A Customer Centric Approach to the Lubricant Industry
With an increase in upgradation of the lubricant industry; it is all set to witness a change from volume approach to the value approach. The consumer today demands a more descriptive touch to every sector and is keen in the petroleum industry too. The lubricant sector is a lucrative business as it is slow paced but generates high returns in future. India accounts for 54 percent of the sector growth from the lubricant industry, and majorly has industrial and automotive segment. The substantial aspects of lubricant industry provides for segmentation of the market according to the varied customer base, which in turn drives out the major prospect of investments in technologies, marketing and providing value to the customer. This report provides a comprehensive look on the current scenario of lubricant market industry, and also provides a consumer centric approach to meet customer expectation with subsequent increase in market growth.
Index terms - Upgradation, base oil pricing, downstream, strategy, advancements