Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of antiviral and antifungal agents. Its cyclic ether structure with a hydroxyl group makes it valuable in constructing complex molecules through selective functionalization. It is also employed in the preparation of chiral building blocks for drug discovery and asymmetric synthesis. Additionally, it finds use in the fragrance industry due to its ability to act as a stabilizer and solvent for aromatic compounds.