Used primarily as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and fine chemicals. Its hydroxyl and ester functional groups allow for selective reactions, making it valuable in constructing complex molecules. Commonly employed in the synthesis of biologically active compounds, including prodrugs and enzyme inhibitors. Also utilized in the development of specialty polymers where controlled reactivity and solubility are required. Its structure supports cyclization reactions, enabling the formation of heterocyclic compounds important in medicinal chemistry.