Used as an intermediate in the synthesis of pharmaceuticals, particularly in the production of beta-blockers and other cardiovascular drugs. It also serves as a building block in the development of chiral ligands and catalysts for asymmetric synthesis. Its hydroxyl and amino functional groups allow for easy modification, making it valuable in medicinal chemistry for creating structurally diverse compounds. Additionally, it finds use in the preparation of surfactants and functional polymers due to its amphiphilic nature.