Used as a model compound in lipid research to study membrane structure and behavior due to its resemblance to natural phospholipid components. Commonly employed in the formation of liposomes and lipid bilayers for drug delivery systems. Serves as a substrate in enzymatic studies involving lipases and phospholipases. Also utilized in cosmetic formulations as an emollient and skin-conditioning agent owing to its lipid-like properties. Plays a role in food science as an emulsifier and texture modifier in lipid-based products.