Used as a drying agent in coatings, inks, and paints, cobalt borate accelerates the oxidation and polymerization of drying oils, helping films form faster and more durable. It is often employed in alkyd-based formulations where rapid curing is required. Additionally, it serves as a catalyst in certain organic reactions and can be found in some flame-retardant systems due to its thermal stability. Its pink to rose color also allows limited use as a pigment in specialty applications where both color and drying properties are needed. In ceramics, it is used to control color development during firing, imparting blue hues. It may also find applications in magnetic materials due to cobalt's properties.