Used extensively in the production of biodiesel, it acts as a key component due to its high energy content and efficient combustion properties. In the cosmetic industry, it serves as an emollient and moisturizer, helping to improve skin texture and retain moisture. It is also utilized in the formulation of paints and coatings, where it enhances drying properties and provides a durable finish. Additionally, it plays a role in the synthesis of various organic compounds, serving as a precursor in chemical reactions.