Used as a solvent in pharmaceutical formulations due to its high solubilizing capacity for poorly water-soluble drugs. It enhances drug stability and bioavailability in transdermal and topical preparations. Also employed in cosmetic products as a moisturizing agent and penetration enhancer. Its low toxicity and good skin compatibility make it suitable for use in personal care products such as lotions, creams, and hair treatments. Additionally, it serves as an intermediate in the synthesis of specialty chemicals and active pharmaceutical ingredients.