Used as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and fine chemicals. Its structure contains both hydroxyl and amine functionalities, making it suitable for further chemical modifications. Commonly employed in the development of betaine derivatives and as a building block in the synthesis of zwitterionic compounds used in surfactants and biocompatible materials. Also finds use in the production of corrosion inhibitors and in the formulation of specialty polymers due to its ability to participate in polymerization reactions.