This chemical is primarily utilized in the synthesis of complex organic molecules, particularly in the pharmaceutical industry. It serves as a key intermediate in the production of various active pharmaceutical ingredients (APIs). Its structure, featuring both hydroxyl and ester functional groups, makes it a versatile building block for creating chiral compounds, which are crucial in the development of enantiomerically pure drugs. Additionally, it is employed in the preparation of intermediates for cholesterol-lowering agents and other therapeutic compounds. Its role in asymmetric synthesis highlights its importance in producing high-purity, biologically active molecules.