Used primarily as an intermediate in organic synthesis, this compound serves in the preparation of complex molecules for pharmaceuticals and fine chemicals. Its alkyne and alcohol functional groups allow for selective reactions, such as coupling processes or derivatization through hydrogenation, oxidation, or ether formation. It is also employed in the development of specialty fragrances and flavor compounds due to its structural uniqueness and reactivity. The presence of both hydroxyl and triple bond moieties makes it valuable in building carbon frameworks in research and industrial applications.