Pure floor wax still exists, but is most commonly used as an additive to modern floor finishes. Many people still use the term “wax” to refer to acrylic or urethane floor finishes (i.e., Strip & Wax).
Wax has a low melting compound made of high molecular weight similar in composition to fats and oils. There are two types: Natural (animal and vegetable derived) and Synthetic (such as polymers of ethylene).
The wax functions as a film in floor polishes to help prevent scuffs and black marks and as a slip resistance moderator.