It's a liquid - very "stringy" - some synthetic polymer, maybe similar to a liquid resin. The problem is that it is not a lubricant itself, so it must be used sparingly - like less that 1%. That's why I got it (a buddy in the industry) - and exactly why I got it was to mix with high speed synthetic grease (which is made for closed bearings in wheels and such). It worked MUCH better in the clutch case.
Here's a small batch mixed: