This chemical is primarily utilized in the synthesis of pharmaceutical intermediates due to its functional groups, which allow for further chemical modifications. It plays a role in the development of active pharmaceutical ingredients (APIs) for various therapeutic applications. Additionally, it is used in organic chemistry research as a building block for creating complex molecules. Its hydroxyl and ester groups make it suitable for reactions such as esterification, etherification, and chlorination, contributing to its versatility in chemical synthesis. In industrial settings, it may also be employed in the production of specialty chemicals or agrochemicals.