Used primarily as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and fine chemicals. It serves as a precursor in the synthesis of α-hydroxy carboxylic acids and esters through reduction processes. Also employed in the development of photoinitiators for polymer chemistry due to its ability to generate radicals under UV light. Its reactivity makes it valuable in the formation of C–C bonds via nucleophilic acyl substitution and in the production of benzoylformic acid derivatives.