Used in the synthesis of specialty esters and lubricants due to its long hydrocarbon chain and functional hydroxyl group. It serves as a building block in the production of biodegradable polymers and surfactants. Its structure allows for modification in cosmetic formulations, providing emollient properties and skin adhesion. Also explored in pharmaceuticals for derivatization to enhance drug delivery or bioavailability. Found in natural waxes and fats, it contributes to water resistance and barrier properties in topical products.