From the book "Lubrication for Industry":
If a lubrication barrier were not in place, moisture in the air would eventually cause oxidation, leading to corrosion. Lubricants cling to the element surface, providing a barrier against moisture. The choice of lubricant type is critical because some lubricants act as a catalyst, trapping moisture droplets and holding them at the element surface, thereby increasing the oxidation and corrosion process.
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