Used primarily in organic synthesis, this compound serves as a building block for creating more complex molecules, particularly in the pharmaceutical industry. It is often employed in the development of drug intermediates due to its carboxylic acid and ether functional groups, which facilitate various chemical reactions. Additionally, it finds application in the production of specialty polymers and coatings, where its structure contributes to enhanced material properties such as flexibility and adhesion. In research, it is utilized as a reagent for studying reaction mechanisms and developing novel organic compounds.