This compound is primarily utilized in the synthesis of liquid crystal materials, which are essential components in display technologies such as LCDs. Its structure allows it to contribute to the stability and performance of liquid crystal phases, enhancing the clarity and efficiency of screens. Additionally, it serves as an intermediate in organic synthesis, particularly in the production of fine chemicals and pharmaceuticals. Its hydroxy and ester functional groups make it versatile for further chemical modifications, enabling the creation of complex molecules with specific properties.