Used primarily as an intermediate in the synthesis of specialty chemicals and surface coatings, this compound contributes to the development of water-resistant and flexible films in polymer applications. Its unsaturated structure allows for cross-linking reactions, making it valuable in modifying resins and adhesives. It is also employed in the formulation of lubricants and corrosion inhibitors due to its ability to adhere to metal surfaces and provide protective layers. In small-scale research, it serves as a precursor for bioactive molecules and functionalized lipids.