Used primarily in the synthesis of specialty chemicals and intermediates in organic chemistry. It serves as a building block in the production of polymers, coatings, and adhesives, where its ester functionality enhances flexibility and adhesion properties. Additionally, it finds application in the pharmaceutical industry for the development of drug delivery systems, leveraging its ability to modify solubility and bioavailability of active ingredients. In research, it is employed as a reagent for studying esterification and hydrolysis reactions.