Used in the synthesis of chiral intermediates for pharmaceuticals, particularly in the production of beta-blockers and other cardiovascular drugs. Its ester and hydroxy functional groups allow for selective transformations in organic synthesis. Commonly employed in asymmetric synthesis due to the presence of a stereogenic center, enabling the preparation of enantiomerically pure compounds. Also utilized as a building block in the fragrance industry for creating fruity and floral aroma compounds due to its ester characteristics.