This chemical is primarily utilized in the synthesis of specialty polymers and resins, where its unique structure contributes to the development of materials with enhanced thermal stability and mechanical properties. It is also employed in the production of crosslinking agents, which are essential in creating durable coatings and adhesives. Additionally, it serves as a precursor in organic synthesis, particularly in the preparation of complex cyclic compounds used in pharmaceuticals and agrochemicals. Its bifunctional nature allows it to act as a building block in the design of advanced materials for various industrial applications.