This chemical is primarily utilized in the synthesis of organic compounds, particularly in the development of pharmaceuticals and fine chemicals. It serves as a key intermediate in the production of various active pharmaceutical ingredients (APIs), where its structure is modified to create compounds with therapeutic properties. Additionally, it is employed in the manufacture of specialty chemicals used in research and industrial applications. Its hydroxyl and ketone functional groups make it a versatile building block in organic synthesis, enabling the creation of complex molecules for diverse purposes.