This chemical is primarily used in the formulation of lipid-based drug delivery systems, such as liposomes and nanoparticles, to enhance the solubility and bioavailability of poorly water-soluble drugs. It serves as a key component in creating stable and biocompatible lipid bilayers, which are essential for targeted drug delivery and controlled release. Additionally, it is employed in cosmetic and skincare products as an emulsifier and stabilizer, helping to improve the texture and absorption of active ingredients. Its amphiphilic nature makes it suitable for use in research applications, particularly in studying membrane dynamics and lipid-protein interactions.