Used primarily in organic synthesis, this compound serves as an intermediate in the production of various pharmaceuticals and agrochemicals. Its ester group makes it valuable in the development of fragrances and flavoring agents, contributing to complex aromatic profiles. Additionally, it is utilized in research settings for studying chemical reactions involving esterification and transesterification processes. Its structure allows it to act as a precursor in the synthesis of more complex organic molecules, particularly in the field of medicinal chemistry.