Used as an intermediate in the synthesis of pharmaceuticals, particularly in the production of beta-blockers and other cardiovascular drugs. It serves as a chiral building block in asymmetric synthesis, enabling the development of enantiomerically pure compounds. Also applied in the preparation of agrochemicals and fine chemicals due to its functional groups that allow for selective modifications. Its hydroxyl and keto functionalities make it valuable in organic transformations such as reductions, oxidations, and condensation reactions.