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There is also some research showing that citric acid with regular use (think three months and 20% concentration) can help sun-damaged skin, increase skin thickness and some nice hydrating things called glycosaminoglycans in the skin. 

But according to a comparative study done in 1995, citric acid has less skin improving magic properties than glycolic or lactic acid. Probably that’s why citric acid is usually not used as an exfoliant but more as a helper ingredient in small amounts to adjust the pH of a formulation. 

There is not much research out there about malic acid itself. We could find one comparative study, that compared the effectiveness of glycolic acid, lactic acid, citric acid and malic acid. The first two ones were the winners while malic and citric acid were less effective.

Another great thing about panthenol is that it has anti-inflammatory and skin protecting abilities. A study shows that it can reduce the irritation caused by less-nice other ingredients (e.g. fragrance, preservatives or chemical sunscreens) in the product.

Research also shows that it might be useful for wound healing as it promotes fibroblast (nice type of cells in our skin that produce skin-firming collagen) proliferation. 

If that wasn’t enough panthenol is also useful in nail and hair care products. A study shows that a nail treatment liquide with 2% panthenol could effectively get into the nail and significantly increase the hydration of it.

As for the hair the hydration effect is also true there. Panthenol might make your hair softer, more elastic and helps to comb your hair more easily. 

So what the heck is a wax ester and why is that important anyway? Well, to understand what a wax ester is, you first have to know that oils are chemically triglycerides: one glycerin + three fatty acids attached to it. The fatty acids attached to the glycerin vary and thus we have many kinds of oils, but they are all triglycerides. Mother Nature created triglycerides to be easily hydrolyzed (be broken down to a glycerin + 3 fatty acid molecules) and oxidized (the fatty acid is broken down into small parts) - this happens basically when we eat fats or oils and our body generates energy from it.

Mother Nature also created wax esters but for a totally different purpose. Chemically, a wax ester is a fatty acid + a fatty alcohol, one long molecule. Wax esters are on the outer surface of several plant leaves to give them environmental protection. 25-30% of human sebum is also wax esters to give us people environmental protection. 

So being a wax ester results in a couple of unique properties: First, jojoba oil is extremely stable. Like crazy stable. Even if you heat it to 370 C (698 F) for 96 hours, it does not budge. (Many plant oils tend to go off pretty quickly). If you have some pure jojoba oil at home, you should be fine using it for years. 

Second, jojoba oil is the most similar to human sebum (both being wax esters), and the two are completely miscible. Acne.org has this not fully proven theory that thanks to this, jojoba might be able to "trick" the skin into thinking it has already produced enough sebum, so it might have "skin balancing" properties for oily skin.

Third, jojoba oil moisturizes the skin through a unique dual action: on the one hand, it mixes with sebum and forms a thin, non-greasy, semi-occlusive layer; on the other hand, it absorbs into the skin through pores and hair follicles then diffuses into the intercellular spaces of the outer layer of the skin to make it soft and supple.

On balance, the point is this: in contrast to real plant oils, wax esters were designed by Mother Nature to stay on the surface and form a protective, moisturizing barrier and jojoba oil being a wax ester is uniquely excellent at doing that.

The complication, however, is that different extracts and distillates can be made from different parts of the plant (bark, twigs, and leaves are typically used) and different extraction methods from different parts produce different results. So if you see only Witch Hazel Extract or Witch Hazel Water on the ingredient list, it's a bit hard to know what you're actually getting but we will try to summarize the possibilities to give an idea.

The main biologically active components in Witch Hazel are hamamelitannin (a potent astringent and antioxidant), catechins (anti-inflammatory and antioxidant) and gallic acid (antibacterial). The bark extract contains by far the most hamamelitannin and it has the most gallic acid and catechins. The twigs contain fewer catechins, less gallic acid, and much less hamamelitannin (4.77% vs 0.18%). The leaves contain hardly any tannins (0.04%) or catechins and contain a medium amount of gallic acid (compared to the bark and twigs).

Witch Hazel also contains tiny amounts of the essential oil and fragrance component eugenol, but the amount is so small that it's probably not significant for the skin.

Apart from the differences in active components in different parts of the Witch Hazel bush, the extraction methods also vary. Witch Hazel Distillate contains 14% added alcohol according to the USP specifications  and alcohol is, at best drying, and at worst skin-damaging. Luckily, there are also alcohol-free distillates, so if you prefer no alcohol check the ingredient list carefully. Witch Hazel Extracts can also be made in different ways: browsing Ulprospector, we could find hydroglycolic, hydroalcoholic and glicerine/water based extracts.

Well-known skin care expert, Paula Begoun rates witch hazel as poor and says,  "depending on the form of witch hazel, you’re exposing your skin either to a sensitizing amount of alcohol or to tannins, or both." This might be the case if you are dealing with an alcoholic witch hazel bark water or extract, but looking at CosIng (the official INCI name listing of the EU), witch hazel bark water or witch hazel bark extract are not listed ingredients. Bark and leaf or bark and twig or all three are used together to create extracts, so the chance that there is too much hamamelitannin in the final cosmetic ingredient seems small. Also alcohol-free extracts and distillates exist; actually, the majority seem to be alcohol-free nowadays. So all in all, we think "Hamamelis Virginiana Extract" on the ingredient list is nothing to worry about.

We even found a German study that compared the efficacy of Hamamelis ointment to panthenol ointment for soothing the skin in children (from 27 days to 11 years old). They observed 309 children and concluded that both ointments were similarly effective but the one with Hamamelis was even better tolerated (98.2% vs. 92.3% tolerated well the ointments in the two groups).

All in all, Witch Hazel Extract is a sloppy INCI name (btw, not in the CosIng listing), and you do not really know what you're getting. Most probably though, you are getting a goody with nice astringent, soothing, antibacterial, and even antioxidant properties.

BTW, lye is not something new. It was already used by ancient Egyptians to help oil and fat magically turn into something else. Can you guess what? Yes, it’s soap. It still often shows up in the ingredient list of soaps and other cleansers.

Sodium hydroxide in itself is a potent skin irritant, but once it's reacted (as it is usually in skin care products, like exfoliants) it is totally harmless.