This chemical is primarily used as an intermediate in the synthesis of various specialty chemicals and polymers. It is particularly valuable in the production of adhesives and coatings, where it enhances properties such as durability and resistance to environmental factors. Additionally, it finds application in the creation of reactive diluents for epoxy resins, improving their flexibility and adhesion. The compound is also utilized in the development of surfactants and lubricant additives, contributing to improved performance and stability in industrial applications. Its reactivity with different functional groups makes it a versatile component in organic synthesis and material science.