This compound is primarily utilized in organic synthesis as an intermediate for the preparation of more complex molecules. It is often employed in the pharmaceutical industry for the development of active pharmaceutical ingredients (APIs), particularly in the synthesis of compounds with potential therapeutic properties. The presence of both hydroxyl and ester functional groups makes it a versatile building block in medicinal chemistry, enabling modifications to enhance drug efficacy or bioavailability. Additionally, it finds application in material science for the creation of specialty chemicals and polymers, where its structural features contribute to the desired properties of the final product.