When I started in this business the only coating that was available was Coal-Tar Epoxy, I'm not sure what the exact composition was, but it felt, smelled, and looked like tar. Some of this stuff has been in the ground for 50 years without external piping failure. I'm just proposing a REALLY thick version.
As to water, I have never opened a roadbore casing that was not at least half full of water. Boots leak over time. Condensation accumulates. The pipe stands in water. Filling the casing with a plastic material to eliminate the space for water to accumulate has always seemed like a really good idea to me.
Wax (both non-petroleum and paraffin) has been used, but I'm pretty sure that wax is not the only material suitable. Maybe asphalt or tar have some problems that I'm not aware of (I do know that fusion bonded epoxy is inert to asphalt and tar), but I will bet that there is a less expensive way to do this than melting scented designer candles.
David