The compound
What it is
In 2001 a Japanese team published a study in the Journal of Investigative Dermatology on what older skin gives off. They named a compound: 2-nonenal. It was barely present under 40 and showed up consistently over 40.
Where it comes from
Your skin makes oil, which is normal and good for you. The mix of fats in that oil shifts as you age. When those fats meet air they break down, and 2-nonenal is one of the things left behind.