Used primarily in organic synthesis, this compound serves as a key intermediate in the production of specialty chemicals and pharmaceuticals. It is particularly valuable in the creation of peptides and other bioactive molecules due to its amino and ester functional groups, which allow for further chemical modifications. Additionally, it finds application in the development of surfactants and lubricants, where its long hydrocarbon chain contributes to desired physical properties. In research, it is utilized for studying lipid metabolism and as a building block in polymer chemistry for creating biodegradable materials.