Used in the synthesis of chiral compounds, particularly in the production of pharmaceuticals where enantiomeric purity is crucial. It serves as a key intermediate in the preparation of beta-hydroxy esters, which are important building blocks for various drugs and bioactive molecules. Additionally, it is utilized in the development of fragrances and flavoring agents due to its ester functionality, which contributes to pleasant aromas and tastes. In organic chemistry research, it is often employed in asymmetric synthesis to create complex molecules with high stereochemical control.