I have been working on a wax based stove for several years. The results have been very encouraging as I was able to produce a soot free stove that could boil water in the same time as a good alcohols stove. In fact, I was planning on writing an article on a DIY wax-based stove for backpackinglight. In drafting the article, it became apparent to me that the practical risk far outweighs the benefits (at least in my mind).
Here is my rational: for backpackers, the primary purpose of a stove is to boil water. I know, not rocket science. There is a phenomenon called Wax Fire that I believe to be a significant issue.
From Wikipedia
A wax fire is created when melted or boiling wax is doused in water. The ensuing reaction creates a large fireball or enlarges the flame of the already existing fire incredibly. Only a small amount of wax and water is needed to create a wax fire.
Chemistry behind the reaction
Following the basic rules of the fire triangle, for a reaction to take place three ingredients are required: oxygen, fuel, and heat. In the case of wax melted down, only the top surface has access to oxygen, so the fire progresses slowly. When water is added to the wax, two things happen. Firstly, the water — being denser than wax — sinks to the bottom of the container. Secondly, as burning wax quickly reaches a temperature of well over 200 degrees C, the water instantly vaporizes. When water changes from a liquid to a gas, there is more than a thousand-fold increase in volume. The water expands violently, and throws the hot wax layer above it into the air as small droplets. The wax now has a much bigger surface area exposed to oxygen so combustion takes place very quickly.
How big of an issue is this? Well, check out a few of these videos.
Since you are vaporizing water, it would only tale a few drops to cause a flare-up. I would image that if one were not careful, water boiling over the top of a mug would cause a significant problem. Can a wax stove be designed to minimize flare-ups? I am sure that it can, however; the added safety features would probably come at a cost of complexity, weight and reliability. For now, I am abandoning further work on wax-based stove. My 2 cents.



