Used as a corrosion inhibitor in industrial water treatment systems, particularly in cooling circuits and boiler systems. It forms a protective film on metal surfaces, preventing oxidation and degradation caused by water and dissolved oxygen. Also employed as an additive in fuel and lubricant formulations to neutralize acidic components and reduce metal surface wear. Its long hydrocarbon chain provides good oil solubility, making it effective in hydrophobic environments. Additionally, it serves as an intermediate in the synthesis of quaternary ammonium compounds used in biocides and surfactants.