Used primarily as an intermediate in organic synthesis, particularly in the production of fragrances and flavoring agents due to its fatty acid anhydride structure. It serves in the preparation of esters that exhibit musk-like odor profiles, making it valuable in perfumery. Also utilized in the synthesis of pharmaceuticals where a long-chain fatty acid derivative is required, especially in prodrug designs to improve lipid solubility and bioavailability. Additionally, it finds use in research settings for modifying proteins or peptides through acylation reactions.