brazil
Argentina
Colombia
Middle East & Africa
Turkey
Saudi Arabia
UAE
1 Study Coverage
1.1 Tactical Tank Ammunition Product Introduction
1.2 Market by Diameter
1.2.1 Global Tactical Tank Ammunition Market Size by Diameter, 2017 VS 2021 VS 2028
1.2.2 120mm
1.2.3 105mm
1.2.4 125mm
1.2.5 100mm
1.2.6 Other
1.3 Market by Application
1.3.1 Global Tactical Tank Ammunition Market Size by Application, 2017 VS 2021 VS 2028
1.3.2 High-Explosive (HE)
1.3.3 Smoke
1.3.4 Illumination
1.3.5 Training Rounds
1.4 Study Objectives
1.5 Years Considered
2 Global Tactical Tank Ammunition Production
2.1 Global Tactical Tank Ammunition Production Capacity (2017-2028)
2.2 Global Tactical Tank Ammunition Production by Region: 2017 VS 2021 VS 2028
2.3 Global Tactical Tank Ammunition Production by Region
2.3.1 Global Tactical Tank Ammunition Historic Production by Region (2017-2022)
2.3.2 Global Tactical Tank Ammunition Forecasted Production by Region (2023-2028)
2.4 North America
2.5 Europe
2.6 China
2.7 Japan
3 Global Tactical Tank Ammunition Sales in Volume & Value Estimates and Forecasts
3.1 Global Tactical Tank Ammunition Sales Estimates and Forecasts 2017-2028
3.2 Global Tactical Tank Ammunition Revenue Estimates and Forecasts 2017-2028
3.3 Global Tactical Tank Ammunition Revenue by Region: 2017 VS 2021 VS 2028
3.4 Global Tactical Tank Ammunition Sales by Region
3.4.1 Global Tactical Tank Ammunition Sales by Region (2017-2022)
3.4.2 Global Sales Tactical Tank Ammunition by Region (2023-2028)
3.5 Global Tactical Tank Ammunition Revenue by Region
3.5.1 Global Tactical Tank Ammunition Revenue by Region (2017-2022)
3.5.2 Global Tactical Tank Ammunition Revenue by Region (2023-2028)
3.6 North America
3.7 Europe
3.8 Asia-Pacific
3.9 Latin America
3.10 Middle East & Africa
4 Competition by Manufactures
4.1 Global Tactical Tank Ammunition Production Capacity by Manufacturers
4.2 Global Tactical Tank Ammunition Sales by Manufacturers
4.2.1 Global Tactical Tank Ammunition Sales by Manufacturers (2017-2022)
4.2.2 Global Tactical Tank Ammunition Sales Market Share by Manufacturers (2017-2022)
4.2.3 Global Top 10 and Top 5 Largest Manufacturers of Tactical Tank Ammunition in 2021
4.3 Global Tactical Tank Ammunition Revenue by Manufacturers
4.3.1 Global Tactical Tank Ammunition Revenue by Manufacturers (2017-2022)
4.3.2 Global Tactical Tank Ammunition Revenue Market Share by Manufacturers (2017-2022)
4.3.3 Global Top 10 and Top 5 Companies by Tactical Tank Ammunition Revenue in 2021
4.4 Global Tactical Tank Ammunition Sales Price by Manufacturers
4.5 Analysis of Competitive Landscape
4.5.1 Manufacturers Market Concentration Ratio (CR5 and HHI)
4.5.2 Global Tactical Tank Ammunition Market Share by Company Type (Tier 1, Tier 2, and Tier 3)
4.5.3 Global Tactical Tank Ammunition Manufacturers Geographical Distribution
4.6 Mergers & Acquisitions, Expansion Plans
5 Market Size by Diameter
5.1 Global Tactical Tank Ammunition Sales by Diameter
5.1.1 Global Tactical Tank Ammunition Historical Sales by Diameter (2017-2022)
5.1.2 Global Tactical Tank Ammunition Forecasted Sales by Diameter (2023-2028)
5.1.3 Global Tactical Tank Ammunition Sales Market Share by Diameter (2017-2028)
5.2 Global Tactical Tank Ammunition Revenue by Diameter
5.2.1 Global Tactical Tank Ammunition Historical Revenue by Diameter (2017-2022)
5.2.2 Global Tactical Tank Ammunition Forecasted Revenue by Diameter (2023-2028)
