This chemical is primarily utilized in organic synthesis as an intermediate for the production of more complex molecules. It is often employed in the pharmaceutical industry for the development of active pharmaceutical ingredients (APIs), particularly in the synthesis of compounds with potential therapeutic properties. Its structure, featuring both hydroxyl and carboxylate functional groups, makes it a versatile building block for creating molecules with specific biological activities. Additionally, it is used in material science for the preparation of advanced polymers and liquid crystals, which are essential in the development of electronic displays and other high-tech materials. Its role in these applications underscores its importance in both medicinal chemistry and advanced material engineering.