What is the difference between Fractionated Coconut Oil and Regular Coconut Oil?

Fractionated is processed so it is always in a liquid state. Regular coconut oil solidifies at room temperature.

ETA: I would and have used regular coconut oil in lip balm. I assume you'd use cocoa butter or beeswax to help firm it up a little, so fractionated would work just fine, too (I love using fractionated for salt or sugar scrubs). Regular is generally easier to find in your grocery store so I'd just suggest getting that instead of hunting around or buying it online if you don't have to.

Fractionated coconut oil is a fraction of the whole oil: Certain components of the oil are separated or removed from the oil for a particular use. Different uses of fractionated coconut oil include industrial, medical applications and beauty products. However, it is not the complete, virgin coconut oil.Coconut oil is an edible oil extracted from the kernel or meat of matured coconuts harvested from the coconut palm (Cocos nucifera). It has various applications in food, medicine, and industry. Because of its high saturated fat content it is slow to oxidize and, thus, resistant to rancidification, lasting up to two years without spoiling.[1]