It is primarily used in organic synthesis as an intermediate for the production of various pharmaceuticals and fine chemicals. Its structure, featuring both a hydroxyl group and a ketone, makes it versatile for reactions such as oxidation, reduction, and condensation, which are crucial in developing active pharmaceutical ingredients (APIs). Additionally, it serves as a building block in the synthesis of complex organic molecules, particularly in the creation of specialty polymers and coatings. Its applications also extend to the field of agrochemicals, where it is utilized in the development of crop protection agents.