Used in the production of specialty chemicals and intermediates, particularly in the synthesis of lubricants and surfactants due to its unique fatty acid structure. It serves as a precursor in the development of bio-based polymers, contributing to eco-friendly material innovation. In the cosmetic industry, it is valued for its emollient properties, enhancing skin hydration and texture in skincare formulations. Additionally, it is studied for its potential applications in pharmaceuticals, particularly in drug delivery systems and as a bioactive compound with anti-inflammatory and antimicrobial properties. Its role in agricultural formulations, such as biopesticides and plant growth regulators, is also being explored.