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Caprylhydroxamic acid is a chelating agent. Chelating agents are substances used in cosmetic products to neutralize metal ions in the formulation. What makes this chelating agent unique is that it not only acts as a preservative but also possesses preservative properties.(1)
(1) Shank, P. D., Slaga, T. J., & Snyder, P. W. (2020). Safety Assessment of Caprylhydroxamic Acid as Used in Cosmetics.