Used in the synthesis of local anesthetics, particularly in the production of lidocaine and related compounds. It serves as a key intermediate due to its amine and hydroxyl functional groups, which facilitate the formation of amide and ester linkages in active pharmaceutical ingredients. Also employed in the development of corrosion inhibitors and surfactants, where its structure contributes to surface activity and metal interaction properties. Its solubility in both aqueous and organic media makes it suitable for use in formulations requiring compatibility across different solvent systems.