Used as a key intermediate in the synthesis of biodegradable polymers, particularly aliphatic polyesters. It enables the creation of long-chain cyclic esters that are polymerized into materials with controlled degradation rates, suitable for medical applications such as absorbable sutures and drug delivery systems. Also employed in the preparation of macrocyclic compounds for coordination chemistry and catalysis due to its ability to form stable complexes with metal ions. Its ring structure supports the development of functional materials in supramolecular chemistry.