Deep drawing (DD) is a special process in sheet metal forming which is capable of forming many metallic parts and structures, and it covers a wide range of applications in white goods, automotive and aerospace industries. In some of the forming applications with DD, the sheet surface is coated with PVC (Polyvinyl chloride) as both high surface quality expectations and well elastic deformation performance of the material are desired. Interest in reducing environmental risks and cost factors caused by PVC has increased efforts to develop petroleum-based technologies that are more economical and have the performance to replace PVC. In this study, a series of oil-based formulations that can replace PVC were created to meet the performance requirements of demanding DD operations. The formulations were prepared by adding extreme pressure (EP) and anti-wear (AW) additives to mineral oil to increase the extreme pressure resistance between metal surfaces and prevent friction. In formulation studies, sulphur and phosphorus compounds, which are among the most effective additives commonly used and do not harm the environment, were used to improve EP and AW properties. Erichsen Deep Drawing test machine was used to compare the DD performance of the formulations and PVC. As a result of the studies and performance evaluations, the performance of all the formulations developed was found to be close to the harsh conditions provided by PVC, but formulation number 4 exactly met the stringent performance requirements of PVC