This compound is primarily used in the field of organic synthesis as a versatile building block for creating more complex molecules. It is particularly valuable in the development of chiral compounds due to its stereospecific structure, which allows for the introduction of asymmetry in synthetic pathways. It is also employed in the preparation of sulfonates and sulfates, which are crucial intermediates in pharmaceuticals and agrochemicals. Additionally, its unique dioxathiolane ring structure makes it useful in polymer chemistry for modifying the properties of materials, such as enhancing thermal stability or introducing specific functional groups.