Used in research and development for studying lipid membranes and their properties, it serves as a model compound for understanding phospholipid behavior in biological systems. It is also employed in the formulation of liposomes for drug delivery systems, enhancing the stability and efficiency of encapsulated therapeutic agents. Additionally, it finds application in cosmetic formulations, where it acts as an emulsifier and moisturizer, improving skin hydration and texture. Its role in biochemical assays helps in investigating enzyme interactions and lipid metabolism pathways.