This compound is primarily utilized in the synthesis of specialized lipids and fatty acid derivatives, which are crucial in the development of advanced drug delivery systems. Its unique structure allows it to act as a building block for creating biocompatible and biodegradable materials, particularly in the formulation of liposomes and micelles. These systems are employed for targeted drug delivery, enhancing the efficacy and reducing the side effects of therapeutic agents.

Additionally, it finds application in the field of nanotechnology, where it is used to modify the surface properties of nanoparticles, improving their stability and interaction with biological systems. This makes it valuable in the design of diagnostic tools and imaging agents. In industrial contexts, it serves as an intermediate in the production of surfactants and emulsifiers, which are essential in the manufacturing of personal care products and cosmetics. Its versatility and functional properties make it a significant component in both pharmaceutical and industrial research.