5.2.3 Global Tactical Tank Ammunition Revenue Market Share by Diameter (2017-2028)
5.3 Global Tactical Tank Ammunition Price by Diameter
5.3.1 Global Tactical Tank Ammunition Price by Diameter (2017-2022)
5.3.2 Global Tactical Tank Ammunition Price Forecast by Diameter (2023-2028)
6 Market Size by Application
6.1 Global Tactical Tank Ammunition Sales by Application
6.1.1 Global Tactical Tank Ammunition Historical Sales by Application (2017-2022)
6.1.2 Global Tactical Tank Ammunition Forecasted Sales by Application (2023-2028)
6.1.3 Global Tactical Tank Ammunition Sales Market Share by Application (2017-2028)
6.2 Global Tactical Tank Ammunition Revenue by Application
6.2.1 Global Tactical Tank Ammunition Historical Revenue by Application (2017-2022)
6.2.2 Global Tactical Tank Ammunition Forecasted Revenue by Application (2023-2028)
6.2.3 Global Tactical Tank Ammunition Revenue Market Share by Application (2017-2028)
6.3 Global Tactical Tank Ammunition Price by Application
6.3.1 Global Tactical Tank Ammunition Price by Application (2017-2022)
6.3.2 Global Tactical Tank Ammunition Price Forecast by Application (2023-2028)
7 North America
7.1 North America Tactical Tank Ammunition Market Size by Diameter
7.1.1 North America Tactical Tank Ammunition Sales by Diameter (2017-2028)
7.1.2 North America Tactical Tank Ammunition Revenue by Diameter (2017-2028)
7.2 North America Tactical Tank Ammunition Market Size by Application
7.2.1 North America Tactical Tank Ammunition Sales by Application (2017-2028)
7.2.2 North America Tactical Tank Ammunition Revenue by Application (2017-2028)
7.3 North America Tactical Tank Ammunition Sales by Country
7.3.1 North America Tactical Tank Ammunition Sales by Country (2017-2028)
7.3.2 North America Tactical Tank Ammunition Revenue by Country (2017-2028)
7.3.3 United States
7.3.4 Canada
8 Europe
8.1 Europe Tactical Tank Ammunition Market Size by Diameter
8.1.1 Europe Tactical Tank Ammunition Sales by Diameter (2017-2028)
8.1.2 Europe Tactical Tank Ammunition Revenue by Diameter (2017-2028)
8.2 Europe Tactical Tank Ammunition Market Size by Application
8.2.1 Europe Tactical Tank Ammunition Sales by Application (2017-2028)
8.2.2 Europe Tactical Tank Ammunition Revenue by Application (2017-2028)
8.3 Europe Tactical Tank Ammunition Sales by Country
8.3.1 Europe Tactical Tank Ammunition Sales by Country (2017-2028)
8.3.2 Europe Tactical Tank Ammunition Revenue by Country (2017-2028)
8.3.3 Germany
8.3.4 France
8.3.5 U.K.
8.3.6 Italy
8.3.7 Russia
9 Asia Pacific
9.1 Asia Pacific Tactical Tank Ammunition Market Size by Diameter
9.1.1 Asia Pacific Tactical Tank Ammunition Sales by Diameter (2017-2028)
9.1.2 Asia Pacific Tactical Tank Ammunition Revenue by Diameter (2017-2028)
9.2 Asia Pacific Tactical Tank Ammunition Market Size by Application
9.2.1 Asia Pacific Tactical Tank Ammunition Sales by Application (2017-2028)
9.2.2 Asia Pacific Tactical Tank Ammunition Revenue by Application (2017-2028)
9.3 Asia Pacific Tactical Tank Ammunition Sales by Region
9.3.1 Asia Pacific Tactical Tank Ammunition Sales by Region (2017-2028)
9.3.2 Asia Pacific Tactical Tank Ammunition Revenue by Region (2017-2028)
9.3.3 China
9.3.4 Japan
9.3.5 South Korea
9.3.6 India
9.3.7 Australia
9.3.8 China Taiwan
9.3.9 Indonesia
9.3.10 Thailand
9.3.11 Malaysia
10 Latin America
10.1 Latin America Tactical Tank Ammunition Market Size by Diameter
10.1.1 Latin America Tactical Tank Ammunition Sales by Diameter (2017-2028)
10.1.2 Latin America Tactical Tank Ammunition Revenue by Diameter (2017-2028)
10.2 Latin America Tactical Tank Ammunition Market Size by Application
10.2.1 Latin America Tactical Tank Ammunition Sales by Application (2017-2028)
10.2.2 Latin America Tactical Tank Ammunition Revenue by Application (2017-2028)
10.3 Latin America Tactical Tank Ammunition Sales by Country
10.3.1 Latin America Tactical Tank Ammunition Sales by Country (2017-2028)
10.3.2 Latin America Tactical Tank Ammunition Revenue by Country (2017-2028)
10.3.3 Mexico
10.3.4 Brazil
10.3.5 Argentina
10.3.6 Colombia
11 Middle East and Africa
11.1 Middle East and Africa Tactical Tank Ammunition Market Size by Diameter
11.1.1 Middle East and Africa Tactical Tank Ammunition Sales by Diameter (2017-2028)
11.1.2 Middle East and Africa Tactical Tank Ammunition Revenue by Diameter (2017-2028)
11.2 Middle East and Africa Tactical Tank Ammunition Market Size by Application
11.2.1 Middle East and Africa Tactical Tank Ammunition Sales by Application (2017-2028)
11.2.2 Middle East and Africa Tactical Tank Ammunition Revenue by Application (2017-2028)
11.3 Middle East and Africa Tactical Tank Ammunition Sales by Country
11.3.1 Middle East and Africa Tactical Tank Ammunition Sales by Country (2017-2028)
11.3.2 Middle East and Africa Tactical Tank Ammunition Revenue by Country (2017-2028)
11.3.3 Turkey
11.3.4 Saudi Arabia
11.3.5 UAE
12 Corporate Profiles
12.1 Northrop Grumman
12.1.1 Northrop Grumman Corporation Information
12.1.2 Northrop Grumman Overview
12.1.3 Northrop Grumman Tactical Tank Ammunition Sales, Price, Revenue and Gross Margin (2017-2022)
12.1.4 Northrop Grumman Tactical Tank Ammunition Product Model Numbers, Pictures, Descriptions and Specifications
12.1.5 Northrop Grumman Recent Developments
12.2 General Dynamics
12.2.1 General Dynamics Corporation Information
12.2.2 General Dynamics Overview
12.2.3 General Dynamics Tactical Tank Ammunition Sales, Price, Revenue and Gross Margin (2017-2022)
12.2.4 General Dynamics Tactical Tank Ammunition Product Model Numbers, Pictures, Descriptions and Specifications
12.2.5 General Dynamics Recent Developments
12.3 Nammo
12.3.1 Nammo Corporation Information
12.3.2 Nammo Overview
12.3.3 Nammo Tactical Tank Ammunition Sales, Price, Revenue and Gross Margin (2017-2022)
12.3.4 Nammo Tactical Tank Ammunition Product Model Numbers, Pictures, Descriptions and Specifications
12.3.5 Nammo Recent Developments
12.4 Nexter
12.4.1 Nexter Corporation Information
12.4.2 Nexter Overview
12.4.3 Nexter Tactical Tank Ammunition Sales, Price, Revenue and Gross Margin (2017-2022)
12.4.4 Nexter Tactical Tank Ammunition Product Model Numbers, Pictures, Descriptions and Specifications
12.4.5 Nexter Recent Developments
12.5 BAE Systems
12.5.1 BAE Systems Corporation Information
12.5.2 BAE Systems Overview
12.5.3 BAE Systems Tactical Tank Ammunition Sales, Price, Revenue and Gross Margin (2017-2022)
12.5.4 BAE Systems Tactical Tank Ammunition Product Model Numbers, Pictures, Descriptions and Specifications
12.5.5 BAE Systems Recent Developments
12.6 Poongsan Corporation
12.6.1 Poongsan Corporation Corporation Information
12.6.2 Poongsan Corporation Overview
12.6.3 Poongsan Corporation Tactical Tank Ammunition Sales, Price, Revenue and Gross Margin (2017-2022)
