"Potassium" refers to the element potassium, "lauroyl" to the ingredient lauric acid (dodecanoic acid).
Potassium lauroyl collagen amino acids is used in cosmetic formulations. The substance acts as an antistatic agent (reduces static charges by neutralizing the electrical charge on the surface, e.g. of hair), combability aid (reduces or prevents tangling of the hair due to changes or damage on the hair surface and thus improves combability) and as a surfactant (washing-active substance; improves the even distribution of the products during application).