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Chemically, it's a blend of esters from 14-18 fatty acids and alcohols that is a solid at room temperature but melts on contact with skin. It helps soften and smooth the skin while improving the feel and spread of products.

Typical use concentrations range from 1-10% (most commonly 2-5%).

The CIR Expert Panel has concluded it's safe as used and has shown no skin irritation in available studies.

Because it's a blend of fatty acid esters in the chain-length range that Malassezia can feed on, it may not be fungal acne safe.

On a cellular level, it disrupts the cell membranes of microbes by poking holes that make the cell leak. This shuts down the chemical reactions the microbe needs to make energy so it can no longer survive.

Another perk of this ingredient is that it stays functional across a wide pH range (3-10).

You'll often see it paired with boosters like Ethylhexylglycerin; one study showed that a 1:9 ratio of Ethylhexylglycerin to Phenoxyethanol damages bacterial membranes as effectively as doubling the Phenoxyethanol concentration on its own.

Typical use concentrations range from 0.3-1% depending on the formula, and this ingredient is capped at 1% int the EU.

Safety-wise, the fear mongering does not hold up to the evidence. The EU's Scientific Committee on Consumer Safety and FDA consider it safe as a preservative at up to 1%, including for children of all ages.

Adverse systemic effects only showed up in animal studies at exposures roughly 200x higher than what people get from cosmetics. And despite its very widespread use, this ingredient is a rare sensitizer and allergic reactions are uncommon.