Cyclooctanol is primarily used in the synthesis of fragrances and flavoring agents due to its pleasant odor. It serves as an intermediate in the production of various organic compounds, including polymers and plasticizers. In the pharmaceutical industry, it is utilized in the development of specific drug formulations. Additionally, cyclooctanol finds applications in research and development for studying chemical reactions and processes, particularly in organic chemistry. Its unique structure makes it valuable in creating complex molecules for industrial and scientific purposes.