lip balm animation. Text: Beauty School - Lip Balm - A wax-like substance applied to the lips, a balm's primary role is to seal in moisture and protect lips from exposure to cold wind, dry weather, or sunlight. Usually, you'll spot both emollients and waxes to hydrate and protect. Think ingredients like beeswax, carnauba wax, camphor, cetyl alcohol, lanolin, or petrolatum. Basically, each element combines to soften and shield your lips from drying out.