Used as an intermediate in the synthesis of pharmaceuticals and fine chemicals, particularly in the preparation of active pharmaceutical ingredients (APIs) where a protected hydroxyl group is required. Its benzyl-protected structure allows selective reactivity in multi-step organic syntheses. Commonly employed in the development of non-steroidal anti-inflammatory drugs (NSAIDs) and other chiral molecules due to its ability to facilitate stereocontrol during coupling reactions. Also serves as a building block in the production of specialty polymers and agrochemicals.