Emulsifying Wax is an ingredient that enables you to combine water and oil to make cosmetic formulations. Creams and lotions etc are essentially a blend of oil and water, and without an emulsifying agent, the oil and water will simply seperate.
INCI: Emulsifying Wax NF
This is a common ingredient used in lotions and creams to give them a smooth consistency and help keep them from separating.