This chemical is primarily used as an intermediate in the synthesis of various organic compounds, particularly in the production of polymers and specialty chemicals. It is often employed in the development of coatings, adhesives, and resins due to its ability to impart flexibility and durability to the final product. Additionally, it serves as a key ingredient in the formulation of certain pharmaceuticals and agrochemicals, where it acts as a building block for more complex molecules. Its unique structure allows it to participate in reactions that enhance the performance and stability of end products in industrial and manufacturing processes.