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As far as I can see there's nothing really harmful about. It's use in aftershave balms makes sense though, due to its emollient properties. Perhaps one of our resident chemists could elaborate.
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Hmmm, what type of products are you referring to? From what I gather panthenol is used in hair products - shampoo and conditioner - which isn't much of a concern when shaving ;)

FWIW I'm fairly...