Used primarily in organic synthesis, this compound serves as a key intermediate in the production of pharmaceuticals, particularly in the development of active pharmaceutical ingredients (APIs). It is also employed in the synthesis of various heterocyclic compounds, which are crucial in medicinal chemistry for creating drugs with therapeutic properties. Additionally, it finds application in the preparation of dyes and pigments, contributing to the coloration of materials in the textile and printing industries. Its carboxyl and ester functional groups make it versatile for further chemical modifications, enabling the creation of complex molecules for research and industrial purposes.