In hair products
The US Cosmetic Ingredient Review describes panthenol, pantothenic acid and their derivatives as hair conditioning agents.1 The EU's CosIng database also lists panthenol as antistatic: it helps hair lie flat rather than fly away.2
In skincare
For skin, panthenol is listed as a skin-conditioning agent and humectant.1 Research on dexpanthenol (D-panthenol), mostly in dermatological products, found it acts like a moisturiser: it improves the hydration of the skin's outer layer and reduces water loss through the skin.3
That research looked at dexpanthenol in dermatological use. A cosmetic that lists panthenol is a different formula, usually at an amount the label does not state.
How it appears on a label
As Panthenol, sometimes with a note: Panthenol (Provitamin B5). Pantothenic acid and its derivatives are related ingredients, each with its own name on a label.1
What to keep in mind
The review panel concluded that panthenol and six related ingredients are safe in cosmetics in the present practices of use and concentration.1 Its place on the list is a rough guide to amount at best: below 1%, ingredients may be listed in any order.4