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I recently toyed with the idea of making my own candles, because I wanted a specific blend of scents. I ended up placing a custom order with an Etsy seller, but along the way I followed a rabbit trail of links trying to decide between beeswax, soy, and regular paraffin candle wax.

Health Risks
Paraffin wax is a petroleum byproduct. When you burn it, it gets into the air, and you inhale it. Along with all the toxins which are added to it during processing, including benzene and toluene. Not so great!

By comparison, beeswax candles are said to actually clean the air by releasing negative ions as they burn. I don't know about the science behind it, but beeswax is a healthy sustainable resource whereas paraffin wax is not.

Soy candle wax is biodegradable and poses no immediate health concerns, but many people object to the way that soy is grown. Between the use of pesticides, herbicides, and genetically modified soy, many people object to soy candles on environmental grounds.

Cost
Paraffin wax is by far the cheapest. Beeswax is the most expensive. Soy wax falls somewhere in the middle.

Type of Project
Because soy and beeswax are softer materials, they don't work very well as pure, free-standing candles (like tapers and molds). Many candles sold as soy and beeswax actually have paraffin mixed in to help them keep their shape.

If you are planning to make tapers or molded candles, paraffin may be the best choice. Soy and beeswax candles work great in jars, though.

Burn Time
A recent study by Iowa State University showed that beeswax candles had the longest burn time, followed by soy candles, with paraffin candles having the shortest burn time. Thus, although beeswax costs more, you get more bang for your buck.

Scent
Both paraffin and soy wax candles take scent well. Beeswax candles can be scented, but the natural honey-like smell of beeswax is always present. And frankly, it's a pretty nice scent all on its own!

Image courtesy Flickr/The Year of Mud