Used primarily as an intermediate in the synthesis of specialty esters and lubricants, this compound plays a key role in modifying the viscosity and stability of industrial fluids. Its reactivity allows for further esterification or transesterification processes, making it valuable in producing biodegradable lubricants and plasticizers. It is also employed in the development of surface-active agents due to its ability to alter surface tension in coating formulations. Additionally, it finds use in research settings for creating derivatives with tailored hydrophobic and structural properties.