This compound is primarily used in organic synthesis, particularly in the preparation of complex molecules. It serves as a key intermediate in the production of peptides and amino acid derivatives, which are essential in pharmaceutical research and drug development. The presence of both hydroxyl and ester functional groups makes it versatile for various chemical transformations, such as esterification, amidation, and protection-deprotection strategies. Additionally, it is employed in the synthesis of biologically active compounds, including enzyme inhibitors and receptor agonists, due to its structural compatibility with natural amino acids. Its application extends to the development of chiral molecules, where it aids in the creation of enantiomerically pure substances for use in asymmetric synthesis.