Primarily utilized in the synthesis of various organic compounds, this chemical serves as a versatile intermediate in the production of pharmaceuticals, particularly in the development of antiviral and antifungal medications. Its structure allows it to act as a building block for more complex molecules, enhancing the efficacy of the final drug products. Additionally, it finds application in the cosmetic industry, where it is used to formulate skin care products due to its moisturizing properties. In research settings, it is employed in the study of chemical reactions and the development of new synthetic pathways, contributing to advancements in chemical and pharmaceutical sciences.