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The study investigated a water-based lubricant specifically designed for power tools, such as diamond drilling tools used in the construction industry. The water content in the lubricant enhances heat transfer capabilities and provides superlubricity, thereby improving thermal management and gearbox efficiency during operation. The formulation was evaluated using standardized ASTM laboratory tests and custom-designed accelerated corrosion tests that simulate the conditions within gearboxes of high-performance tools. While laboratory conditions indicated modest corrosion risks, the real-application benefits of effective lubrication and enhanced cooling appear to outweigh these concerns. Additionally, the study addresses the challenges of sealing water-containing lubricants with FKM and NBR radial shaft seals. Future research is recommended to further optimize traditional sealing systems to ensure reliability in demanding environments.