Abstract
Summary
Laser marking machine is a type of machine that use laser beam to make permanent marking in various surface materials. Laser marking machines are used in a dynamic, highly adaptable process for high-speed character, logo, graphic, bar code and 2D Data Matrix marking. Laser marking is highly readable and leaves a permanent mark that enables effective traceability and is capable of withstanding harsh environmental conditions. Ancillary equipment such as computer control systems are not counted in the data analysis.
The global Laser market is projected to reach US$ 2248.2 million by 2030 from an estimated US$ 1871.9 million in 2024, at a CAGR of 3.1% during 2024 and 2030.
Global Laser key players include Han's Laser, Telesis Technologies, Trumpf, Rofin, TYKMA Electrox, etc. Global top five manufacturers hold a share about 35%. Asia-Pacific is the largest market, with a share about 40%, followed by North America, with a share about 30percent. In terms of product, Fiber Laser Marking Machine is the largest segment, with a share about 50%. And in terms of application, the largest application is Packaging, followed by Electronics, Auto Parts, Hardware, etc.
Report Scope
This report aims to provide a comprehensive presentation of the global market for Laser, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyse their position in the current marketplace, and make informed business decisions regarding Laser.
The Laser market size, estimations, and forecasts are provided in terms of sales volume (K Units) and revenue ($ millions), considering 2023 as the base year, with history and forecast data for the period from 2019 to 2030. This report segments the global Laser market comprehensively. Regional market sizes, concerning products by type, by application, and by players, are also provided.
For a more in-depth understanding of the market, the report provides profiles of the competitive landscape, key competitors, and their respective market ranks. The report also discusses technological trends and new product developments.
The report will help the Laser manufacturers, new entrants, and industry chain related companies in this market with information on the revenues, sales volume, and average price for the overall market and the sub-segments across the different segments, by company, by type, by application, and regions.
Market Segmentation
By Company
Han's Laser
Telesis Technologies
Trumpf
Rofin
TYKMA Electrox
Trotec
FOBA
Gravotech
Videojet
Epilog Laser
Schmidt
Eurolaser
Huagong Tec
SIC Marking
Amada Miyachi
Laserstar
Universal Laser Systems
Mecco
Segment by Type
Fiber Laser Marking Machine
CO2 Lasers Laser Marking Machine
Solid State Lasers Laser Marking Machine
Segment by Application
Electronics
Packaging
Auto Parts
Hardware
Others
By Region
North America
United States
Canada
Europe
Germany
France
U.K.
Italy
Russia
Nordic Countries
Rest of Europe
Asia-Pacific
China
Japan
South Korea
India
Southeast Asia
Australia
Rest of Asia-Pacific
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
Turkey
Saudi Arabia
UAE
Rest of Middle East & Africa
Chapter Outline
Chapter 1: Introduces the report scope of the report, executive summary of different market segments (by Type and by Application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 2: Sales (consumption), revenue of Laser in global and regional level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space of each country in the world.
Chapter 3: Detailed analysis of Laser manufacturers competitive landscape, price, sales, revenue, market share and industry ranking, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides profiles of key manufacturers, introducing the basic situation of the main companies in the market in detail, including product descriptions and specifications, Laser sales, revenue, price, gross margin, sales by region, by Type, by Application, and recent development, etc.
Chapter 5: Provides the analysis of various market segments by Type, covering the sales, revenue, average price, and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 6: Provides the analysis of various market segments by Application, covering the sales, revenue, average price, and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 7: North America by Type, by Application and by country, sales, and revenue for each segment.
Chapter 8: APAC by Type, by Application and by country, sales, and revenue for each segment.
Chapter 9: Europe by Type, by Application and by country, sales, and revenue for each segment.
Chapter 10: Latin America by Type, by Application and by country, sales, and revenue for each segment.
Chapter 11: Middle East and Africa by Type, by Application and by country, sales, and revenue for each segment.
Chapter 12: Analysis of industrial chain, sales channel, key raw materials, distributors, and customers.
