Ethyl oleate is widely used as a solvent and carrier in pharmaceutical formulations, particularly for injectable drugs. It enhances the solubility of poorly water-soluble compounds, making it valuable in drug delivery systems. In cosmetics, it acts as an emollient and skin-conditioning agent, providing a smooth texture and improving product spreadability. The chemical is also utilized in the food industry as a flavoring agent and in the production of edible coatings. Additionally, ethyl oleate serves as a lubricant in industrial applications and is a key component in biodiesel production due to its favorable properties as a biofuel additive.