This compound is primarily utilized in the synthesis of various pharmaceutical agents, particularly in the development of prodrugs. Its structure allows it to act as a protective group for amino acids during peptide synthesis, enhancing the stability and bioavailability of the resulting compounds. Additionally, it finds application in the preparation of specialized polymers and coatings, where its hydroxyl groups contribute to improved adhesion and cross-linking properties. In research, it is often employed as an intermediate in organic synthesis, facilitating the creation of complex molecules with potential therapeutic or industrial uses.