Used as an intermediate in the synthesis of bioactive compounds and specialty chemicals. It finds application in the development of pharmaceuticals and agrochemicals due to its functional groups that allow further chemical modifications. The hydroxy and ester groups make it suitable for use in polymer chemistry, particularly in producing biodegradable plastics and coatings. Also explored in cosmetic formulations as an emollient or stabilizer due to its lipid-like structure. Its derivatives may exhibit surfactant properties, useful in formulation of personal care products and emulsifiers.