Used extensively in the production of lipid-based drug delivery systems, it serves as a key component in liposomes and nanoparticles to enhance the solubility and bioavailability of poorly water-soluble drugs. It is also employed in the formulation of cosmetics and personal care products, where it acts as an emollient and stabilizer, improving the texture and moisture retention of creams and lotions. In the food industry, it functions as an emulsifier, aiding in the blending of ingredients and maintaining the consistency of products like margarine and spreads. Additionally, it is utilized in research as a substrate for studying enzyme activity related to lipid metabolism.