Used primarily in organic synthesis, it serves as a key reagent for introducing the palmitoyl group into various compounds. It is widely employed in the production of surfactants, emulsifiers, and lubricants due to its ability to modify surface properties. In the pharmaceutical industry, it is utilized to synthesize prodrugs and lipid-based drug delivery systems, enhancing the bioavailability of active ingredients. Additionally, it plays a role in the manufacture of cosmetics, where it is used to create esters that improve the texture and stability of skincare products. Its application extends to the polymer industry for modifying polymers to achieve desired physical and chemical properties.