Used primarily as an intermediate in organic synthesis, this compound serves in the production of pharmaceuticals, fragrances, and biodegradable polymers. Its hydroxyl and ester functional groups allow for versatile chemical modifications, making it valuable in constructing complex molecules. It is also employed in the synthesis of gamma-butyrolactone (GBL) and related derivatives, which have applications in industrial solvents and specialty chemicals. Additionally, it finds use in the development of prodrugs due to its metabolic stability and biocompatibility.