This chemical is primarily used as a solvent in various industrial applications due to its ability to dissolve a wide range of substances. It is often employed in the formulation of coatings, paints, and varnishes, where it helps achieve desired consistency and drying properties. Additionally, it serves as an intermediate in the synthesis of more complex chemical compounds, particularly in the production of fragrances and flavoring agents. Its stability and relatively low toxicity make it suitable for use in laboratory settings as a reagent or extraction solvent. In the pharmaceutical industry, it can be utilized in the development of drug formulations, aiding in the solubility of active ingredients.