This chemical is primarily used in the pharmaceutical and cosmetic industries due to its excellent solubility and biocompatibility. In drug delivery systems, it acts as a stabilizer and solubilizing agent, enhancing the bioavailability of poorly water-soluble drugs. It is also employed in the formulation of hydrogels for controlled drug release. In cosmetics, it serves as an emulsifier and moisturizer, improving the texture and hydration properties of skincare products. Additionally, it is utilized in the synthesis of biodegradable polymers and as a surface modifier in nanomaterials to enhance their dispersion and stability.