Used primarily in organic synthesis, this compound serves as a key intermediate in the production of pharmaceuticals and agrochemicals. It is particularly valuable in the synthesis of complex molecules due to its nitrile and hydroxyl functional groups, which facilitate various chemical reactions. Additionally, it finds application in the development of specialty chemicals, including polymers and resins, where it contributes to the enhancement of material properties. Its role in research and development is also notable, aiding in the creation of novel compounds with potential industrial and medicinal uses.