Hi @abhishekty ,
These are blogs which talks about approaches you can follow for clientlibs :
https://aem4beginner.blogspot.com/clientlibs-in-aem63-part2
https://www.blueacornici.com/blog/best-approaches-clientlibs-aem-part-3/
Also, the thread might interest you :
https://experienceleaguecommunities.adobe.com/t5/adobe-experience-manager/best-practices-to-manage-clientlibs-in-aem-adobe-cq/m-p/166949
For component specific clientlib, you need to create a cq:ClientLibrary Folder with categories for each component and include that particular category in your sightly. However the major drawback is that the clientlib is loaded for all the components independently present on the page, which means that if you are using same component multiple times on the page , the relevant clientlib will be loaded multiple times.
(More JS/CSS -> More data transfer -> More page load time).
However, you can refer the links shared and choose the best approach based on your requirement as it is subjective to use case.
Please feel free to reach out in case of further queries, many thanks.
Regards,
Milind