Used primarily in the synthesis of organic compounds, it serves as a key intermediate in the production of pharmaceuticals, particularly in the development of drugs targeting cardiovascular and central nervous system disorders. Its hydroxyl and nitrile functional groups make it versatile for chemical reactions, enabling the creation of complex molecules. Additionally, it finds application in the manufacture of liquid crystals, which are essential components in display technologies like LCDs. Its role in polymer chemistry is also notable, contributing to the production of specialized resins and coatings with enhanced durability and performance.