Used as an intermediate in organic synthesis, particularly in the production of pharmaceuticals and fine chemicals. Its hydroxyl and ester functional groups allow for versatile chemical modifications, making it valuable in building complex molecules. Commonly employed in the synthesis of beta-blockers and other cardiovascular drugs due to its structural features that mimic key pharmacophores. Also utilized in fragrance formulations, contributing to fruity or floral notes in perfumes and flavorings. Its stability and reactivity profile make it suitable for esterification and condensation reactions in industrial processes.