Used as a solvent in organic synthesis and in the production of perfumes and flavorings due to its mild, camphor-like odor. It serves as an intermediate in the manufacture of other chemicals, including pharmaceuticals and agrochemicals. Also employed as a denaturant for ethanol, making it unsuitable for consumption while preserving its utility as a solvent. Its relatively low toxicity compared to other alcohols makes it suitable for certain industrial applications where safer handling is required.