I'm free
The reason palm oil is used for so many products is because it is one of the most saturated vegetable oils & hence, is solid at 'room temperature', but melts at just below body temperature.
Several implications arise from this - obviously the melting point characteristics are ideal for cosmetics, especially as the refined oil is virtually odourless.
Food wise it can affect texture (shortening baked goods, for example), but a major use is as a frying oil - mainly because it is bland, very stable at high temperatures, doesn't oxidise (go rancid) quickly, or go gummy & has a high 'flash point' so is relatively safe.
The above characteristics can be obtained from other vegetable oils, but usually only by hydrogenating them - which makes trans acids, which are bad for you, blah blah.
So that is why demand for palm oil is so high (price is a factor, also).
Personally I deplore the destruction of the Orangs habitat, they are such fantastic creatures, and more could be done by the likes of the supermarkets, to demand 'eco friendly' products - ethical trading is still a long way from where it should be, in my opinion.