Armour All seems to contain 'water based silicons.'
From their web site -
http://www.armorall.com/faqs/"What are the ingredients in Armor AllŪ Protectants? Do they include silicone, alcohol, ultraviolet inhibitors and petroleum distillates?
Armor AllŪ Leather Care contains lanolin and natural moisturizers, and UV inhibitors. Armor AllŪ Leather Care Protectant Spray and Leather Wipes contain water-based silicone emulsions, surfactants, and ultraviolet light inhibitors. Armor AllŪ Original Shine Protectant contains water-based silicone emulsions, surfactants, and ultraviolet light inhibitors, humectants, dispersants and gloss enhancers. Armor AllŪ 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.