Used primarily as an intermediate in organic synthesis, this compound plays a key role in the preparation of fragrances and flavoring agents due to its ester-like structure and stability. It is also employed in the pharmaceutical industry for synthesizing active pharmaceutical ingredients, particularly those requiring controlled release or enhanced bioavailability. Its functional groups allow for easy modification, making it valuable in creating complex molecules in research and development settings. Additionally, it finds use in the production of polymers and specialty chemicals where precise molecular architecture is required.