Used as a versatile intermediate in organic synthesis, particularly in the production of polymers and surfactants. It is also employed in the formulation of personal care products, such as creams and lotions, due to its ability to enhance solubility and stability of active ingredients. In the pharmaceutical industry, it serves as a key component in drug delivery systems, improving the bioavailability of certain medications. Additionally, it finds application in the development of biodegradable plastics and as a solvent in various industrial processes.