Used primarily in the synthesis of biodegradable polymers, this compound serves as a key intermediate in producing eco-friendly plastics. It is also employed in the pharmaceutical industry for the development of drug delivery systems, enhancing the controlled release of active ingredients. Additionally, it finds application in the cosmetic industry, where it is utilized in formulating skin care products due to its ability to improve texture and stability. Its role in organic synthesis further extends to creating specialized chemicals for research and industrial processes.