Chapter 13: Introduces 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 14: Research Findings and Conclusion.
The global Laser market is projected to reach US$ 2248.2 million by 2030 from an estimated US$ 1871.9 million in 2024, at a CAGR of 3.1% during 2024 and 2030.
Global Laser key players include Han's Laser, Telesis Technologies, Trumpf, Rofin, TYKMA Electrox, etc. Global top five manufacturers hold a share about 35%. Asia-Pacific is the largest market, with a share about 40%, followed by North America, with a share about 30percent. In terms of product, Fiber Laser Marking Machine is the largest segment, with a share about 50%. And in terms of application, the largest application is Packaging, followed by Electronics, Auto Parts, Hardware, etc.
Report Scope
This report aims to provide a comprehensive presentation of the global market for Laser, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyse their position in the current marketplace, and make informed business decisions regarding Laser.
The Laser market size, estimations, and forecasts are provided in terms of sales volume (K Units) and revenue ($ millions), considering 2023 as the base year, with history and forecast data for the period from 2019 to 2030. This report segments the global Laser market comprehensively. Regional market sizes, concerning products by type, by application, and by players, are also provided.
For a more in-depth understanding of the market, the report provides profiles of the competitive landscape, key competitors, and their respective market ranks. The report also discusses technological trends and new product developments.
The report will help the Laser manufacturers, new entrants, and industry chain related companies in this market with information on the revenues, sales volume, and average price for the overall market and the sub-segments across the different segments, by company, by type, by application, and regions.
Market Segmentation
By Company
Han's Laser
Telesis Technologies
Trumpf
Rofin
TYKMA Electrox
Trotec
FOBA
Gravotech
Videojet
Epilog Laser
Schmidt
Eurolaser
Huagong Tec
SIC Marking
Amada Miyachi
Laserstar
Universal Laser Systems
Mecco
Segment by Type
Fiber Laser Marking Machine
CO2 Lasers Laser Marking Machine
Solid State Lasers Laser Marking Machine
Segment by Application
Electronics
Packaging
Auto Parts
Hardware
Others
By Region
North America
United States
Canada
Europe
Germany
France
U.K.
Italy
Russia
Nordic Countries
Rest of Europe
Asia-Pacific
China
Japan
South Korea
India
Southeast Asia
Australia
Rest of Asia-Pacific
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
Turkey
Saudi Arabia
UAE
Rest of Middle East & Africa
Chapter Outline
Chapter 1: Introduces the report scope of the report, executive summary of different market segments (by Type and by Application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 2: Sales (consumption), revenue of Laser in global and regional level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space of each country in the world.
Chapter 3: Detailed analysis of Laser manufacturers competitive landscape, price, sales, revenue, market share and industry ranking, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides profiles of key manufacturers, introducing the basic situation of the main companies in the market in detail, including product descriptions and specifications, Laser sales, revenue, price, gross margin, sales by region, by Type, by Application, and recent development, etc.
Chapter 5: Provides the analysis of various market segments by Type, covering the sales, revenue, average price, and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 6: Provides the analysis of various market segments by Application, covering the sales, revenue, average price, and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 7: North America by Type, by Application and by country, sales, and revenue for each segment.
Chapter 8: APAC by Type, by Application and by country, sales, and revenue for each segment.
Chapter 9: Europe by Type, by Application and by country, sales, and revenue for each segment.
Chapter 10: Latin America by Type, by Application and by country, sales, and revenue for each segment.
Chapter 11: Middle East and Africa by Type, by Application and by country, sales, and revenue for each segment.
Chapter 12: Analysis of industrial chain, sales channel, key raw materials, distributors, and customers.
Chapter 13: Introduces 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 14: Research Findings and Conclusion.
