This chemical is primarily used as a stabilizing agent in various formulations, particularly in the pharmaceutical and cosmetic industries. It helps in maintaining the consistency and shelf life of products by preventing degradation of active ingredients. Additionally, it is employed as a solubilizing agent, enhancing the dissolution of poorly soluble compounds in liquid formulations. Its structure makes it suitable for use in drug delivery systems, where it can improve the bioavailability of certain medications. In industrial applications, it serves as a surfactant, aiding in the emulsification and dispersion of substances in manufacturing processes.