Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various specialty chemicals. It is often employed in the creation of polymers and surfactants, which are essential in industries like coatings, adhesives, and detergents. Additionally, it plays a role in the development of pharmaceuticals and agrochemicals, where its structure is modified to produce active ingredients. Its reactivity with other organic compounds makes it valuable for constructing complex molecules in research and industrial applications.