Used primarily in the fragrance industry, this compound contributes to the formulation of perfumes and scented products due to its fatty, waxy, and slightly floral odor profile. It serves as a flavoring agent in food applications where a natural fatty note is desired. Additionally, it functions as an intermediate in the synthesis of specialty chemicals, including surfactants and lubricants, owing to its long hydrocarbon chain. Its properties also make it suitable for use in cosmetic formulations requiring emollient characteristics.