The skin is composed of about 64% water.
The goal of a moisturizer is to prevent Transepidermal Water Loss (TEWL), a naturally occurring physiological phenomenon that happens to everyone throughout the day.
Excessive TEWL can cause dry and dehydrated skin. It is caused by the rate of water loss from the epidermis being higher than the skin’s natural ability to hydrate itself. It can be a result of low-humidity climate, over-cleansing, genetics, etc.
A proper moisturizer would ideally contain a combination of three properties:
- Occlusives (e.g. petrolatum)
- Humectants (e.g. glycerin)
- Emollients (e.g. mineral oil)
Water is also important for the skin to retain hydration. My dermatologist recommends applying moisturizer to damp skin to seal-in the moisture from the water.
(I am not an expert and hope someone will correct me if I am wrong)