WEBKey Ingredients . There are 3 key ingredients in soap: oil or fat, lye and water. Oil or fat — beeswax, aloe butter, coconut oil, coffee bean oil, moringa oil, animal fat, palm oil, and shea butter. Lye — sodium hydroxide (NaOH) or potassium hydroxide (KOH) Water — bottled, filtered or distilled water. Lye. e main ingredients in soap. Lye is a b.