Used as an intermediate in the synthesis of pharmaceuticals and agrochemicals, this compound serves in the production of active ingredients requiring hydroxy ester functionalities. Its structure allows for selective transformations in multi-step organic syntheses. It is also employed in the preparation of specialty polymers and coatings, where the hydroxyl and ester groups contribute to crosslinking and film formation. Additionally, it finds use in fragrance formulations due to its ability to act as a building block for ester-based aroma chemicals.