Used primarily as a solvent in various industrial applications, it is effective for dissolving resins, polymers, and coatings, making it valuable in the paint and adhesive industries. It also serves as an intermediate in the synthesis of other chemicals, including pharmaceuticals and agrochemicals. Additionally, it is employed in the production of rocket propellants and explosives due to its nitration properties. Its ability to act as a stabilizer and additive in fuels and lubricants further extends its utility in the energy sector.