This chemical is primarily utilized in the synthesis of various organic compounds, particularly in the development of specialty chemicals and pharmaceuticals. It serves as a key intermediate in the production of polymers and coatings, where it contributes to enhancing flexibility and adhesion properties. In the pharmaceutical industry, it is employed in the creation of drug delivery systems, helping to improve the solubility and bioavailability of active ingredients. Additionally, it finds application in the formulation of personal care products, such as creams and lotions, where it acts as a stabilizer and emulsifier. Its versatile nature also makes it valuable in research and development for creating novel materials with specific functional properties.