Used primarily in the synthesis of organic compounds, it serves as a key intermediate in the production of specialty chemicals. Its structure allows it to participate in various reactions, including esterification and condensation, making it valuable in creating complex molecules for pharmaceuticals and agrochemicals. Additionally, it is employed in research and development for designing new materials with specific properties, such as polymers or coatings, due to its versatility in chemical modifications. Its application extends to the fragrance industry, where it can be utilized as a precursor for synthesizing aromatic compounds.