Used as an intermediate in organic synthesis, particularly in the production of pharmaceuticals and agrochemicals. It serves as a building block for formyl-protected ethanolamine derivatives, which are useful in peptide synthesis and other biologically active molecules. Also employed in the preparation of surfactants and corrosion inhibitors due to its polar nature and ability to form hydrogen bonds. Its hydroxyl and amide groups allow for further chemical modifications, making it valuable in specialty chemical manufacturing.