Cells can use it as fuel to generate energy and palmitic acid is a key component of cell membranes, lung secretions and some signaling molecules, which regulate cellular activities. Your cells can use palmitic acid (and other fatty acids) as fuel to generate the energy necessary to perform their biological functions.
Palmitic acid is used to produce soaps, cosmetics, and industrial mold release agents. These applications use sodium palmitate, which is commonly obtained by saponification of palm oil. Hydrogenation of palmitic acid yields cetyl alcohol, which is used to produce detergents and cosmetics.