Table of Contents
1 Study Coverage
1.1 Laser Product Introduction
1.2 Market by Type
1.2.1 Global Laser Market Size Growth Rate by Type (2019 VS 2023 VS 2030)
1.2.2 Fiber Laser Marking Machine
1.2.3 CO2 Lasers Laser Marking Machine
1.2.4 Solid State Lasers Laser Marking Machine
1.3 Market by Application
1.3.1 Global Laser Market Size Growth Rate by Application (2019 VS 2023 VS 2030)
1.3.2 Electronics
1.3.3 Packaging
1.3.4 Auto Parts
1.3.5 Hardware
1.3.6 Others
1.4 Study Objectives
1.5 Years Considered
2 Executive Summary
2.1 Global Laser Market Size Estimates and Forecasts
2.1.1 Global Laser Revenue 2019-2030
2.1.2 Global Laser Sales 2019-2030
2.2 Laser Market Size by Region: 2023 Versus 2030
2.3 Laser Sales by Region (2019-2030)
2.3.1 Global Laser Sales by Region: 2019-2024
2.3.2 Global Laser Sales Forecast by Region (2025-2030)
2.3.3 Global Laser Sales Market Share by Region (2019-2030)
2.4 Laser Market Estimates and Projections by Region (2025-2030)
2.4.1 Global Laser Revenue by Region: 2019-2024
2.4.2 Global Laser Revenue Forecast by Region (2025-2030)
2.4.3 Global Laser Revenue Market Share by Region (2019-2030)
3 Global Laser by Manufacturers
3.1 Global Top Laser Manufacturers by Sales
3.1.1 Global Laser Sales by Manufacturer (2019-2024)
3.1.2 Global Laser Sales Market Share by Manufacturer (2019-2024)
3.2 Global Top Laser Manufacturers by Revenue
3.2.1 Global Laser Revenue by Manufacturer (2019-2024)
3.2.2 Global Laser Revenue Share by Manufacturer (2019-2024)
3.3 Global Laser Price by Manufacturer (2019-2024)
3.4 Competitive Landscape
3.4.1 Key Laser Manufacturers Covered: Ranking by Revenue
3.4.2 Global Laser Market Concentration Ratio (CR5 and HHI) & (2019-2024)
3.4.3 Global Laser Market Share by Company Type (Tier 1, Tier 2 and Tier 3)
3.5 Global Laser Manufacturing Base Distribution, Product Type
3.5.1 Laser Manufacturers Manufacturing Base Distribution, Headquarters
3.5.2 Manufacturers Laser Product Type
3.5.3 Date of International Manufacturers Enter into Laser Market
3.6 Manufacturers Mergers & Acquisitions, Expansion Plans
4 Company Profiles
4.1 Han's Laser
4.1.1 Han's Laser Company Information
4.1.2 Han's Laser Description, Business Overview
4.1.3 Han's Laser Laser Products Offered
4.1.4 Han's Laser Laser Sales, Revenue and Gross Margin (2019-2024)
4.1.5 Han's Laser Laser Sales by Product in 2023
4.1.6 Han's Laser Laser Sales by Application in 2023
4.1.7 Han's Laser Laser Sales by Geographic Area in 2023
4.1.8 Han's Laser Recent Developments
4.2 Telesis Technologies
4.2.1 Telesis Technologies Company Information
4.2.2 Telesis Technologies Description, Business Overview
4.2.3 Telesis Technologies Laser Products Offered
4.2.4 Telesis Technologies Laser Sales, Revenue and Gross Margin (2019-2024)
4.2.5 Telesis Technologies Laser Sales by Product in 2023
4.2.6 Telesis Technologies Laser Sales by Application in 2023
4.2.7 Telesis Technologies Laser Sales by Geographic Area in 2023
4.2.8 Telesis Technologies Recent Developments
4.3 Trumpf
4.3.1 Trumpf Company Information
4.3.2 Trumpf Description, Business Overview
4.3.3 Trumpf Laser Products Offered
4.3.4 Trumpf Laser Sales, Revenue and Gross Margin (2019-2024)
4.3.5 Trumpf Laser Sales by Product in 2023
