This compound is primarily utilized in the synthesis of pharmaceuticals, particularly in the production of chiral intermediates. Its structure, featuring a hydroxyl group and a phenyl ring, makes it valuable for creating enantiomerically pure drugs, which are crucial for ensuring efficacy and reducing side effects. It is often employed in asymmetric synthesis to produce active pharmaceutical ingredients (APIs) for medications targeting cardiovascular, neurological, and metabolic disorders. Additionally, it serves as a building block in organic chemistry research for developing novel compounds with potential therapeutic applications. Its stability and reactivity also make it suitable for use in fine chemical manufacturing and industrial-scale processes.