This type of wax is used by both cosmetics manufacturers and individuals who make their own beauty products. When included in a recipe, it thickens the liquid and marries the oil and water-based elements of the creation. The wax itself is made of either petroleum or vegetable wax that has been enhanced with a chemical detergent. It is white in color, solid, and possesses a light alcohol scent. The commonly prescribed amount of emulsifying wax NF is three to six percent of the total weight of the recipe. 

All emulsifying waxes operate on a molecular plane. They act as a type of magnet, drawing the oil and water molecules together. These two types of molecules possess very different structures. Oil, for instance, is a non-polar — or water-resistant — ingredient. When it encounters the wax, oil's innate resistance to water is broken down, allowing it to blend seamlessly with the water in the recipe.

Emulsifying wax NF consists of four ingredients. These are Cetearyl Alcohol, PEG-150 Stearate, Polysorbate 60, and Steareth-20. It mirrors the properties of cetyl alcohol while promoting the thickening features of stearyl alcohol.

Cosmetic concoctions are not the only products than can benefit from this substance. It can also be used in candle making, helping to solidify the wax, glycerin, and water-based ingredients. The wax ensures the end product will hold together and burn evenly.

Some emulsifying waxes are produced from petroleum-based compounds. Many major cosmetics manufacturers utilize this form of emulsifying wax. Petroleum-derived wax is often cheaper and more readily available than its vegetable-sourced counterpart.

Vegetable-based emulsifying wax, however, is becoming more and more popular. Soy and carnauba are two types of waxes harvested from plant sources. They offer the same benefits for emulsification, and when used in candles, often burn cleaner and more evenly than petroleum wax. They consist of the natural fats and esters found in plants. It is processed into a flake-like form that is then marketed and sold. These flakes can be easily purchased in bulk to make products at home.

Reference: http://www.wisegeek.com/what-is-emulsifying-wax.htm