This compound is primarily used in organic synthesis as a versatile building block for creating more complex molecules. Its structure, featuring both an ester and a hydroxyl group, makes it suitable for reactions like esterification, transesterification, and the formation of heterocycles. It is often employed in the development of pharmaceuticals, where it can serve as an intermediate in the synthesis of active pharmaceutical ingredients (APIs). Additionally, it finds application in the production of fine chemicals and specialty materials, where its functional groups allow for tailored modifications to achieve desired properties. Its use in research and development is also notable, particularly in exploring new synthetic pathways and chemical transformations.