This compound is primarily used in the synthesis of various pharmaceuticals and fine chemicals. It serves as a key intermediate in the production of beta-blockers, which are medications used to manage irregular heart rhythms, high blood pressure, and other cardiovascular conditions. Additionally, it is utilized in the development of chiral compounds, playing a crucial role in asymmetric synthesis for creating enantiomerically pure substances. Its ester functionality makes it a versatile building block in organic chemistry, enabling the creation of complex molecules with specific biological activities.