This compound is primarily used as an acylating agent in organic synthesis. It is particularly effective in modifying amino acids, peptides, and proteins by introducing octanoyl groups, which can enhance lipophilicity and stability. In the pharmaceutical industry, it is employed in prodrug design to improve drug delivery and bioavailability. Additionally, it finds application in the preparation of surfactants and emulsifiers due to its ability to form stable esters with hydrophilic compounds. Its reactivity with nucleophiles also makes it useful in crosslinking polymers and creating advanced materials with tailored properties.