Used as a fragrance ingredient in cosmetics and personal care products due to its mild, fatty, and waxy odor. Also serves as a flavoring agent in food products to impart creamy or coconut-like notes. Acts as a solvent or carrier in formulations requiring low volatility and good stability. Used as an intermediate in the synthesis of other chemicals, particularly esters with long carbon chains. Investigated as a potential biodiesel component because of its favorable combustion properties and renewable sourcing from vegetable oils. Employed in research as a model compound for studying ester hydrolysis and lipid metabolism.