Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the production of beta-blockers and other cardiovascular drugs. Its epoxide and hydroxyl functional groups allow for selective ring-opening reactions, enabling the introduction of various substituents in drug development. Also employed in the preparation of chiral building blocks for asymmetric synthesis, making it valuable in the creation of enantiomerically pure compounds. Additionally, it serves as a precursor in the manufacture of specialty polymers and resins where controlled reactivity and structural rigidity are required.