Used in the formulation of lipid-based drug delivery systems to enhance the solubility and bioavailability of poorly water-soluble drugs. It serves as a key component in the development of liposomes and nanoparticles for targeted drug delivery. Also employed in the production of emulsions and creams in the cosmetic industry, providing moisturizing and stabilizing properties. In research, it is utilized as a model compound to study lipid metabolism and membrane dynamics. Additionally, it finds application in the food industry as an emulsifier to improve texture and consistency in various products.