Cetyl palmitate provides consistency to cosmetic products and is a synthetically produced wax ester.
Originally, it was developed as a substitute for spermaceti, the waxy substance found in the skulls of sperm whales, of which the exploitation is now forbidden. 
Cetyl palmitate also has moisture binding properties in emulsions.

see Heike Käser 2010, "Naturkosmetische Rohstoffe", Linz, Verlag Freya, 3. Edition 2012