Used primarily as an intermediate in organic synthesis, this compound serves in the preparation of pharmaceuticals and bioactive molecules. Its hydroxyl and amide functional groups allow for selective chemical modifications, making it useful in developing peptidomimetics and enzyme inhibitors. It also finds use in the synthesis of fine chemicals and specialty polymers due to its ability to form hydrogen-bonded structures. Additionally, it has been explored in agrochemical formulations for its potential to enhance solubility and stability of active ingredients.