I am not familiar with chemicals (I am a mechanical engineer), but I looked up on the internet for some info. I thought this website was the best one which tells you exactly how lipstick is made, along with some other interesting things that answer your questions.

lipstick

Here's a few paragraphs on the hazards of lipstick"

Cosmetics are typically used directly on human skin and consequently a large dermal exposure is expected. Some are used near mucous membranes (e.g. eyes and mouth) which may increase absorption of the substances or repetitively on large skin surfaces e.g. lotion for babies/infants. Examples include lipstick, perfume, shampoo, make up, deodorants, sun tan lotion, and toothpaste. Adverse effects have been attributed to some of the substances traditionally used in cosmetics in low concentration. In high concentrations, these substances show mutagenic, allergenic and reproductive toxicity, e.g. isopropyl alcohol, musk xylenes, DEHP.

Allergy is the most common adverse effect related to cosmetics often caused by preservatives and fragrances. A reason for concern is supported by the fact that the incidence of cosmetic allergy is increasing.
Hope this helps.