This chemical is primarily utilized in organic synthesis as a building block for more complex molecules, particularly in the development of pharmaceutical compounds. Its structure, featuring both a hydroxyl group and a propynoic acid moiety, makes it a versatile intermediate in the creation of drugs targeting various diseases, including cancer and inflammatory conditions. Additionally, it is employed in the synthesis of advanced materials, such as polymers and coatings, where its functional groups contribute to enhanced properties like adhesion and durability. Its role in research and development also extends to the study of biochemical pathways and the design of bioactive molecules.