Used primarily as an intermediate in the synthesis of various organic compounds, including polymers and resins. It plays a role in the production of specialty chemicals, such as plasticizers and coatings, where its structure contributes to enhanced properties like flexibility and durability. Additionally, it is utilized in the development of certain pharmaceuticals and agrochemicals, where its derivatives can exhibit specific biological activities. Its application in research and industrial processes highlights its versatility in creating complex molecules with tailored functionalities.