Armour All seems to contain 'water based silicons.'
From their web site -
http://www.armorall.com/faqs/"What are the ingredients in Armor All® Protectants? Do they include silicone, alcohol, ultraviolet inhibitors and petroleum distillates?
Armor All® Leather Care contains lanolin and natural moisturizers, and UV inhibitors. Armor All® Leather Care Protectant Spray and Leather Wipes contain water-based silicone emulsions, surfactants, and ultraviolet light inhibitors. Armor All® Original Shine Protectant contains water-based silicone emulsions, surfactants, and ultraviolet light inhibitors, humectants, dispersants and gloss enhancers. Armor All® Ultimate Clean Protectant contains water-based silicone emulsions, surfactants, ultraviolet light inhibitors and a fragrance."
But I am guessing that the surfactants play a huge role in reducing surface tension also.