Used primarily in the synthesis of organic compounds, this chemical serves as a key intermediate in the production of polymers and resins. It is also employed in the development of specialty coatings that require enhanced durability and resistance to environmental factors. In the pharmaceutical industry, it acts as a precursor in the creation of various drug formulations, particularly those targeting controlled release mechanisms. Additionally, it finds application in cosmetic products, where it contributes to the stabilization and improvement of texture in formulations like creams and lotions. Its versatility also extends to the field of adhesives, where it helps in modifying the properties to achieve desired flexibility and strength.