Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of antidiabetic drugs. Its structure allows for the formation of gamma-lactone rings, which are important in bioactive molecules. Commonly employed in the preparation of PPAR (peroxisome proliferator-activated receptor) agonists, which regulate glucose and lipid metabolism. Also utilized in the production of agrochemicals and specialty polymers due to its reactivity and functional group compatibility.