This chemical is primarily utilized in the field of surface chemistry and material science as a functionalizing agent. Its unique structure, featuring both thiol and hydroxyl groups, makes it particularly effective for modifying surfaces, especially metals like gold, silver, and platinum. The thiol group allows it to form strong bonds with these metals, creating self-assembled monolayers (SAMs) that can improve surface properties such as wettability, adhesion, and corrosion resistance.

In biotechnology, it is often employed to functionalize biosensors and other diagnostic devices. The hydroxyl group can be further modified to attach biomolecules like proteins, antibodies, or DNA, enabling the development of highly specific and sensitive detection systems. Additionally, its application extends to nanotechnology, where it is used to stabilize nanoparticles and prevent their aggregation, ensuring uniform dispersion in various formulations.

In the pharmaceutical industry, it serves as a linker molecule in drug delivery systems, facilitating the attachment of therapeutic agents to carriers or targeting moieties. This enhances the precision and efficacy of drug delivery, particularly in targeted cancer therapies. Its versatility and reactivity make it a valuable component in advancing research and innovation across multiple scientific disciplines.