Used as an intermediate in organic synthesis, particularly in the production of pharmaceuticals and fine chemicals. It serves as a building block for esterification and transesterification reactions due to its reactive hydroxyl and ester functional groups. Commonly employed in the preparation of acrylic monomers and polymers, enhancing weather resistance and stability in coatings. Also utilized in fragrance formulations for its mild, pleasant odor and stability. Its structure allows for easy modification in synthetic pathways, making it valuable in research and development of new chemical entities.