Used primarily as an intermediate in organic synthesis, this compound serves in the preparation of specialty chemicals such as fragrances and flavoring agents due to its reactive hydroxyl and carbonyl functional groups. Its structure allows for easy modification through reactions like esterification, oxidation, or reduction, making it valuable in pharmaceutical research for building complex molecules. It may also find use in the development of solvents or plasticizers where moderate polarity and biodegradability are advantageous.