This chemical is primarily utilized in the field of organic synthesis and biochemical research. It serves as a key intermediate in the production of various pharmaceuticals, particularly in the synthesis of active pharmaceutical ingredients (APIs) that require phenoxyacetic acid derivatives. Additionally, it is employed in the development of herbicides and plant growth regulators, leveraging its structural properties to influence plant hormone activity. In biochemical studies, it is used to modify or functionalize molecules, aiding in the exploration of biological pathways and interactions. Its hydroxyl and carboxyl groups make it a versatile building block for creating more complex chemical structures in both industrial and laboratory settings.