Used primarily in organic synthesis, it serves as a key intermediate in the production of various chemicals, including pharmaceuticals and agrochemicals. Its reactive alkyne and hydroxyl groups make it valuable for creating complex molecular structures. In the pharmaceutical industry, it is utilized in the synthesis of active pharmaceutical ingredients (APIs) and other bioactive compounds. Additionally, it finds application in the manufacture of specialty polymers and coatings, where its properties contribute to enhanced material performance. It is also employed in research and development for exploring new chemical reactions and pathways.