In a worldwide market with frequent fluctuations in costs, it can be difficult to stay on top of what price should be applied to products, and whether they are subject to any other expenses and overheads. Being able to simplify pricing and ensuring different costs are covered with ease is one way that industrial oil and lubricant businesses are beginning to adopt in order to improve their bottom lines. In this article we take a brief look at the oil and lubricant business market, the benefits of having a simple pricing structure, and what the right automation software can do in order to simplify pricing.
According to Precedence Research, the global lubricants market was valued at $145.83 billion (USD) in 2023 and accounted for $151.66 billion (USD) in 2024. The sector is seeing a healthy expansion at a CAGR of 4% and is expected to reach around $224.50 billion (USD) by 2034.
The research found that Asia Pacific contributed more than 45% of the market share in 2023, but Europe is expected to experience significant growth within the 2023 – 2034 time period.
They also revealed that key growth factors within the industry are coming from:
The trend towards sustainability has in particular had a keen impact on the market, especially as new legislations come in which require lower viscosity oils and options in order to meet goals and targets.
New and alternative technologies are changing the way the industrial oil and lubricant market develop, create, and sell products on the global stage. The adoption and usage of technology is not just limited to the processes and final products as Industry 4.0 (also known as Smart Technology) is impacting manufacture and internal business processes.
Companies within the market are being advised to keep on the cutting edge of technological updates, and to embrace streamlined business processes in order to handle the challenges that will come from these changes.
TEB Apps provides a comprehensive and sophisticated platform that allows your business to make the best of your resources with an easy-to-use interface and all the tools you need to keep on top of your business needs. With all of your data in a single database, supported by strategic automation, and a robust digital infrastructure, you can rely on TEB to support your daily tasks and boost the performance of your sales team.
The way in which you structure your pricing is going to determine what prices and discounts you offer throughout your business, having a strategic process will allow you to optimise your activities and ensure you are quoting and charging the right prices even when there are fluctuations in your costs.
Businesses within the oil and lubricant market are already taking note of how technology is changing the way in which they do business and have started to adopt technologies that allow them to make the most of their resources, maintain a position on the cutting edge of industry news, and ensure greater profits with more satisfied clients.
In order to manage a pricing structure, you need to have a process for how you are going to price your products, and it needs to be one that is adopted throughout your business and adhered to by your team.
Some of the key benefits of having a simple pricing process include:
Business Process Automation (BPA) and strategic automation throughout the company can play a key role in creating a simplified pricing structure and allow the application of the resulting strategy to work.
With the right automation software in place, your oil and lubricant business should expect to:
Automation does not just simplify the ability to price your products, it can help you develop and grow with multiple other applications, such as utilising sales tracking software to your advantage.
Businesses in the industry that have already started adopting automation and strategic digital infrastructure are finding that they are better placed to make fast decisions, improve their customer relationships, and generate more value to increase their bottom line.
Bringing TEB Apps into your business will help you take your oil and lubricant business to the next level. When you work with TEB for pricing and quote automation, you will benefit from a wide range of options, functions, and tools including:
