Used primarily as a specialty solvent and chemical intermediate in organic synthesis. It serves in the production of plasticizers, where it contributes to improving flexibility and durability of polymers. Also utilized in fragrance formulations due to its ester characteristics, providing fruity or creamy notes in perfumes and flavorings. Its hydroxyl and ester functional groups make it useful in cross-linking reactions for coatings and resins. Additionally, it finds niche applications in the formulation of biodegradable lubricants and as a solvent in controlled-release pharmaceutical systems.