4.3.6 Trumpf Laser Sales by Application in 2023
4.3.7 Trumpf Laser Sales by Geographic Area in 2023
4.3.8 Trumpf Recent Developments
4.4 Rofin
4.4.1 Rofin Company Information
4.4.2 Rofin Description, Business Overview
4.4.3 Rofin Laser Products Offered
4.4.4 Rofin Laser Sales, Revenue and Gross Margin (2019-2024)
4.4.5 Rofin Laser Sales by Product in 2023
4.4.6 Rofin Laser Sales by Application in 2023
4.4.7 Rofin Laser Sales by Geographic Area in 2023
4.4.8 Rofin Recent Developments
4.5 TYKMA Electrox
4.5.1 TYKMA Electrox Company Information
4.5.2 TYKMA Electrox Description, Business Overview
4.5.3 TYKMA Electrox Laser Products Offered
4.5.4 TYKMA Electrox Laser Sales, Revenue and Gross Margin (2019-2024)
4.5.5 TYKMA Electrox Laser Sales by Product in 2023
4.5.6 TYKMA Electrox Laser Sales by Application in 2023
4.5.7 TYKMA Electrox Laser Sales by Geographic Area in 2023
4.5.8 TYKMA Electrox Recent Developments
4.6 Trotec
4.6.1 Trotec Company Information
4.6.2 Trotec Description, Business Overview
4.6.3 Trotec Laser Products Offered
4.6.4 Trotec Laser Sales, Revenue and Gross Margin (2019-2024)
4.6.5 Trotec Laser Sales by Product in 2023
4.6.6 Trotec Laser Sales by Application in 2023
4.6.7 Trotec Laser Sales by Geographic Area in 2023
4.6.8 Trotec Recent Development
4.7 FOBA
4.7.1 FOBA Company Information
4.7.2 FOBA Description, Business Overview
4.7.3 FOBA Laser Products Offered
4.7.4 FOBA Laser Sales, Revenue and Gross Margin (2019-2024)
4.7.5 FOBA Laser Sales by Product in 2023
4.7.6 FOBA Laser Sales by Application in 2023
4.7.7 FOBA Laser Sales by Geographic Area in 2023
4.7.8 FOBA Recent Development
4.8 Gravotech
4.8.1 Gravotech Company Information
4.8.2 Gravotech Description, Business Overview
4.8.3 Gravotech Laser Products Offered
4.8.4 Gravotech Laser Sales, Revenue and Gross Margin (2019-2024)
4.8.5 Gravotech Laser Sales by Product in 2023
4.8.6 Gravotech Laser Sales by Application in 2023
4.8.7 Gravotech Laser Sales by Geographic Area in 2023
4.8.8 Gravotech Recent Development
4.9 Videojet
4.9.1 Videojet Company Information
4.9.2 Videojet Description, Business Overview
4.9.3 Videojet Laser Products Offered
4.9.4 Videojet Laser Sales, Revenue and Gross Margin (2019-2024)
4.9.5 Videojet Laser Sales by Product in 2023
4.9.6 Videojet Laser Sales by Application in 2023
4.9.7 Videojet Laser Sales by Geographic Area in 2023
4.9.8 Videojet Recent Development
4.10 Epilog Laser
4.10.1 Epilog Laser Company Information
4.10.2 Epilog Laser Description, Business Overview
4.10.3 Epilog Laser Laser Products Offered
4.10.4 Epilog Laser Laser Sales, Revenue and Gross Margin (2019-2024)
4.10.5 Epilog Laser Laser Sales by Product in 2023
4.10.6 Epilog Laser Laser Sales by Application in 2023
4.10.7 Epilog Laser Laser Sales by Geographic Area in 2023
4.10.8 Epilog Laser Recent Development
4.11 Schmidt
4.11.1 Schmidt Company Information
4.11.2 Schmidt Description, Business Overview
4.11.3 Schmidt Laser Products Offered
4.11.4 Schmidt Laser Sales, Revenue and Gross Margin (2019-2024)
4.11.5 Schmidt Laser Sales by Product in 2023
4.11.6 Schmidt Laser Sales by Application in 2023
4.11.7 Schmidt Laser Sales by Geographic Area in 2023
4.11.8 Schmidt Recent Development
4.12 Eurolaser
