Used as a reactive intermediate in the synthesis of alkyd resins, which are essential in the production of coatings, paints, and varnishes. It is also employed in the modification of polymers to enhance their adhesive properties, making it valuable in the manufacturing of adhesives and sealants. Additionally, it serves as a key component in the preparation of surfactants, which are utilized in detergents and emulsifiers. Its application extends to the pharmaceutical industry, where it is used in drug delivery systems to improve solubility and stability of active ingredients.