PPG is the acronym for "polypropylene glycol", the polymer of propylene glycol (1,2-propanediol), a dihydric alcohol. The number after "PPG" indicates the average number of propylene glycol molecular units, for "PPG-2" 2 propylene glycol molecular units. "cocamine" refers to amine compounds of fatty acids that are extracted from coconut oil.
PPG-2 cocamine is used in cosmetic formulations. The mixture of substances acts as an emulsifier (surface-active substance which is used in cosmetic preparations as an auxiliary agent to combine 2 immiscible liquids - e.g. oil and water - into one emulsion), hair conditioning agent (makes the hair easy to comb, smooth, soft and shiny and gives it volume) and as an antistatic agent (reduces static charges by neutralizing the electrical charge on the surface, e.g. of hair).