Used primarily as an intermediate in the synthesis of polymers and resins, this compound contributes to the production of materials with enhanced durability and flexibility. It is also employed in the formulation of plasticizers, which improve the pliability of plastics and coatings. Additionally, it serves as a key ingredient in the creation of specialty chemicals used in the automotive and construction industries, where its properties help in developing high-performance adhesives and sealants. Its role in organic synthesis further extends to the pharmaceutical sector, where it aids in the preparation of various active ingredients.