This compound is primarily utilized in the field of organic synthesis, particularly as an intermediate in the production of complex molecules. It plays a significant role in the development of pharmaceuticals, where its chiral structure is valuable for creating enantiomerically pure drugs. Additionally, it is employed in the synthesis of advanced materials, such as liquid crystals, due to its biphenyl groups which contribute to desirable optical and electronic properties. Its hydroxyl and ketone functional groups also make it a versatile reagent in various chemical transformations, including oxidation and reduction reactions.