This chemical is primarily used as an intermediate in the synthesis of various industrial and specialty chemicals. It plays a role in the production of adhesives, coatings, and resins, where it contributes to enhancing properties like flexibility, adhesion, and durability. Additionally, it is utilized in the formulation of certain pharmaceutical compounds, acting as a building block in the creation of active ingredients. Its reactive sites make it suitable for modification and incorporation into polymers, further expanding its applications in material science.