Used as an intermediate in organic synthesis, particularly in the production of polymers and specialty chemicals. It serves in the preparation of hydroxyethylated derivatives due to its cyclic ester-like structure, enabling controlled release of functional groups in coatings and resins. Also employed in the fragrance industry as a stabilizer and solvent for aroma compounds. Its reactivity allows for ring-opening polymerization, making it useful in developing biodegradable plastics and functional materials.