Used primarily in organic synthesis, it serves as a building block for creating complex molecules. Its alkyne and hydroxyl groups make it valuable in click chemistry reactions, particularly in the formation of triazoles. It is also employed in the production of pharmaceuticals, agrochemicals, and specialty polymers. Additionally, it acts as an intermediate in the synthesis of fragrances and flavors due to its versatile reactivity. In research, it is utilized for developing new materials and studying reaction mechanisms.