Used primarily as an intermediate in the synthesis of polymers and resins, it plays a crucial role in enhancing the durability and flexibility of coatings and adhesives. Its application extends to the production of plasticizers, which improve the workability and stability of plastics. Additionally, it is utilized in the formulation of lubricants, contributing to reduced friction and wear in mechanical systems. In the pharmaceutical industry, it serves as a precursor in the development of certain active ingredients. Its versatility also makes it valuable in the creation of specialty chemicals for industrial and commercial use.