This chemical is primarily used in organic synthesis as an intermediate for the production of various pharmaceuticals and fine chemicals. Its structure, featuring both a hydroxyl group and an ester functional group, makes it a versatile building block in the synthesis of complex molecules. It is often employed in the preparation of chiral compounds, particularly in the development of active pharmaceutical ingredients (APIs) where stereochemistry plays a critical role. Additionally, it finds application in the synthesis of fragrances and flavoring agents due to its ability to impart specific structural motifs. Its utility in asymmetric synthesis and catalysis is also noteworthy, as it can be used to create enantiomerically pure substances.