Used as a stabilizer in polymer formulations, particularly in polyurethanes and rubber products, to enhance thermal and oxidative resistance. It also serves as an intermediate in the synthesis of pharmaceuticals and agrochemicals due to its ability to participate in ring-opening reactions. Its polar nature makes it useful in specialty solvents for organic reactions where mild reactivity and solubility control are required. Additionally, it finds application in the development of corrosion inhibitors for metal protection in industrial systems.