Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure allows it to act as a building block for more complex molecules, particularly those involving ether and carboxylic acid functional groups. In medicinal chemistry, it is employed to develop compounds with potential anti-inflammatory or antioxidant properties. Additionally, it finds application in the synthesis of herbicides and plant growth regulators, leveraging its ability to influence biochemical pathways in plants. Its versatility makes it valuable in research and industrial settings for creating novel chemical entities.