Armor All used a different formula many years ago, containing dimethyl silicone oils (not water based), and it got a bad name because of it. ...
Truth be told they have been a water based silicone for many years now, and their product isn't a whole lot different than the other rubber / vinyl protectants available. They don't have the higher concentrations of UV inhibitors that 303 Protectant, & Vinylex and a couple others do, but that's 1 reason they ( 303 etc.) cost more than Armor All. UV additives are the most expensive ingredients, arguably, in those products, so you get what you pay for to that extent.
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Oh, and silicone is in all of them. The difference is the TYPE of silicone. A water based type is the kind that doesn't remove plasticizers from the material (additives in plastics/ vinyl materials that keep them flexible-without it can lead to cracking etc.) .....