This compound is primarily utilized in organic synthesis as an intermediate for the preparation of various specialty chemicals. It serves as a key building block in the development of surfactants and lubricants, where its long carbon chain and functional groups contribute to desired properties like emulsification and stability. Additionally, it is employed in the production of polymers and resins, enhancing their performance characteristics. In the pharmaceutical industry, it can be used as a precursor for synthesizing active pharmaceutical ingredients (APIs) or drug delivery systems, leveraging its structural versatility. Its applications also extend to the cosmetic industry, where it is incorporated into formulations for skin care products due to its potential moisturizing and emulsifying effects.