Lip balm or lip salve, known in the U.S. by the genericized trademark "chap stick", is a waxy substance applied topically to the lips of the mouth to relieve chapped or dry lips, angular cheilitis, stomatitis, or cold sores. Lip gloss is applied similarly, but typically for its cosmetic properties. Lip balm often contains beeswax or carnauba wax, camphor, cetyl alcohol, lanolin, paraffin, and petrolatum, among other ingredients. Some varieties contain dyes, flavor, fragrance, menthol, phenol, salicylic acid, and sunscreens.[1][2][3]

The primary purpose of lip balm is to provide an occlusive layer on the lip surface to seal moisture in lips and protect them from external exposure. Dry air, cold temperatures, and wind all have a drying effect on skin by drawing moisture away from the body. Lips are particularly vulnerable because the skin is so thin, and thus they are often the first to present signs of dryness. Occlusive materials like waxes and petroleum jelly prevent moisture loss and maintain lip comfort while flavorants, colorants, sunscreens, and various medicaments can provide additional, specific benefits.

Lip balm usually comes in tiny containers: either one in which a finger is used to apply it to the lips, or in a lipstick-style tube from which it can be applied directly.

Lip balm was first marketed in the 1880s by the creator of ChapStick, Charles Browne Fleet,[4][unreliable source?] though its origins are commonly traced to earwax, which was used as lip balm prior to that

Source of information comes from Wikipedia 

Custom chapstick, private label lip balm, bulk lip balm