Cetyl alcohol is a go to ingredient used to thicken emulsions (lotions, creams, etc). You can make them really thick like a cream or just thick enough like a light lotion depending on the amount you’re using.
Cetyl alcohol is not a regular, drying ‘alcohol’. Its a ‘fatty’ alcohol derived from vegetables (at least the better kind is).
It serves as a co-emulsifier in that it helps the main emulsifier to bind the oil and the water together. It also has a slightly smooth, creamy lightweight feel.
I find it slightly waxier than BTMS in comparison, but don’t worry. It’s not a superwax in the way beeswax is waxy. It just gives a little heft to your formula.
Cetyl alcohol adds a creaminess to the body of emulsions and increases viscosity. It can also improve or thicken the texture of whipped butters too.
Recommended usage: 1 – 30% (theherbarie.com)

HELLO GOOD MORNING. I would like to know a comparative chart of benefits in order to make better emulsions, between : CETYL ALCOHOL, VS. OLIWAX (R) INCI: Hydrogenated Olive Oil (and) Olive Oil (Olea Europaea) (and) Olive Oil Unsaponifiable; to be able to choose between one and the other. Could you be so kind of get and post? Thanks a lot!
Cetyl alcohol and Oliwax serve two different purposes. Cetyl is a creamy thickening agent for emulsions and Oliwax acts more like a waxy stabilizer. I’ve noticed that using Oliwax in an emulsion can cause a draggy feeling. In my opinion, Oliwax is wasted in many oil-in-water emulsions and is best used in anhydrous products.
Thank you, Curlytea!