Basic "tire dressing" chemistry 101.
Majority, if not all "water borne" dressings use a PDMS resin as the dressing, that is a polydimethalsiloxane resin. Many chemical manufacturers produce the resin. Main difference between most is the percentage of resin blended into the water carrier/solvent. Some may add a thickner to produce a product that is more pleasing to the consumer, others may add a fragrance and or dye. There are a couple other minor additives that may be added, but basically, all are the same other than the resin content. The resin, depending on it's quality, may vary depending on the raw material supplier.
A "solvent borne" dressing uses the dimethal silicone resin (commonly referred to as oil or flluid), and mixed into a hydrocarbon solvent to gain supension and to carry the resin to the surface to be dressed.
The dimethal silicone based is the type that gives the high, short term, shine and a "greasy" surface.
When applying a PDMS water borne, the tire must be clean and dry. Water on the tire dilutes the resin, not allowing enough to actually attach to the tire.
Best method for application according to Dow Chemical, a major supplier of quality resins, is to have a clean and dry tire. Apply one coat, perferably with a sponge applicator. Allow to set and dry, than apply a second coating to gain longer term life of the dressing.
Once ther resin has set/dryed, lightly buff with a towel to further set the resin.