This compound is primarily utilized in organic synthesis as a building block for more complex molecules. Its structure, featuring both an ester and an alkyne group, makes it a versatile intermediate in the development of pharmaceuticals and fine chemicals. It is particularly valuable in the synthesis of compounds with potential biological activity, such as anti-inflammatory or anticancer agents. Additionally, its hydroxy and alkyne functionalities allow for further chemical modifications, enabling the creation of polymers or materials with specific properties for industrial applications.