This chemical is primarily utilized in the synthesis of specialty chemicals and intermediates for various industrial applications. It serves as a key building block in the production of polymers and resins, where its structure contributes to the enhancement of material properties such as flexibility and durability. Additionally, it is employed in the development of coatings and adhesives, offering improved performance characteristics like adhesion and resistance to environmental factors. In the pharmaceutical industry, it acts as a precursor in the synthesis of active pharmaceutical ingredients (APIs), contributing to the creation of therapeutic compounds. Its versatility also extends to the field of organic synthesis, where it is used to construct complex molecules for research and development purposes.