Tire dressing is an auto detailing product that has gained very rapidly in popularity in the last decade. Tire dressing makes your tires look new and wet. There are two types: solvent based and water based. Solvent based dressings aren’t environmentally friendly, whereas water based are. Also, solvent based dressings have been shown to speed the breakdown of the rubber in your sidewalls under UV exposure, whereas water based dressings have extra UV filters built in. Solvent based dressings can ruin paint if they are allowed to remain on the paint for an extended period of time. Tire dressings aren’t hazardous in and of themselves, unless they are applied to the tread of the tires.
For more info, see 3 Tire Care Secrets of the Pros