It's not just a wax, it's a SiO2 coating. New upgraded 2020 version
SiO2 is Fireball's forte, so they've infused it into tire protectants also, making it actually last and not wash off as quickly as other water-based tire dressings. SiO2 also helps repel dust, dirt and rain with its strong hydrophobic properties, along with UV fading, preventing your tires turning all white and chalky.
When applying, instead of simply wipe and buff, make sure to work the product into the rubber, apply pressure, can even use a heat gun to open up the pores for the product to eat into the rubber compound.