12.6.4 Poongsan Corporation Tactical Tank Ammunition Product Model Numbers, Pictures, Descriptions and Specifications
12.6.5 Poongsan Corporation Recent Developments
12.7 Elbit Systems
12.7.1 Elbit Systems Corporation Information
12.7.2 Elbit Systems Overview
12.7.3 Elbit Systems Tactical Tank Ammunition Sales, Price, Revenue and Gross Margin (2017-2022)
12.7.4 Elbit Systems Tactical Tank Ammunition Product Model Numbers, Pictures, Descriptions and Specifications
12.7.5 Elbit Systems Recent Developments
12.8 Day & Zimmermann
12.8.1 Day & Zimmermann Corporation Information
12.8.2 Day & Zimmermann Overview
12.8.3 Day & Zimmermann Tactical Tank Ammunition Sales, Price, Revenue and Gross Margin (2017-2022)
12.8.4 Day & Zimmermann Tactical Tank Ammunition Product Model Numbers, Pictures, Descriptions and Specifications
12.8.5 Day & Zimmermann Recent Developments
12.9 Rheinmetall
12.9.1 Rheinmetall Corporation Information
12.9.2 Rheinmetall Overview
12.9.3 Rheinmetall Tactical Tank Ammunition Sales, Price, Revenue and Gross Margin (2017-2022)
12.9.4 Rheinmetall Tactical Tank Ammunition Product Model Numbers, Pictures, Descriptions and Specifications
12.9.5 Rheinmetall Recent Developments
12.10 Rostec
12.10.1 Rostec Corporation Information
12.10.2 Rostec Overview
12.10.3 Rostec Tactical Tank Ammunition Sales, Price, Revenue and Gross Margin (2017-2022)
12.10.4 Rostec Tactical Tank Ammunition Product Model Numbers, Pictures, Descriptions and Specifications
12.10.5 Rostec Recent Developments
12.11 National Presto
12.11.1 National Presto Corporation Information
12.11.2 National Presto Overview
12.11.3 National Presto Tactical Tank Ammunition Sales, Price, Revenue and Gross Margin (2017-2022)
12.11.4 National Presto Tactical Tank Ammunition Product Model Numbers, Pictures, Descriptions and Specifications
12.11.5 National Presto Recent Developments
12.12 NORINCO
12.12.1 NORINCO Corporation Information
12.12.2 NORINCO Overview
12.12.3 NORINCO Tactical Tank Ammunition Sales, Price, Revenue and Gross Margin (2017-2022)
12.12.4 NORINCO Tactical Tank Ammunition Product Model Numbers, Pictures, Descriptions and Specifications
12.12.5 NORINCO Recent Developments
12.13 CSGC
12.13.1 CSGC Corporation Information
12.13.2 CSGC Overview
12.13.3 CSGC Tactical Tank Ammunition Sales, Price, Revenue and Gross Margin (2017-2022)
12.13.4 CSGC Tactical Tank Ammunition Product Model Numbers, Pictures, Descriptions and Specifications
12.13.5 CSGC Recent Developments
13 Industry Chain and Sales Channels Analysis
13.1 Tactical Tank Ammunition Industry Chain Analysis
13.2 Tactical Tank Ammunition Key Raw Materials
13.2.1 Key Raw Materials
13.2.2 Raw Materials Key Suppliers
13.3 Tactical Tank Ammunition Production Mode & Process
13.4 Tactical Tank Ammunition Sales and Marketing
13.4.1 Tactical Tank Ammunition Sales Channels
13.4.2 Tactical Tank Ammunition Distributors
13.5 Tactical Tank Ammunition Customers
14 Market Drivers, Opportunities, Challenges and Risks Factors Analysis
14.1 Tactical Tank Ammunition Industry Trends
14.2 Tactical Tank Ammunition Market Drivers
14.3 Tactical Tank Ammunition Market Challenges
14.4 Tactical Tank Ammunition Market Restraints
15 Key Finding in The Global Tactical Tank Ammunition Study
16 Appendix
16.1 Research Methodology
16.1.1 Methodology/Research Approach
16.1.2 Data Source
16.2 Author Details
16.3 Disclaimer