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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. The special feature of this chelating agent is that it not only acts as a preservative but also has preservative properties.
(1) Shank, P. D., Slaga, T. J., & Snyder, P. W. (2020). Safety Assessment of Caprylhydroxamic Acid as Used in Cosmetics.