Used as an intermediate in organic synthesis, particularly in the production of pharmaceuticals and fine chemicals. Its functional groups—hydroxyl and ester—make it valuable for esterification, condensation, and cyclization reactions. Commonly employed in the preparation of heterocyclic compounds and prodrugs due to its ability to enhance solubility and bioavailability. Also utilized in the synthesis of polymers and biodegradable materials, where it contributes to chain extension and cross-linking. Its structural features allow for selective modifications, making it suitable in the development of chiral building blocks for asymmetric synthesis.