Used primarily as a reactive intermediate in organic synthesis, this compound serves in the preparation of esters and other derivatives for use in specialty coatings and polymer systems. Its functional groups allow for modification in resins and adhesives, enhancing solubility and cross-linking properties. It also finds application in the formulation of plasticizers and as a building block in pharmaceuticals and agrochemicals due to its bifunctional nature. Limited use in industrial processes where controlled reactivity and hydrophilic character are required.