This chemical is primarily used in the synthesis of organic compounds, particularly in the production of fine chemicals and intermediates. It serves as a key building block in the development of pharmaceuticals, where it can be incorporated into drug molecules to enhance their efficacy or modify their properties. Additionally, it is utilized in the creation of specialty chemicals for research purposes, aiding in the study of chemical reactions and material properties. Its hydroxyl and carbonyl functional groups make it versatile for various chemical transformations, including oxidation, reduction, and condensation reactions. This compound is also explored in the development of advanced materials, such as polymers and coatings, where its structural features contribute to desired performance characteristics.