This compound is primarily utilized in organic synthesis as a versatile intermediate for the development of more complex chemical structures. It is particularly valuable in the pharmaceutical industry, where it serves as a building block for the synthesis of various biologically active molecules, including potential drug candidates. Its structure, featuring both a formyl group and a carboxylate ester, allows for further functionalization, making it useful in the creation of heterocyclic compounds. Additionally, it finds application in the research and development of new materials, where its reactivity can be harnessed to produce specialized polymers or coatings with unique properties.