Cholesteryl benzoate is widely used in the field of liquid crystal displays (LCDs) due to its ability to form cholesteric liquid crystal phases. It plays a crucial role in the development of thermochromic materials, which change color with temperature variations. This property makes it valuable in applications like temperature sensors and mood rings. Additionally, it is utilized in research and development to study the behavior of liquid crystals and their alignment in various optical devices. Its unique properties also contribute to advancements in smart windows and other light-modulating technologies.