This compound is primarily used in organic synthesis as an intermediate for the production of more complex molecules. Its structure, featuring both a hydroxyl group and an ester functional group, makes it valuable in the preparation of polymers, pharmaceuticals, and specialty chemicals. In the pharmaceutical industry, it can serve as a building block for drug development, particularly in creating compounds with specific biological activities. Additionally, it is utilized in the formulation of certain cosmetic and personal care products, where its properties contribute to the stability and efficacy of the final product. Its role in research and development also extends to material science, where it aids in the creation of novel materials with tailored properties.