This compound is primarily utilized in the synthesis of polymers and resins, where it serves as a key intermediate. Its hydroxyl and ester functional groups make it suitable for cross-linking reactions, enhancing the durability and stability of the resulting materials. It is also employed in the production of specialty coatings and adhesives, providing improved resistance to heat and chemicals. Additionally, it finds application in the development of advanced drug delivery systems, where its structure aids in creating controlled-release formulations. Its versatility in organic synthesis further allows for its use in creating complex molecules for pharmaceutical and industrial purposes.