This compound is widely used in organic synthesis as an intermediate for producing various pharmaceuticals and agrochemicals. Its structure allows it to serve as a building block in the creation of more complex molecules, particularly in the development of active pharmaceutical ingredients (APIs). It is also employed in the synthesis of specialty chemicals, including dyes, fragrances, and polymers. Additionally, its hydroxyl and ester functional groups make it a versatile reagent in esterification and transesterification reactions, which are critical in the production of fine chemicals and industrial materials.