Used primarily in organic synthesis, it serves as a versatile intermediate for producing various pharmaceuticals and fine chemicals. Its structure allows it to participate in reactions like esterification and amidation, making it valuable in creating complex molecules. Additionally, it is employed in the development of polymers and coatings, where its functional groups enhance material properties. In research, it is utilized to study reaction mechanisms and develop new synthetic pathways. Its applications also extend to the production of specialty chemicals used in industrial processes.