Used primarily as an intermediate in organic synthesis, this compound serves in the preparation of ester-based derivatives for pharmaceuticals and fine chemicals. Its reactive carbonyl and ester groups allow for functional group transformations, making it useful in the development of active pharmaceutical ingredients (APIs) and specialty monomers. It can also act as a building block in the synthesis of heterocyclic compounds, which are common structures in medicinal chemistry. Additionally, it finds use in research settings for studying esterification and acylation reactions.