It is the language of the Sindar?, the elves who remained in Beleriand? and waited for Thingol?, when he had disappeared.
The language was described briefly in an appendix, and probably in more detail in other works. Some people claim to be able to read and write this language, so perhaps it has joined Esperanto and Klingon as a real-world artificial language.
Quenya, the language of the High Elves (particularly the Noldor) was designed to sound like Finnish, and the two were made as if they evolved from a common ancestor. But Sindarin reflects different aesthetics.