Used extensively in the pharmaceutical industry as a drug delivery agent, it enhances the solubility and stability of various therapeutic compounds. It is also employed in the formulation of long-acting injectable medications, improving their bioavailability and reducing the frequency of doses. In the cosmetic industry, it serves as a moisturizer and emulsifier, contributing to the texture and consistency of skincare products. Additionally, it is utilized in the production of industrial lubricants and coatings, where it acts as a thickening agent and improves the performance of these materials.