This chemical is primarily used as a plasticizer in the production of polymers, enhancing their flexibility and durability. It is also employed in the synthesis of specialty chemicals, where it acts as an intermediate to create more complex compounds. In the coatings industry, it is utilized to improve the performance and stability of paints and varnishes. Additionally, it finds application in the formulation of adhesives, contributing to better bonding properties and resistance to environmental factors. Its role in the pharmaceutical industry includes being a precursor in the synthesis of certain active pharmaceutical ingredients (APIs). Overall, its versatility makes it valuable across various industrial applications.