Pullulan
No meaningful concern for most people; irritation is possible but rare.
What it is
Pullulan is a starch-derived polysaccharide produced by fermenting the fungus Aureobasidium pullulans, and it is also used to make edible films and breath strips. On skin it dries into a clear, flexible film that contracts slightly, which is where the short-lived "instant lifting" or "tightening" sensation in some masks comes from. It is also used to build viscosity and to hold peel-off masks together.
What it does well
Creates a temporary smoothing and tightening effect
The tightening is a physical film effect that lasts as long as the film does and washes off with it. There is no evidence of any lasting change to the skin, and the ingredient is not marketed by suppliers as doing more than this.
Limited evidence
Worth knowing
The lifting effect is entirely cosmetic and temporary
Once the film is removed or rehydrated, the effect goes. Products sold on an "instant facelift" premise are describing a film, not a change to skin structure.
Matters most toAnyone buying an "instant lift" mask expecting the result to persist.
Where the EU stands
No specific restriction
Not restricted under the EU Cosmetics Regulation; it appears in no annex and has no concentration limit.
Masks that contain Pullulan

Balea
Gesichtsmaske Glass Skin Hyaluronic Be You
20th of 30 on the label

MIZON
Joyful Time Essence Mask Green Tea
22nd of 26 on the label
below ≈1%

Susanne Kaufmann
Glow Mask
13th of 45 on the label

Uriage
Eau Thermale Water Sleeping Mask
24th of 29 on the label
below ≈1%

Yeauty
Tuchmaske Aloe Vera Olive Oil Vitamin E
15th of 29 on the label
below ≈1%

Yeauty
Tuchmaske Avocado Cucumber Niacinamide
16th of 29 on the label
below ≈1%