Emulsifying wax and stearic acid are very common emulsifying agents in hydrating moisturizers. In my experience, you can use e-wax without stearic acid but not the other way around. Even when you add other emulsifying and thickening agents like xanthan gum, it is difficult to achieve the emulsion you get with emulsifying wax. Substituting a portion of your e-wax with stearic acid gives your lotion more of a silky pearlescent appearance. Using stearic acid is a matter of personal preference. Substitute up to 40% of your total e-wax concentration.

In the picture above, the front left is e-wax only and the other contains 5% e-wax and 3% stearic acid. Here’s another picture: one on the right is the e-wax/stearic acid mix. Forgive me for the terrible pictures.