This compound is primarily used in organic synthesis as an intermediate for the production of more complex molecules. It serves as a building block in the development of pharmaceuticals, particularly in the synthesis of active pharmaceutical ingredients (APIs) where specific functional groups are required. Additionally, it finds application in the preparation of specialty chemicals, including agrochemicals and dyes, where its ester and ether functionalities are leveraged for further chemical modifications. Its role in research and development is also notable, as it aids in the study of reaction mechanisms and the creation of novel compounds with potential industrial or medicinal value.