Used as an intermediate in organic synthesis, particularly in the preparation of cyclic compounds and lactones. It is important in biochemical research for studying fatty acid metabolism pathways. It serves in pharmaceutical research for modifying drug molecules to improve solubility and bioavailability, and in targeted drug delivery systems as a carrier to enhance the solubility of active pharmaceutical ingredients in formulations. It is also applied in the development of new drugs requiring precise controlled release. Additionally, it is used in the development of biodegradable polymers due to its hydroxyl and carboxylate functional groups, which support polymerization reactions. Its sodium salt form enhances water solubility, making it suitable for reactions in aqueous environments.