4.12.1 Eurolaser Company Information
4.12.2 Eurolaser Description, Business Overview
4.12.3 Eurolaser Laser Products Offered
4.12.4 Eurolaser Laser Sales, Revenue and Gross Margin (2019-2024)
4.12.5 Eurolaser Laser Sales by Product in 2023
4.12.6 Eurolaser Laser Sales by Application in 2023
4.12.7 Eurolaser Laser Sales by Geographic Area in 2023
4.12.8 Eurolaser Recent Development
4.13 Huagong Tec
4.13.1 Huagong Tec Company Information
4.13.2 Huagong Tec Description, Business Overview
4.13.3 Huagong Tec Laser Products Offered
4.13.4 Huagong Tec Laser Sales, Revenue and Gross Margin (2019-2024)
4.13.5 Huagong Tec Laser Sales by Product in 2023
4.13.6 Huagong Tec Laser Sales by Application in 2023
4.13.7 Huagong Tec Laser Sales by Geographic Area in 2023
4.13.8 Huagong Tec Recent Development
4.14 SIC Marking
4.14.1 SIC Marking Company Information
4.14.2 SIC Marking Description, Business Overview
4.14.3 SIC Marking Laser Products Offered
4.14.4 SIC Marking Laser Sales, Revenue and Gross Margin (2019-2024)
4.14.5 SIC Marking Laser Sales by Product in 2023
4.14.6 SIC Marking Laser Sales by Application in 2023
4.14.7 SIC Marking Laser Sales by Geographic Area in 2023
4.14.8 SIC Marking Recent Development
4.15 Amada Miyachi
4.15.1 Amada Miyachi Company Information
4.15.2 Amada Miyachi Description, Business Overview
4.15.3 Amada Miyachi Laser Products Offered
4.15.4 Amada Miyachi Laser Sales, Revenue and Gross Margin (2019-2024)
4.15.5 Amada Miyachi Laser Sales by Product in 2023
4.15.6 Amada Miyachi Laser Sales by Application in 2023
4.15.7 Amada Miyachi Laser Sales by Geographic Area in 2023
4.15.8 Amada Miyachi Recent Development
4.16 Laserstar
4.16.1 Laserstar Company Information
4.16.2 Laserstar Description, Business Overview
4.16.3 Laserstar Laser Products Offered
4.16.4 Laserstar Laser Sales, Revenue and Gross Margin (2019-2024)
4.16.5 Laserstar Laser Sales by Product in 2023
4.16.6 Laserstar Laser Sales by Application in 2023
4.16.7 Laserstar Laser Sales by Geographic Area in 2023
4.16.8 Laserstar Recent Development
4.17 Universal Laser Systems
4.17.1 Universal Laser Systems Company Information
4.17.2 Universal Laser Systems Description, Business Overview
4.17.3 Universal Laser Systems Laser Products Offered
4.17.4 Universal Laser Systems Laser Sales, Revenue and Gross Margin (2019-2024)
4.17.5 Universal Laser Systems Laser Sales by Product in 2023
4.17.6 Universal Laser Systems Laser Sales by Application in 2023
4.17.7 Universal Laser Systems Laser Sales by Geographic Area in 2023
4.17.8 Universal Laser Systems Recent Development
4.18 Mecco
4.18.1 Mecco Company Information
4.18.2 Mecco Description, Business Overview
4.18.3 Mecco Laser Products Offered
4.18.4 Mecco Laser Sales, Revenue and Gross Margin (2019-2024)
4.18.5 Mecco Laser Sales by Product in 2023
4.18.6 Mecco Laser Sales by Application in 2023
4.18.7 Mecco Laser Sales by Geographic Area in 2023
4.18.8 Mecco Recent Development
5 Breakdown Data by Type
5.1 Global Laser Sales by Type (2019-2030)
5.1.1 Global Laser Sales by Type (2019-2024)
5.1.2 Global Laser Sales Forecast by Type (2025-2030)
5.1.3 Global Laser Sales Market Share by Type (2019-2030)
5.2 Global Laser Revenue Forecast by Type (2019-2030)
