Used as an intermediate in organic synthesis, particularly in the production of pharmaceuticals and agrochemicals. It serves as a building block for ester and carbonyl-containing compounds due to its reactive acetoxy and ester functional groups. Commonly employed in the synthesis of alpha-substituted acetate derivatives and heterocyclic compounds. Also utilized in fragrance and flavor synthesis because of its ability to form ester-based aroma chemicals. Its versatility makes it valuable in research laboratories and industrial processes requiring selective acylation or esterification.