Used primarily in the synthesis of polymers and resins, this compound acts as a key intermediate in the production of materials with enhanced durability and stability. It is also employed in the pharmaceutical industry for the development of certain medications, particularly those requiring controlled release formulations. Additionally, it finds application in the cosmetic industry as an ingredient in skincare products, where it helps in improving the texture and efficacy of formulations. Its properties make it suitable for use in adhesives and coatings, providing improved adhesion and resistance to environmental factors.