This compound is primarily used in research and development within the field of lipid biochemistry. It serves as a model molecule to study the behavior and interactions of phospholipids in biological membranes. Its structure, featuring a single fatty acid chain and a hydroxyl group, makes it useful for investigating lipid signaling pathways and enzyme activities, particularly those involving phospholipases and lipid kinases. Additionally, it is employed in the formulation of liposomes and other lipid-based delivery systems for drug delivery applications, due to its amphiphilic nature. Its sodium salt form enhances solubility, making it suitable for in vitro studies and experimental setups requiring aqueous environments.