Used primarily as an intermediate in organic synthesis, this compound serves in the preparation of specialty thiocarboxylate derivatives for use in agrochemicals and pharmaceuticals. Its thioester functionality allows it to participate in acyl transfer reactions, making it valuable in the development of prodrugs or biologically active molecules where controlled release of an acid moiety is required. It is also employed in the synthesis of fragrance components and stabilizers in polymer systems due to its reactivity and functional group compatibility.