This chemical is primarily utilized in organic synthesis as a versatile intermediate. It plays a crucial role in the production of various fine chemicals and pharmaceuticals, particularly in the synthesis of complex molecules. Its reactive double bond and hydroxyl group make it a valuable building block for creating polymers, resins, and specialty coatings. Additionally, it is employed in the development of agrochemicals, contributing to the formulation of pesticides and herbicides. Its unique structure also allows for its use in research and development, aiding in the study of new chemical reactions and pathways.