"That would make WD-40 like the formulation above. The kerosine is the solvent, the tallow oil and lubricating base grade provide the means for the fluid to displace water from surfaces and, when the kerosine has evaporated, leave a thin, protective film on the surface that provides temporary corrision protection. It is possible that it may have some solid lubricant in it ( PTFE,Graphite,MoS2 ), but I suspect there would not be enough to provide any useful lubrication - and thus should not be used to wash "proper lubricants" off bearing surfaces, chains etc.. "
How can a consumer make an informed decision about using WD-40 without knowing what it's composed of?
https://files.wd40.com/pdf/sds/mup/wd-40-multi-use-product-a...