This chemical is primarily used as a solvent in various industrial and laboratory applications due to its ability to dissolve a wide range of substances. It is often employed in the formulation of coatings, paints, and inks, where it helps improve the consistency and application properties. Additionally, it serves as a reaction medium in organic synthesis, facilitating the production of pharmaceuticals, agrochemicals, and other specialty chemicals. Its moderate volatility and solvency make it suitable for use in cleaning agents and degreasers. In the electronics industry, it is utilized in the manufacturing of semiconductors and other components, where precise solvent properties are required.