This chemical is primarily used as an intermediate in the synthesis of more complex organic compounds. It plays a significant role in the production of polymers, particularly in the creation of specialty plastics and resins. Its hydroxyl and ester functional groups make it a versatile building block for modifying polymer properties, such as enhancing flexibility, durability, or adhesion. Additionally, it is utilized in the development of coatings and adhesives, where its structure contributes to improved performance and stability. In the pharmaceutical industry, it serves as a precursor in the synthesis of certain active pharmaceutical ingredients (APIs), enabling the creation of molecules with specific therapeutic properties. Its applications also extend to the field of organic electronics, where it is used in the fabrication of materials for devices like organic light-emitting diodes (OLEDs) or solar cells.