5.2.1 Global Laser Revenue by Type (2019-2024)
5.2.2 Global Laser Revenue Forecast by Type (2025-2030)
5.2.3 Global Laser Revenue Market Share by Type (2019-2030)
5.3 Laser Average Selling Price (ASP) by Type (2019-2030)
6 Breakdown Data by Application
6.1 Global Laser Sales by Application (2019-2030)
6.1.1 Global Laser Sales by Application (2019-2024)
6.1.2 Global Laser Sales Forecast by Application (2025-2030)
6.1.3 Global Laser Sales Market Share by Application (2019-2030)
6.2 Global Laser Revenue Forecast by Application (2019-2030)
6.2.1 Global Laser Revenue by Application (2019-2024)
6.2.2 Global Laser Revenue Forecast by Application (2025-2030)
6.2.3 Global Laser Revenue Market Share by Application (2019-2030)
6.3 Laser Average Selling Price (ASP) by Application (2019-2030)
7 North America
7.1 North America Laser Market Size YoY Growth 2019-2030
7.2 North America Laser Market Facts & Figures by Country
7.2.1 North America Laser Sales by Country (2019-2030)
7.2.2 North America Laser Revenue by Country (2019-2030)
7.3 North America Laser Sales by Type (2019-2024)
7.4 North America Laser Sales by Application (2019-2024)
8 Asia-Pacific
8.1 Asia-Pacific Laser Market Size YoY Growth 2019-2030
8.2 Asia-Pacific Laser Market Facts & Figures by Region
8.2.1 Asia-Pacific Laser Sales by Region (2019-2030)
8.2.2 Asia-Pacific Laser Revenue by Region (2019-2030)
8.3 Asia-Pacific Laser Sales by Type (2019-2024)
8.4 Asia-Pacific Laser Sales by Application (2019-2024)
9 Europe
9.1 Europe Laser Market Size YoY Growth 2019-2030
9.2 Europe Laser Market Facts & Figures by Country
9.2.1 Europe Laser Sales by Country (2019-2030)
9.2.2 Europe Laser Revenue by Country (2019-2030)
9.3 Europe Laser Sales by Type (2019-2024)
9.4 Europe Laser Sales by Application (2019-2024)
10 Latin America
10.1 Latin America Laser Market Size YoY Growth 2019-2030
10.2 Latin America Laser Market Facts & Figures by Country
10.2.1 Latin America Laser Sales by Country (2019-2030)
10.2.2 Latin America Laser Revenue by Country (2019-2030)
10.3 Latin America Laser Sales by Type (2019-2024)
10.4 Latin America Laser Sales by Application (2019-2024)
11 Middle East and Africa
11.1 Middle East and Africa Laser Market Size YoY Growth 2019-2030
11.2 Middle East and Africa Laser Market Facts & Figures by Country
11.2.1 Middle East and Africa Laser Sales by Country (2019-2030)
11.2.2 Middle East and Africa Laser Revenue by Country (2019-2030)
11.3 Middle East and Africa Laser Sales by Type (2019-2024)
11.4 Middle East and Africa Laser Sales by Application (2019-2024)
12 Supply Chain and Sales Channel Analysis
12.1 Laser Supply Chain Analysis
12.2 Laser Key Raw Materials and Upstream Suppliers
12.3 Laser Clients Analysis
12.4 Laser Sales Channel and Sales Model Analysis
12.4.1 Laser Distribution Channel Analysis: Indirect Sales VS Direct Sales
12.4.2 Laser Distribution Channel Analysis: Online Sales VS Offline Sales
12.4.3 Laser Distributors
13 Market Dynamics
13.1 Laser Industry Trends
13.2 Laser Market Drivers
13.3 Laser Market Challenges
13.4 Laser Market Restraints
14 Research Findings and Conclusion
15 Appendix
15.1 Research Methodology
15.1.1 Methodology/Research Approach
15.1.2 Data Source
15.2 Author Details
15.3 Disclaimer