Used as an intermediate in organic synthesis, particularly in the production of pharmaceuticals and agrochemicals. It serves as a building block for ester and ketone functional group transformations. Commonly employed in acetylation reactions where the acetoxy group is transferred to other molecules. Also utilized in the preparation of specialty solvents and resin modifiers due to its reactivity and solubility characteristics. Its ketone functionality allows for nucleophilic addition reactions, making it valuable in the synthesis of complex organic molecules.