Used as an intermediate in the synthesis of various organic compounds, particularly in the production of fragrances and flavors due to its mild, pleasant odor. It is also employed in the manufacturing of plasticizers and lubricants, where its chemical structure helps improve flexibility and performance. Additionally, it serves as a solvent in certain industrial applications, aiding in the dissolution of resins and other materials. Its role in chemical reactions often involves acting as a building block for more complex molecules in pharmaceuticals and agrochemicals.