Palmitic Acid is is one of the most common saturated fatty acids and it is one of the most prevalent saturated fatty acids in body lipids. In aging skin levels of palmitic acid can decrease by as much as 56% (source)
It is found in both animals and plants, primarily from the oil of palm trees. It is most often seen as an ingredient in detergents, soaps and cleaning products, and as a surfactant, although it is used in beauty products and cosmetics for a variety of properties, including as a fragrance ingredient; opacifying agent; surfactant; cleansing agent; emulsifying agent; and emollient (CosmeticsInfo.org and Wikipedia). Palmitic Acid is approved for use up to 13% and is not considered a primary or cumulative irritant, nor sensitizer, although it does create foam and can be drying. - Source.