An industrial lubricant composition including an oil base selected from the group consisting of vegetable oil, Group I, Group II, Group III, Group IV, Group V and combinations thereof and a phosphorus-based non-chlorine additive. The industrial lubricant also includes at least one intercalation compound of a metal chalcogenide, a carbon containing compound and a boron containing compound, wherein the intercalation compound may have a geometry that is a platelet shaped geometry, a spherical shaped geometry, a multi-layered fullerene-like geometry, a tubular-like geometry or a combination thereof.