This chemical is primarily utilized in organic synthesis as a building block for more complex molecules. Its structure, featuring both a hydroxyl group and an ester functional group, makes it versatile for various chemical transformations. It is often employed in the development of pharmaceutical compounds, where its cyclobutane ring can contribute to the rigidity and stability of the final product. Additionally, it serves as an intermediate in the synthesis of fine chemicals and specialty materials, particularly in the creation of polymers or other advanced materials that require specific molecular geometries. Its applications also extend to research and development in medicinal chemistry, where it is used to explore new drug candidates with potential therapeutic effects.